Eli Lilly & Co’s share in pre-conference trading strengthened by 1.8%, as the pharmaceutical industry announced profits and revenues for the first quarter that exceeded estimates.
Net income rose to $ 1.90 billion, or $ 2.10 a share, from $ 1.36 billion, or $ 1.49, a year earlier.
Excluding extraordinary items, adjusted earnings per share were at $ 2.62, higher than the estimates for $ 2.29.
Revenue rose 14.8 percent to $ 7.81 billion, beating estimates of $ 7.29 billion, as a 20 percent increase in volumes was partially offset by a 3 percent drop in lower prices.
Revenue from Trulicity rose 19.9 percent to $ 1.74 billion, compared with estimates for $ 1.80 billion. Revenues from coronavirus antibodies rose 81.4% to $ 1.47 billion, compared to estimates for $ 1.13 billion.
For 2022, the company cut earnings per share estimates to $ 8.15-8.30 from $ 8.50-8.65, but upgraded earnings estimates to $ 28.8-29.3 billion. Dollars from $ 27.8-28.3 billion.
Source: Capital
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