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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEli Lilly and Co.’s profit soared above analysts’ expectations in the three months ended March 31.
The Indianapolis-based drugmaker reported earnings per share of $1.20 this morning, well above the 99 cents Wall Street analysts had predicted, according to a survey by Thomson Financial.
Lilly said first-quarter profit was $1.3 billion, up 24 percent from nearly $1.1 billion in the same quarter a year ago.
Sales rose 5 percent, to $5.05 billion, in line with analysts’ forecasts.
“Our revenue growth included solid volume-based gains, while our gross margin percentage benefited from a stronger U.S. Dollar. These results, in combination with prudent expense management, helped us to achieve operating leverage and robust earnings per share growth,” Lilly CEO John Lechleiter said in a statement.
Changing exchange rates also tempered the sales growth of some Lilly products. Alimta sales jumped 36 percent, to $335 million, and Cymbalta sales grew 17 percent, to $709.3 million. Humalog sales rose 11 percent, to $450.6 million, and Cialis sales expanded 6 percent, to $358.8 million. Sales of Lilly top-seller Zyprexa remained flat, at $1.1 billion.
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