The company said EPS came in at $1.39, up against the consensus of $1.35 and the year-ago level of $1.05. Revenue reached $6.06 billion which is 7% higher than the year-ago mark of $5.66 billion and just above the consensus of $6.05 billion.
"Lilly delivered strong financial results in the third quarter. Revenue growth (was) driven by greater use of our newest medicines, coupled with prudent expense management, led to strong EPS growth," said David Ricks, Lilly's chairman and CEO.
Shares of Eli Lilly rose 0.7% to $110.94 in the premarket, having settled 3.18% higher on Monday at $110.14.
"Our strategy is to focus on discovering and developing breakthrough medicines that can help doctors and patients who need new treatment options for serious diseases. We are pleased with our progress this quarter, achieving key development and regulatory milestones in pain and diabetes, while driving continued adoption of our new medicines around the world. Consistent with our revised guidance, we expect to finish 2018 by further delivering strong performance," added Ricks.
The increase in revenue was driven by a 12% increase due to volume, partially offset by a 4% decrease due to lower realized prices and a 1% decrease due to the unfavorable impact of foreign exchange rates, the company said.
The new drug Trulicity, which overtook diabetes drug Humalog as Lilly's best-selling medicine, rang up revenue of $816.2 million in the three months ending in September, higher by around 55% from a year earlier.
Revenue in the US increased 11% to $3.447 billion, driven primarily by increased volume for new pharmaceutical products, including Trulicity, Basaglar, Taltz, and Verzenio. The increase in revenue was partially offset by lower realized prices, primarily driven by Basaglar, Humalog and Taltz, as well as decreased volume for products that have lost exclusivity, including Cialis, Strattera and Effient.
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Revenue outside the US increased 2% to $2.615 billion, driven by increased volume of 8%, which was primarily for new pharmaceutical products, including Trulicity, Olumiant and Taltz. The increase in revenue was partially offset by lower realized prices for several pharmaceutical products, decreased volume for erectile dysfunction drug Cialis due to loss of exclusivity, as well as the unfavorable impact of foreign exchange rates.
The company said new medicines such as Trulicity, Taltz, Basaglar, Cyramza, Jardiance, Verzenio, Lartruvo and Olumiant accounted for 35% of pharma revenue and drove strong volume growth.
The company said its 2018 EPS guidance range was revised higher to $3.04 to $3.09 on a reported basis and $5.55 to $5.60 on a non-GAAP basis.
Eli Lilly is a global pharmaceutical company which is based in Indianapolis, Indiana.
Reporting by Rene Pastor, contactable on [email protected]