FILE PHOTO: The logo and ticker for Eli Lilly and Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid
(Reuters) – Eli Lilly and Co (LLY.N) beat analysts’ estimates for quarterly profit on Tuesday and raised its full-year earnings forecast, as higher sales of diabetes drugs Trulicity and Basaglar offset competition for its erectile dysfunction drug, Cialis.
Trulicity accounted for 18% of the company’s total sales in the second quarter and brought in $1.03 billion, just above the average analyst estimate of $1.02 billion, according to IBES data from Refinitiv.
The company raised its 2019 adjusted earnings forecast to a range of $5.67 to $5.77 per share from its prior range of $5.60 to $5.70 per share .
However, revenue from the United States was nearly flat at $3.25 billion, mainly due to lower prices even as volumes rose.
The drugmaker posted net income of $1.33 billion, or $1.44 per share, in the quarter ended June 30, compared with a loss of $259.9 million, or 25 cents per share, when it recorded acquisition-related charges of $1.62 billion.
Excluding items, Lilly earned $1.5 per share. Analysts on average had expected a profit of $1.45 per share, according to IBES data from Refinitiv.
Revenue rose to $5.64 billion from $5.59 billion, above Wall Street estimates of $5.59 billion.
Shares of the company rose 1.1% to $109.89 in early trading before the bell.
Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Anil D’Silva