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Eli Lilly on Tuesday raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the pharmaceutical giant’s drug pipeline.
The company now expects full-year revenue of between $33.4 billion to $33.9 billion, up from a previous forecast of $31.2 billion to $31.7 billion. Eli Lilly also increased its adjusted earnings guidance to a range of $9.70 to $9.90 per share for the year, up from a range of $8.65 to $8.85.
Shares of Eli Lilly jumped 10% in premarket trading Tuesday.
Here’s how Eli Lilly performed, compared with Wall Street expectations, based on a survey of analysts by Refinitiv:
- Adjusted earnings: $2.11 per share, vs. $1.98 per share expected
- Revenue: $8.31 billion, vs. $7.58 billion expected
The company reported $8.31 billion in sales for the quarter, up 28% from the same period a year ago.
The company booked net income of $1.76 billion, or $1.95 per share, for the quarter. That’s up from net income of $952.5 million, or $1.05 per share, for the same period a year ago.
Accounting for charges associated with some intangible assets and losses on securities, the company recorded adjusted income of $1.9 billion, or $2.11 per share.
Eli Lilly’s stock has been on a tear in recent months, driven in part by positive trial results for its Alzheimer’s drug, donanemab, and the company’s progress with its promising obesity drug pipeline.
Shares of Eli Lilly are up more than 24% for the year. With a market value of roughly $431 billion, Eli Lilly is the second-largest pharmaceutical company based in the U.S. after Johnson & Johnson.
Eli Lilly will hold a conference call with investors at 9:00 am ET.
Executives will likely share updates on the company’s upcoming pipeline launches and recent acquisitions. That includes Eli Lilly’s $1.93 billion acquisition of Versanis, a privately held obesity drug maker.
Executives are also likely to be asked about a lawsuit filed Monday by Nektar Therapeutics accusing Eli Lilly of undermining a drug development deal established between the two companies in 2017.
This story is developing. Please check back for updates.