Eli Lilly (NYSE:LLY) shares slightly dipped today on third-quarter results that topped the consensus forecast.
The Indianapolis-based company posted profits of $1.1 billion, or $1.22 per share, on sales of $6.8 billion for the three months ended Sept. 30, 2021, for a -8.1% bottom-line slide on sales growth of 18%.
Adjusted to exclude one-time items, earnings per share were $1.94, 26¢ ahead of Wall Street, where analysts were looking for sales of $5.7 billion.
“Lilly demonstrated strong performance again this quarter. Revenue attributable to our newer medicines grew more than 35 percent and represented nearly 60 percent of our core business, an important indicator of our long-term growth potential,” Lilly Chairman & CEO David A. Ricks said in a news release. “With numerous positive pipeline events this quarter, we have the potential to continue to expand the number of patients we serve through new indications for both Verzenio and Jardiance. We also progressed innovative, potential best-in-class treatment options in areas with high unmet need through a regulatory submission for tirzepatide in diabetes, the initiation of a rolling submission for donanemab in early Alzheimer’s disease, the submission of Jardiance in HFpEF, and positive Phase 3 results for lebrikizumab in patients with atopic dermatitis.”
Eli Lilly said it now expects to log adjusted EPS of between $7.95 and $8.05 for the full year and updated its sales guidance for between $27.2 billion and $27.6 billion to reflect additional revenue from COVID-19 antibodies, which is expected to register about $1.3 billion.
LLY shares were down 0.3% at $244.25 when the market opened today.