Eli Lilly and Co. on Wednesday reported better-than-expected quarterly earnings, helped by cost cuts and a big price increase for Cymbalta, its top-selling antidepressant that begins facing generic competition in December.
The Indianapolis drugmaker earned $1.20 billion, or $1.11 per share, in the third quarter. That compared with $1.33 billion, or $1.18 per share, in the year-earlier period, when it took special charges related to a partnership agreement.
Excluding special items, Bristol-Myers earned $1.11 per share. Analysts, on average, expected $1.04, according to Thomson Reuters I/B/E/S.
Company sales rose 6 percent to $5.78 billion, slightly above Wall Street expectations of $5.76 billion, with most of the revenue growth coming from price increases on its medicines. Global company sales would have risen 8 percent, if not for the weaker dollar, which lowers the value of sales in overseas markets.
The company squeezed 11 percent growth for its anti-depressant Cymbalta by raising prices, bring its sales to $1.38 billion. But the number of prescriptions filled for Lilly's flagship product declined during the quarter.
Sales of lung cancer drug Alimta rose 7 percent to $691 million, while anti-impotence treatment Cialis jumped 9 percent to $527 million. Sales of osteoporosis drug Evista, which loses patent protection early next year, were up 3 percent to $256 million.
Lilly's marketing, selling and administrative expenses shrank by 6 percent in the quarter.
Lilly said it expects full-year earnings of $4.10 to $4.15 per share, excluding special items. It had forecast $4.05 to $4.15 per share.
© 2016 Thomson/Reuters. All rights reserved.