Lilly opens down despite topping 3rd-qtr estimates; considers animal health unit sale
Eli Lilly (NYSE: LLY) reported revenue and earnings figures for the third quarter of 2017 that narrowly exceeded the expectations of Wall Street analysts on Tuesday.
But it was the US pharma major’s announcement of a strategic review of its Elanco Animal Health unit, including considering a potential sale of the segment, that grabbed most of the headlines.
Revenue for the latest quarter was $5.66 billion, some 9% higher than the same period of 2016 and ahead of analysts’ expectations of $5.52 billion. Adjusted earnings per share (EPS) were $1.05, 19% ahead of a year ago and nearly 2% above Wall Street predictions.
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