Eli Lilly results top forecast, as COVID-19 boosts sales by $250 million
Shares of Eli Lilly & Co. LLY, +2.64% rallied 1.5% in premarket trading Thursday, after the drug maker reported better-than-expected first-quarter profit and revenue, and actually provided a full-year outlook, which was in line with forecasts. Net income dropped to $1.46 billion, or $1.60 a share, from $4.24 billion, or $4.31 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share increased to $1.75 from $1.33, and beat the FactSet consensus of $1.48.
49 billion, as a rise in volume was partially offset by lower realized prices. Increased customer buying patterns related to the COVID-19 pandemic boosted revenue by an estimated $250 million. Among Lilly's best-selling drugs, Trulicity revenue rose 40% to $1.23 billion to beat the FactSet consensus of $1.09 billion and Humalog revenue fell 5% to $695.8 million but topped expectations of f$688.7 million. For 2020, Lilly expects adjusted EPS of $6.70 to $6.
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