Eli Lilly Hails Dividends to Follow Earnings News

Drug maker Eli Lilly and Company (NYSE: LLY) followed bottom-line news of late last week with dividend tidings on Monday.

The company’s board of directors declared a second-quarter dividend of 52 cents on its outstanding common stock. The dividend is payable June 9 to shareholders of record at the close of business on May 15.

Last week, the drug maker announced first-quarter 2017 revenue jumped 7% to $%.2 billion over the same quarter last year, driven by 9% pharmaceutical volume growth from Trulicity, Taltz and other new products.

First-quarter 2017 earnings per share (EPS) were a loss of $0.10 on a reported basis, resulting from the acquisition of CoLucid Pharmaceuticals. First-quarter 2017 EPS were $0.98 on a non-GAAP basis.

Moreover, Lilly has revised 2017 EPS to be in the range of $2.60 to $2.70 on a reported basis. On a non-GAAP basis, the company has reaffirmed 2017 EPS to be in the range of $4.05 to $4.15.

Pipeline events included European Commission approval of Olumiant, positive Phase 3 data from abemaciclib and Taltz, and a complete response letter from the FDA for baricitinib. Abemaciclib was found to enhance progression-free survival in patients with breast cancer

Lilly intends to begin global submissions of these results in the third quarter of 2017. In addition, Lilly intends to initiate MONARCH 1 and MONARCH 2 submissions surrounding abemaciclib, beginning in this year’s second quarter.

Lilly stock was somewhat lackluster on Monday, just the same, losing seven cents to $81.99, within a half-hour of the close.