Eli Lilly Increases 2018 Guidance -- Earnings Review
January 31 2018 - 7:46AM
Dow Jones News
By Allison Prang
Eli Lilly and Co. reported its fourth-quarter results Wednesday
before the market opened. Here's what you need to know.
LOSS: The company reported a loss of $1.66 billion, or $1.58 a
share, compared with a profit of $771.8 million, or 73 cents a
share, in the same period a year earlier. The company recorded
about $1 billion in charges related to cost-cutting efforts such as
the launch of its voluntary early retirement program. On an
adjusted basis, the Indianapolis-based firm earned $1.21 billion,
or $1.14 a share, up 19% from $1.01 billion, or 95 cents a share.
Analysts polled by Thomson Reuters were predicting adjusted
earnings of $1.07 a share.
TAX REFORM: Eli Lilly said it had a $1.94 billion expense as a
result of the tax code changes. The company said Wednesday it "may
utilize more than $9 billion in cash" from operations across the
world because of changes in rules regarding profits held
overseas.
REVENUE: Revenue climbed 6.9% to $6.16 billion. The increase was
helped by revenue outside the U.S., which rose more than domestic
revenue. Eli Lilly gets more of its revenue domestically.
SPECIFIC DRUGS: Revenue from Strattera, a drug that helps young
people with ADHD, fell 60% in the fourth quarter, while revenue
from Forteo, a drug for osteoporosis, rose 21%. Revenue from
Humalog, Eli Lilly's largest product by revenue, fell 4.6% to
$782.2 million. Of the company's newer products, revenue from
Lartruvo, which treats soft-tissue sarcoma, rose 396%. Revenue from
Basaglar, a drug for diabetes, rose 289%. Of Eli Lilly's newer
products, Trulicity, which helps control blood-sugar levels,
brought in the most money at $649 million, up 93% from the same
quarter a year before.
GUIDANCE: The company boosted some of its guidance because of
the recent tax law and expects adjusted earnings per share in 2018
to be between $4.81 and $4.91, up between 12% and 15% from 2017.
Revenue is still expected to be between $23 billion and $23.5
billion, Eli Lilly said.
Shares, which have gained 12% over the past year, rose 0.6% in
premarket trading to $86.60.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
January 31, 2018 07:31 ET (12:31 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Eli Lilly (NYSE:LLY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Eli Lilly (NYSE:LLY)
Historical Stock Chart
From Apr 2023 to Apr 2024