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Eli Lilly Reports First-Quarter Results, Adjusts Guidance

By Prosper Junior Bakiny – Updated Apr 23, 2020 at 4:12PM

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The company posted higher revenue as a result of the COVID-19 pandemic.

Eli Lilly (LLY 8.39%) released its first-quarter earnings before the market opened on Thursday, reporting revenue of $5.9 billion, up 15% year over year. Several of the pharma giant's drugs performed particularly well during the quarter. For instance, sales of the diabetes medication Trulicity hit $1.2 billion, up by 40% compared to the year-ago period. And Eli Lilly's plaque psoriasis treatment Taltz recorded revenue of $443.5 million, which represented a whopping 76% year over year increase.

Not all of the company's products performed well, however. The insulin product Humalog posted revenue of $695.8 million, down by 5% compared to the prior-year quarter. Eli Lilly estimated that during Q1, abnormal buying patterns caused by the ongoing COVID-19 pandemic boosted its revenue by $250 million worldwide.

Smiling pharmacist leaning on a countertop inside a pharmacy.

Image Source: Getty Images.

Eli Lilly reported non-GAAP net income of $1.6 billion, a 29% year over year increase. It had non-GAAP earnings per share of $1.75, up by 32% year over year, and coming in ahead of analysts' consensus  estimate of $1.48.

Management also adjusted their guidance to reflect the impact of the ongoing COVID-19 pandemic. Previously, they had said they expected Eli Lilly's non-GAAP EPS for 2020 to be in the range of $6.70 to $6.80. Now, the pharma giant expects its non-GAAP EPS to be in the range of $6.70 to $6.90.  In other words, Eli Lilly expects the crisis to have a positive impact on its bottom line this year. 

Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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