Drugmaker Eli Lilly tops 2Q expectations, raises forecast

Drugmaker Eli Lilly tops 2Q expectations, raises forecast
This April 26, 2017, file photo shows the Eli Lilly & Co. corporate headquarters in Indianapolis. 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. (AP Photo/Darron Cummings, File)

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 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 , 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.


Explore further

Eli Lilly 2013 profit forecast tops expectations

© 2019 The Associated Press. All rights reserved.

Citation: Drugmaker Eli Lilly tops 2Q expectations, raises forecast (2019, July 30) retrieved 16 October 2019 from https://medicalxpress.com/news/2019-07-drugmaker-eli-lilly-tops-2q.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more