Reported net income grew to $1.14 billion or $1.12 per share from $555.6 million or $0.53 per share in the same period last year, driven by higher operating income. On an adjusted basis, net income rose 29% to $1.42 billion and EPS grew 32% to $1.39 versus last year, driven by higher operating income.
During the quarter, Eli Lilly posted worldwide revenue decreases for products such as Humalog, Cialis and Forteo while products like Alimta and Humulin recorded revenue increases. The revenue trends were affected by various factors such as pricing, demand, volume, segment mix and foreign exchange rates.
The company reported revenues increases across all its new products such as Trulicity, Taltz, Cyramza, Basaglar, Jardiance, Lartruvo, Verzenio and Olumiant, primarily driven by increased demand.
Worldwide animal health revenue increased 4%, driven by higher prices and higher volume, partially offset by the negative impact of foreign exchange rates.
Eli Lilly revised certain elements of its outlook for the full year of 2018. Revenues are now expected to come in the range of $24.3 billion to $24.5 billion versus the prior range of $24 billion to $24.5 billion. The increase in the low end of the revenue range from the prior guidance is due to strong performance across the pharmaceutical portfolio, particularly in diabetes.
Reported EPS is now expected to come between $3.04 and $3.09 versus the previous range of $3.19 to $3.29. Adjusted EPS is expected to come in the range of $5.55 to $5.60 versus the earlier range of $5.40 to $5.50.