Lilly Beats Expectations, Raises Guidance
Lilly completed the CoLucid acquisition in March.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting first quarter net income of $1.2 billion, compared to a loss of $110.8 million during the same period the previous year. The company has also raised its full-year earnings per share and revenue expectations, driven in part by new products, including Trulicity, Taltz and Cyramza.
Lilly is reporting first quarter worldwide revenue of $5.7 billion, which is a 9 percent increase over the first quarter of 2017. The company says the increase was driven by favorable foreign exchange rates, higher realized prices and a volume increase. U.S. revenue increased 8 percent to $3.16 billion.
The drugmaker has increased its full-year revenue forecast to a range of $23.7 billion-$24.2 billion from a previous range of $23 billion-$23.5 billion. It has also raised its full-year earnings per share expectations from a range of $4.81-$4.91 per share to a range of $5.10-$5.20 per share.
The company is also reporting mixed news on its product front. Lilly and Incyte Corp. (Nasdaq: INCY) say the U.S. Food and Drug Administration’s Arthritis Advisory Committee has recommended approval of a two-milligram dose of baricitinib for the treatment of rheumatoid arthritis. The committee voted against recommending a four-milligram dose.
You can see more on Lilly’s first quarter earnings report by clicking here.