Eli Lilly beats earnings expectations, raises guidance
Eli Lilly & Co. reported Tuesday third-quarter earnings and revenue that topped expectations and raised its full-year guidance. The stock was still inactive in premarket trade. Net income rose to $1.15 billion, or $1.12 a share, from $555.6 million, or 53 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.39, above the FactSet consensus of $1.37. Revenue rose 7% to $6.06 billion, just beating the FactSet consensus of $6.05 billion. Among the drug maker's top sellers, Humalog revenue fell 5% to $664.6 million, missing the FactSet consensus of $707.4 million, and Trulicity revenue jumped 55% to $816.2 million, just shy of expectations of $816.6 million. Animal health revenue grew 4% go $772.7 million, above the FactSet consensus of $760.1 million. For 2018, the company raised its adjusted EPS outlook to $5.55 to $5.60 from $5.40 to $5.50 and revised up its revenue guidance to $24.3 billion to $24.5 billion from $24.0 billion to $24.5 billion. The stock has rallied 8.0% over the past three months, while the SPDR Health Care Select Sector ETF has inched up 0.1% and the Dow Jones Industrial Average has eased 0.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.