Drugmaker Eli Lilly tops 2Q expectations, raises forecast
Eli Lilly raised its 2019 forecast after a jump in sales from the diabetes treatment Trulicity helped push the drugmaker to a better-than-expected second quarter.
Revenue from the once-weekly treatment climbed 32% to top $1 billion, helping Lilly counter declines from top sellers like the insulin Humalog and the erectile dysfunction drug Cialis.
Overall, Indianapolis-based Eli Lilly and Co. earned $1.33 billion in the three-month period that ended June 30. That compares to a loss of about $260 million in last year's quarter, when acquisition charges weighed on results.
Earnings, adjusted for amortization and research and development costs, totaled $1.50 per share.
Analysts expected, on average earnings of $1.46 per share, according to Zacks Investment Research.
Lilly's revenue came in nearly flat at $5.64 billion.
The drugmaker now expects adjusted earnings to range from $5.67 to $5.77 per share up from its previous forecast for $5.60 to $5.70 per share.
Analysts expect, on average, earnings of $5.67 per share, according to FactSet.
Lilly shares edged up 78 cents to $109.50 in pre-market trading. The stock had fallen 6% since the beginning of the year, while the Standard & Poor's 500 index has risen 21%.
Lilly shares have risen 13% in the last 12 months.
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