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Eli Lilly Q1 Results Top Estimates; Boosts FY22 Revenue Outlook

Drugmaker Eli Lilly and Co. (LLY) reported Thursday that net income for the first quarter increased about 40 percent to $1.90 billion or $2.10 per share from $1.36 billion or $1.49 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $2.62 per share, compared to $1.61 per share in the prior-year quarter.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings of $2.14 per share for the quarter. Analysts' estimates typically exclude special items.

World-wide revenue for the quarter grew 15 percent to $7.81 billion from $6.81 billion in the same quarter last year. Wall Street expected revenues of $6.91 billion for the quarter.

The increase in revenue reflects volume growth of 20 percent. Excluding revenue from COVID-19 antibodies and Alimta, revenue grew only 10 percent.

Products including Trulicity, Taltz, Verzenio, Jardiance, Olumiant, Emgality, Retevmo, Cyramza and Tyvyt contributed 13 percentage points of revenue growth and represented 61 percent of total revenue.

Looking ahead to fiscal 2022, Eli Lilly now projects earnings in the range of $7.30 to $7.45 per share and adjusted in the range of $8.15 to $8.30 per share on revenues between $28.8 billion and $29.3 billion.

Previously, the company expected earnings in the range of $8.00 to $8.15 per share and adjusted in the range of $8.50 to $8.65 per share on revenues between $27.8 billion and $28.3 billion.

The Street is currently looking for earnings of $8.19 per share on revenues of $26.80 billion for the year.

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