Categories Earnings, Health Care

Eli Lilly beats Q3 earnings expectations; revenues miss estimates

Eli Lilly and Company (NYSE: LLY) surpassed earnings expectations for the third quarter of 2019 but revenues came in shy of estimates. Shares fell over 3% in premarket hours on Wednesday.

Total revenue grew 3% year-over-year to $5.47 billion, but fell short of estimates of $5.5 billion. Revenues grew 4% excluding foreign currency impacts. Revenue growth was driven by an 8% increase in volume.  

Eli Lilly reports Q3 2019 earnings results

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.

Most Popular

Infographic: Key highlights from Campbell Soup Company’s (CPB) Q1 2023 earnings results

Campbell Soup Company (NYSE: CPB) reported first quarter 2023 earnings results today. Net sales increased 15% year-over-year to $2.57 billion. Organic sales growth was 15%. Net earnings attributable to Campbell Soup

Cancer drug maker Felicitex prepares for IPO. Here’s all you need to know

Fewer companies filed for initial public offering this year, compared to 2021 when the market witnessed a record number of IPOs. With only a few weeks left for the year

Chipotle Mexican Grill (CMG): A few points to keep in mind if you have an eye on this restaurant chain

Shares of Chipotle Mexican Grill Inc. (NYSE: CMG) were down 3% on Tuesday. The stock has dropped 13% year-to-date but there is still a positive sentiment in general about its

Add Comment
Viewing Highlight