Eli Lilly 1Q Revenue Grows, but Profit Falls on Higher Costs
April 27 2021 - 7:21AM
Dow Jones News
By Matt Grossman
Eli Lilly & Co. Tuesday posted revenue gains but a smaller
profit for the first three months of 2021, as sales gains from
Covid-19 treatments were offset by higher research and developments
costs and one-time charges.
The Indianapolis-based pharmaceutical company logged earnings of
$1.49 a share, a decline from $1.60 a share in last year's first
quarter. Net income fell year over year to $1.36 billion, from
$1.46 billion in the year-ago quarter.
On an adjusted basis, Lilly's earnings were $1.87 a share.
Analysts surveyed by FactSet had forecast an adjusted profit of
$2.13 a share.
Revenue climbed 16% to $6.81 billion, from $5.86 billion a year
earlier. Analysts were expecting revenue of $6.97 billion.
Lilly's Covid-19 antibody treatments drove revenue of $810.1
million in the quarter. Increased buying patterns and prescription
trends because of the course of the Covid-19 pandemic resulted in
world-wide revenue growth of about $250 million, including about
$200 million in the U.S. and $50 million abroad.
In the U.S., higher volumes for drugs such as Trulicity, Taltz,
Verzenio, Retevmo, Emgality, Jardiance and Olumiant were
counterweighted by reduced sales of products such as Alimta,
Basaglar, Forteo and Cialis.
Sales of Covid-19 antibodies contributed to a less favorable
product mix for profitability, with the company's gross margin as a
percent of revenue declining by 6.9 percentage points to 72.4%.
Research and development expenses rose 21% year over year.
Lilly recorded asset impairment, restructuring and other charges
of $211.6 million, compared with $59.9 million a year earlier.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
April 27, 2021 07:06 ET (11:06 GMT)
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