Eli Lilly & Co. (NYSE: LLY) reported first-quarter 2014 results before markets opened Thursday. The pharmaceutical giant posted adjusted diluted earnings per share (EPS) of $0.68 on revenues of $4.68 billion. In the same period a year ago, the company reported adjusted EPS of $1.14 on revenues of $5.60 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.71 and $4.80 billion in revenues.
Strong volume growth outside the United States, particularly in Japan and the emerging markets, was not enough to offset the impact of U.S. patent expirations for Cymbalta and Evista.
The company’s CEO said:
Lilly’s first-quarter results reflect the substantial decline in revenue and earnings that we expected to encounter as a result of the recent U.S. patent expirations for Cymbalta and Evista. … Beyond our financial performance, the initial months of 2014 have included a series of key regulatory actions, pipeline announcements and business development transactions that solidify the company’s future growth prospects, highlighted by the approval of Cyramza in the U.S. and the announced acquisition of Novartis Animal Health.
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The company revised its EPS guidance for 2014 to aa range of $2.70 to $2.78, as well as for revenue of between $19.4 billion and $20.0 billion. The consensus estimate for 2013 calls for EPS of $2.81 on revenues of $19.88 billion. For the second quarter, analysts estimate EPS at $0.66 on $4.88 billion in revenue.
Analysts see the company’s Ramucirumab sales going to $200 million in 2015 and $2 billion in 2020. Analysts also like the share buybacks.
Eli Lilly shares were up fractionally in premarket trading Thursday, at $59.67 in a 52-week range of $47.53 to $61.15. Note that Thomson Reuters had a consensus analyst price target of around $59.82 before this report.
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