Exciting times for drug maker Eli Lilly (NYSE:LLY). The company on Tuesday raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the pharmaceutical giant’s drug pipeline.
The company now expects full-year revenue of between $33.4 billion and $33.9 billion, up from a previous forecast of $31.2 billion to $31.7 billion. Eli Lilly also increased its adjusted earnings guidance to a range of $9.70 to $9.90 per share for the year, up from a range of $8.65 to $8.85.
Adjusted earnings proved to be $2.11 per share, surpassing the expected $1.98 per share. Revenue came in at $8.31 billion, vs. $7.58 billion expected.
The company booked net income of $1.76 billion, or $1.95 per share, for the quarter. That’s up from net income of $952.5 million, or $1.05 per share, for the same period a year ago.
Accounting for charges associated with some intangible assets and losses on securities, the company recorded adjusted income of $1.9 billion, or $2.11 per share.
The company’s $8.31 billion in sales for the quarter marked a 28% increase from the same period a year ago.
The company in April sold the rights to its emergency diabetes treatment Baqsimi to Amphastar Pharmaceuticals, which brought in $579 million to the top line during the second quarter.
But sales of cancer drug Alimta weighed on revenue. The treatment, first launched in 2004, saw sales plunge 73% to $60.9 million for the second quarter.
LLY shares sprang up $75.77, or 16.7%, to $530.51.
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