Eli Lilly and Company (NYSE: LLY) rose Tuesday after the company reported better-than-expected results for its second quarter and raised its FY18 outlook.
The Indianapolis-based Lilly reported that second-quarter 2018 revenue increased 9%, driven primarily by the increased demand for new pharmaceutical products, while operating expenses declined.
Second-quarter 2018 earnings per share (EPS) were a loss of $0.25 on an as-reported basis, primarily due to charges related to recent business development transactions. On a non-GAAP basis, second-quarter 2018 EPS increased to $1.50.
Pharmaceutical revenue in the second quarter of 2018 grew 10%. New pharmaceutical products, including Trulicity, Taltz, Cyramza, Basaglar, Jardiance, Lartruvo, Verzenio, and Olumiant, represented 28% of total revenue and drove 12% volume growth.
According to CEO David Ricks, "The increase in our worldwide revenue was fueled by volume growth of our new medicines, while we also maintained a keen focus on containing costs and improving productivity. Our pipeline continued to demonstrate our commitment to scientific innovation, highlighted by forward progress for key molecules, several positive late-stage data readouts and the addition of promising new assets through business development.
"In addition, the strategic decision to pursue an IPO for our Elanco animal health business will maximize the after-tax value for Lilly shareholders and provide Lilly with even greater focus on our human pharmaceutical business."
The company announced that galcanezumab-gnlm met its primary endpoint in a Phase 3 study of patients with episodic cluster headache, demonstrating statistically significant differences in the reduction of weekly cluster headache attacks compared to placebo across weeks one to three of the two-month, double-blind treatment period.
Shares jumped $2.07, or 2.3%, to $90.95
