Eli Lilly exceeds expectations with third quarter results
US pharma major Eli Lilly (NYSE: LLY) has announced financial results for the third quarter of 2013. Despite the higher-than-expected earnings, shares of Lilly were down 0.1% at $50.09 in morning trading.
In the third quarter of 2013, worldwide total revenue was $5.773 billion, an increase of 6% compared with the third quarter of 2012. Revenue growth was comprised of 3% due to higher volume and 5% due to higher prices, partially offset by a decrease of 2% due to the unfavorable impact of foreign exchange rates. The increase in volume was driven by Humalog, Alimta, Trajenta and Forteo, partially offset by volume declines for Zyprexa and Cymbalta. Total revenue in the US increased 11% to $3.312 billion driven by increased prices, primarily for Cymbalta. Total revenue outside the US was relatively flat at $2.461 billion, as higher volume was largely offset by the unfavorable impact of the depreciation of the Japanese yen.
Earnings per share
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