Lilly beats expectations, despite a sharp profits downturn

23 July 2015

US pharma major Eli Lilly (NYSE: LLY) has reported second-quarter 2015 financials, showing revenue of $4.98 billion, an increase of 1% and beating the expectations of six analysts surveyed by Zacks Investment Research of $4.84 billion.

Revenue growth was helped by demand for Lilly’s new cancer and diabetes drugs and the acquisition of Swiss pharma major Novartis’ animal health business.

Earnings for the quarter came in at $600.8 million, a fall of 18%, or $0.56 per share, down from $0.68 per share, a year ago. Earnings, adjusted for non-recurring costs, were $0.90 per share. The average estimate of eight analysts surveyed by Zacks was for earnings of $0.74 per share. The drugmaker’s shares rose 2.5% to $88.50 in pre-market trading, and they were up 3.13% at $89.o8 when trading commenced.

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