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Lilly lifts earnings forecast as newer drugs provide boost


(Reuters) - and Co topped Wall Street estimates for third-quarter profit on Tuesday and raised its yearly earnings target, led by stronger demand for its newer drugs such as treatment Trulicity and medicine Taltz.

Trulicity, which overtook drug as Lilly's best-selling medicine earlier this year, had revenue of $816.2 million in the three months ended September, up about 55 percent from a year earlier.

The result also exceeded a Wall Street consensus estimate of $801 million, according to brokerage

Meanwhile, sales of dipped 4.5 percent and fell short of expectations.

Lilly is a leading developer of treatments, but its older drugs such as have faced rising competition, forcing the Indiana-headquartered company to invest in drugs like Trulicity.

Taltz made sales of $263.9 million, above the $252 million expected by analysts on average.

Lilly raised its 2018 adjusted earnings forecast to between $5.55 and $5.60 per share, from $5.40 to $5.50 per share.

Net income more than doubled to $1.15 billion.

Excluding one-time items, Lilly earned $1.39 per share, above analysts' average estimate of $1.35 per share, according to IBES data from Refinitiv.

Revenue rose about 7 percent to $6.06 billion, edging past analysts' expectations of $6.05 billion.

(Reporting by and in Bengaluru; Editing by Sai Sachin Ravikumar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 17:53 IST