Eli Lilly 3rd-qtr 2011 sales grow 9% but costs hit profits
US drug major Eli Lilly (NYSE: LLY) posted financial results for the third quarter of 2011 showing that, while sales increased 9% to $6.15 billion, there was a decline of 7% in both non-GAPP net income - excluding one-time items - at $1.25 billion and earnings per share at $1.13, beating the $1.12 average estimate of 14 analysts surveyed by Bloomberg.
Lilly raised the lower end its forecast for full-year adjusted earnings to $4.30 a share from $4.25 a share. The company also narrowed its guidance for full-year earnings to $3.89 to $3.94 a share from $3.85 to $3.95 a share. Net income and earnings per share decreased to $1.24 billion and $1.11, respectively.
The company also revealed that US health care reforms had a negative impact of $465 million in the quarter. Rebates for Medicare prescription drug coverage reduced revenue by $330 million, and a drugmaker's fee increased expenses by $135 million.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2025 | Headless Content Management with Blaze