Shares of Eli Lilly & Co. (LLY) rallied 2.6% in premarket trading Thursday, after the drug maker beat profit expectations and raised its full-year outlook, while revenue fell shy. Net income rose to $1.41 billion, or $1.55 a share, from $1.33 billion, or $1.44 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share rose to $1.89 from $1.50, and beat the FactSet consensus of $1.56. Revenue fell 2% to $5.50 billion, below the FactSet consensus of $5.76 billion, as volume grew 6% and realized priced declined 7%. The estimated negative impact of the COVID-19 pandemic on revenue was about $500 million, including $250 million from decreased customer buying and $250 million from delayed new patient prescription trends. Among Lilly's biggest selling drugs, Trulicity revenue rose 20% to $1.23 billion to match the FactSet consensus, while Humalog revenue fell 18% to $555.1 million to miss expectations of $610.5 million. For 2020, Lilly raised its adjusted EPS guidance range to $7.20 to $7.40 from $6.70 to $6.90, while the FactSet consensus was $6.84. The stock has run up 23.1% year to date through Wednesday, while the Dow Jones Industrial Average has slipped 7.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 30, 2020 06:39 ET (10:39 GMT)
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