Jim Cramer: Eli Lilly's Trulicity Is on Fire
The drug-maker reported earnings per share of $1.75, far exceeding consensus expectations and increasing 31.6% year over year. Revenue also came in at a beat at $5.86 billion, surpassing an expected $5.48 billion.
Lilly also increased its full-year earnings forecast to between $6.70 to $6.90 a share, in a period when many companies across sectors are withdrawing their full-year forecasts. Full-year revenue forecasts remain in the range of $23.6 billion to $24.2 billion.
Among the highlights of the quarter was growth in Eli Lilly’s Trulicity diabetes treatment which saw sales rise 40% to $1.229 billion.
"We're also committed to improving the affordability of and access to our medicines, particularly insulin, during these challenging times," CEO David Ricks said in a press release.
Like many other members of the pharmaceutical space, the coronavirus and potential treatments and cures remain top of mind for Lilly.
"Lilly is rising to meet the challenges of the COVID-19 pandemic, whether it be by supporting our employees, our communities, patients with chronic diseases who are the most vulnerable to the virus, or directly attacking the disease with new and existing therapies," Ricks said.
As of the open, Lilly was up 2.57% to 158.70.
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