GAAP net income was $1.25 billion, or $1.37 per share, compared to $1.15 billion, or $1.12 per share, in the prior-year period. Adjusted net income increased 5% to $1.36 billion, while EPS increased 10% to $1.48. Analysts had forecast adjusted EPS of $1.40.
Revenue in the US remained relatively flat at $3 billion versus the prior-year period due to lower realized prices. Revenues outside the US rose 8% to $2.4 billion, driven by a volume growth of 12% mainly from key growth products like Trulicity, Jardiance and Taltz.
In the third quarter, the company recognized acquired in-process R&D charges of $77.7 million, related to the business development transactions with Centrexion Therapeutics Corporation and AC Immune SA.
During the quarter, Eli Lilly saw double-digit growth in revenues from Trulicity, Taltz, Basaglar, Cyramza and Jardiance. Cialis posted the highest decline in revenues of 61%.
Also read: Boston Scientific Q3 2019 Earnings Report
Looking ahead, the company expects revenue growth to be driven by Trulicity, Taltz, Basaglar, Jardiance, Verzenio, Cyramza, Olumiant, and Emgality. Revenues are also expected to benefit from the recent launch of Baqsimi.
For the full year of 2019, revenue is expected to be $22 billion to $22.5 billion. GAAP EPS is expected to be $8.59-8.69 and adjusted EPS is expected to be $5.75-5.85.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.