Eli Lilly and Co. said third-quarter earnings increased 5% year over year, and raised its forecast for 2019.
Non-GAAP net income for the period totaled $1.36 billion, or $1.48 per share, up from the year-ago $1.29 billion, or $1.34 per share. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $1.41.
Reported net income rose on an annual basis to $1.25 billion, or $1.37 per share, from $1.15 billion, or $1.12 per share.
The Indianapolis-based pharmaceutical company's revenue increased 3% year over year to $5.48 billion from $5.31 billion. Lilly's top-selling diabetes drug, Trulicity, raked in revenues of $1.01 billion, up 24% on a yearly basis from $816.2 million.
Lilly's third-quarter earnings were boosted primarily by "the growth of our newer medicines and our ability to effectively manage costs while supporting global launches in highly competitive classes and funding our next generation of new therapies," Lilly Chairman and CEO David Ricks said.
Research and development costs reached $1.38 billion in the third quarter, compared to $1.28 billion a year earlier.
For the nine months ended Sept. 30, non-GAAP net income was $3.98 billion, down from $4.01 billion in the year-ago period. Non-GAAP EPS amounted to $4.31, compared to the previous year's $4.13.
Worldwide revenue for the nine-month period rose 2% year over year to $16.21 billion from $15.86 billion.
Lilly further hiked its outlook for 2019 and now anticipates non-GAAP EPS of between $5.75 and $5.85. Previously, the company said it expects adjusted EPS to reach $5.67 to $5.77.
The S&P Global Market Intelligence consensus normalized EPS estimate for 2019 is $5.72.
On a reported basis, Lilly anticipates EPS to be in the range of $8.59 to $8.69, compared to the previous forecast of between $8.58 and $8.68. The company continues to expect full-year revenue to be in the range of $22.0 billion to $22.5 billion.