“we are well-positioned to help address health challenges in areas of significant unmet medical need, such as obesity, Alzheimer’s disease and cancer,” said CEO David Ricks.
Eli Lilly & Co. (LLY) – Get Eli Lilly and Company Report posted better-than-expected first quarter earnings Tuesday, while boosting its full-year revenue forecast, thanks in part to impressive sales growth for its blockbuster diabetes treatment.
Eli Lilly said adjusted profits for the three months ending in March were pegged at $2.62 per share, a 40% increase from the same period last year well ahead of the Street consensus forecast of $2.32. Group revenues, Eli Lilly said, rose 14.7% from last year to $7.81 billion, again topping analysts’ forecasts of a $7.28 billion tally.
Trulicity, the group’s blockbuster diabetes treatment, saw sales rise 20% from last year to $1.74 billion, although they slipped 7.44% from the previous quarter, while Covid therapy revenues were pegged at $1.47 billion.
Looking into the 2022 year, Eli Lilly reaffirmed its guidance for non-GAAP earnings of between $8.15 and $8.30 per share, with revenues in the region of $28.8 billion and $29.3 billion, up from a prior estimate of $27.8 billion to $28.3 billion.
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“Lilly delivered another quarter of volume-driven revenue growth led by key products and anticipates 2022 to be an exciting year with several potential approvals and new pipeline events,” said CEO David Ricks.
“With the depth of our pipeline, and growth of our medicines in the market, we are well-positioned to help address health challenges in areas of significant unmet medical need, such as obesity, Alzheimer’s disease and cancer,” he added.
Elli Lilly shares were marked 3.5% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $295.00 each.
