Eli Lilly beats by $0.07, beats on revs; raises FY18 EPS above consensus, reaffirms revs (86.09)
- Reports Q4 (Dec) earnings of $1.14 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $1.07; revenues rose 7.0% year/year to $6.16 bln vs the $5.93 bln Capital IQ Consensus. The revenue increase was driven by a 4 percent increase due to volume, a 2 percent increase due to higher realized prices, and a 1 percent increase due to the favorable impact of foreign exchange rates. Revenue in the U.S. increased 6%, to $3.423 billion, due to increased volume for new pharmaceutical products. Trulicity revenue was $649.0 million, an increase of 93% Y/Y. Cyramza revenue was $204.8 million, an increase of 16%. Gross margin as a percent of revenue was 73.6 percent, a decrease of 1.0 percentage point compared with the fourth quarter of 2016. The decrease in gross margin percent was primarily due to the effect of foreign exchange rates on international inventories sold and product mix, partially offset by manufacturing efficiencies and higher realized prices
- Co issues guidance for FY18, raises EPS to $4.81-4.91 from $4.60-4.70, excluding non-recurring items, vs. $4.67 Capital IQ Consensus; reaffirms FY18 revs $23.0-23.5 bln vs. $23.2 bln Capital IQ Consensus Estimate. Revenue growth is expected to be driven by new products including Trulicity, Taltz, Basaglar, Jardiance, Verzenio, Cyramza, Olumiant and Lartruvo. The 2018 tax rate is now expected to be ~18.0 percent on a reported and non-GAAP basis to reflect the estimated impact of recently enacted U.S. tax reform legislation