Eli Lilly (NYSE:LLY) reported third-quarter earnings of $1.48 per share, which beat the analyst consensus estimate of $1.40 by 5.71%. This is a 6.5% increase over earnings of $1.39 per share from the same period last year.
The Indianapolis-based company reported quarterly sales of $5.48 billion, which missed the analyst consensus estimate of $5.5 billion by 0.36%. This is a 9.60% decrease over sales of $6.062 billion the same period last year.
Lilly raised fiscal year 2019 EPS guidance from $5.67-$5.77 to $5.75-$5.85 versus the $5.72 estimate and sees sales at $22 billion-$22.5 billion versus the $22.23 billion estimate
Said CEO David Ricks, "Lilly continued to deliver strong results in the third-quarter, due in large part to the growth of our newer medicines and our ability to effectively manage costs while supporting global launches in highly competitive classes and funding our next generation of new therapies."
In just the last three months, The U.S. Food and Drug Administration (FDA) approved Lilly’s REYVOW™, an oral medication for the acute treatment of migraine, with or without aura, in adults.
The recommended controlled substance classification for REYVOW is currently under review by the Drug Enforcement Administration and is expected within 90 days of the FDA approval, after which REYVOW will be available to patients in retail pharmacies.
The FDA approved Taltz® for the treatment of adults with active ankylosing spondylitis, also known as radiographic axial spondyloarthritis (r-axSpA).
Shares gave back $5.51, or 5%, to $104.33.
