When Eli Lilly and Co. (NYSE: LLY) released its third-quarter financial results before the markets opened on Wednesday, the pharmaceutical giant said that it had $1.48 in earnings per share (EPS) and $5.48 billion in revenue. The consensus estimates had called for $1.40 in EPS and revenue of $5.5 billion, and the same period of last year reportedly had EPS of $1.34 on $5.31 billion in revenue.

In the latest quarter, revenues increased by 3%, or 4% on a constant currency basis. The increase in revenue was driven by an 8% increase in volume, partially offset by a 4% decrease due to lower realized prices.

Revenue in the United States was essentially flat at $3.060 billion, as increased volume of 5% was offset by lower realized prices. Revenue outside the United States increased 8%, to $2.416 billion, driven by increased volume of 12%, which was primarily from key growth products, including Trulicity, Olumiant, Jardiance, Taltz and Verzenio, partially offset by decreased volume for Strattera due to loss of patent exclusivity and the impact of the product withdrawal of Lartruvo.

The company reported results for some of its best-selling drugs as follows:

• Trulicity revenue increased 24% year over year to $1.01 billion.
• Humalog revenue decreased 2% to $648.9 million.
• Alimta revenue decreased 2% to $508.2 million.
• Forteo revenue decreased 5% to $370.7 million.
• Taltz revenue increased 29% to $340.0 million.
• Humulin revenue was flat at $321.8 million.
• Basaglar revenue increased by 31% to $263.2 million.
• Cialis revenue decreased 61% to $184.3 million.

Looking ahead to the 2019 full year, the company expects to see EPS in the range of $5.75 to $5.85 and revenue between $22.0 billion and $22.5 billion. Consensus estimates call for $5.72 in EPS and $22.23 billion in revenue for the year.

David A. Ricks, Eli Lilly’s board chair and chief executive, commented:

Lilly continued to deliver strong results in the third quarter, due in large part to 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’s revenue growth is being driven by volume, not price, as more and more patients are benefiting from our recently launched medicines. Our sustained investments in oncology, diabetes, immunology, and neuroscience research continue to be productive, with several new medicines expected to be submitted, launch and then reach patients over the next few years

Shares of Eli Lilly traded down over 5% at $103.83 Wednesday morning. The consensus price target is $125.33, and the stock has a 52-week trading range of $101.36 to $132.13.

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