Eli Lilly beats on 1st-qtr earnings but sales hit by pricing pressures

US pharma major Eli Lilly (NYSE: LLY) posted financials this morning, showing that, for the first quarter of 2019, worldwide revenue was $5.092 billion, an increase of 3% compared with the first quarter of 2018, but missing the consensus forecast of $5.2 billion.

The increase in revenue was driven by a 7% increase due to volume, partially offset by a 3% decrease due to lower realized prices, and a 2% decrease due to the unfavorable impact of foreign exchange rates.

First-quarter 2019 earnings per share (EPS) grew to $4.31 on a reported basis, or $1.33 on a non-generally accepted accounting principles (GAAP) basis. Lilly beat earnings per share expectations in the first quarter, reporting non-GAAP EPS of $1.33, higher than the average analyst estimate for $1.32 and up 2% year-on-year. Net income was $4.2 billion due to the spin off of Elanco.