Eli Lilly said reported profits for the three months ending in June were pegged at $1.55 per share, up 3.3% from the same period last year but one penny shy of the Street consensus forecast of $1.56 per share. On a non-GAAP basis, profits were measured at $1.89 per share. Group revenues, Eli Lilly said, fell 2.5% to $5.5 billion, just below of analysts' estimate of $5.75 billion.
Eli Lilly said also said sales of its blockbuster diabetes treatment, Trulicity, rose 20% from last year to $1.23 billion, while Taltz sales rose 12% to $395.2 million.
Looking into the final half of the year, Eli Lilly said it sees non-GAAP earnings in the range of $7.20 to $7.40 per share, a 50 cent improvement to the higher end of its prior forecast. Full year revenue forecasts were also improved to between $23.7 billion to $24.2 billion, the company said.
"In the second quarter, Lilly achieved several important R&D milestones, including three FDA approvals for new medicines, positive phase 3 results for several important clinical programs and continued progress in our quest to develop medicines for patients with COVID-19," said CEO David Ricks. "At the same time, the COVID-19 pandemic continues to strain healthcare systems around the world and has decreased new patient starts for some of Lilly's medicines."
"As anticipated, our second quarter financial results reflect the variability caused by the pandemic, but our year-to-date revenue performance, which includes 13% volume growth, demonstrates that our underlying business fundamentals remain strong," he added. "We expect growth in new prescription volume for our key growth products in the second half of 2020, and we remain confident in our outlook for the year."
Eli Lilly shares were marked 2.3% lower in early trading following the earnings release to change hands at $158.34 each, a move that would trim the stock's year-to-date gain to around 20%.
Last month, Eli Lilly started providing patients with doses of its potential coronavirus vaccine in what it said was the world's first study of a potential antibody to the global disease.
Lilly said its LY-CoV555 treatment, which could create antibody therapies for the prevention and treatment of COVID-19, was given to patients as part of early stage trials at the NYU Grossman School of Medicine in New York and Cedars-Sinai Medical Center in in Los Angeles.