Eli Lilly Records 3Q Profit on Growing Drug Volumes
October 27 2020 - 7:41AM
Dow Jones News
By Matt Grossman
Eli Lilly & Co. Tuesday posted a larger profit in the latest
three-month period as sales grew especially among newer entrants in
the company's lineup of medicines.
The Indianapolis-based drug maker logged a third-quarter profit
of $1.21 billion, or $1.33 a share, compared with a profit of $1.25
billion, or $1.37 a share, in the same three-month period a year
earlier.
On an adjusted basis, Eli Lilly's profit was $1.54 a share.
Analysts polled by FactSet had forecast an adjusted profit of $1.71
a share.
Revenue was $5.74 billion, up from $5.48 billion in last year's
third quarter. Analysts were forecasting revenue of $5.88
billion.
Growth of relatively new drugs launched since 2014, including
Trulicity and Jardiance, helped drive higher sales, offset by lower
realized prices.
Eli Lilly said it expects its full-year expenses for research
and development related to Covid-19 to be $400 million.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 27, 2020 07:26 ET (11:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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