Drugmaker Eli Lilly and Co. (LLY) reported Thursday a profit for the fourth quarter that decrease 18 percent from last year, reflecting a steep reduction in other income and lower operating income, partially offset by lower income tax expense. However, both adjusted earnings per share and revenues topped analysts’ expectations. The company also reaffirmed its adjusted earnings and revenue guidance for the full-year 2022.
For the fourth quarter, Eli Lilly reported net income of $1.73 billion or $1.90 per share, down 18 percent from $2.12 billion or $2.32 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were $2.49 per share, compared to $2.31 per share in the prior-year quarter.
On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $2.18 per share for the quarter. Analysts’ estimates typically exclude special items.
World-wide revenue for the quarter grew 8 percent to $8.0 billion from $7.44 billion in the same quarter last year. Wall Street expected revenues of $6.88 billion for the quarter.
Excluding revenue of $1.06 billion from its COVID-19 antibody therapy bamlanivimab, fourth-quarter revenue grew only 6 percent.
The increase in revenue reflects volume growth of 11 percent, , partially offset by a 3 percent decrease due to lower realized prices.
Products including Trulicity, Taltz, Verzenio, Jardiance, Olumiant, Emgality, Retevmo, Cyramza and Tyvyt contributed 14 percentage points of revenue growth and represented 61 percent of total revenue.
Worldwide Trulicity revenue grew 25 percent to $1.88 billion from last year, while Humalog revenue declined 16 percent to $601.7 million and Alimta revenue was down 33 percent to $434.9 million from last year. Taltz revenue increased 31 percent to $647.4 million from last year.
Revenue in the U.S. increased 13 percent to $5.18 billion, and revenue outside the U.S. decreased 1 percent to $2.82 billion from last year.
Looking ahead to fiscal 2022, Eli Lilly continues to project 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 $7.54 per share on revenues of $24.88 billion for the year.
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