Market Intelligence

Eli Lilly forecasts 2019 profit, revenue above estimates


Dec 19 () - Drugmaker Eli Lilly and Co on Wednesday forecast 2019 revenue and adjusted profit above analysts' expectations, citing higher demand for newer medicines including diabetes drug Trulicity and psoriasis drug Taltz.

Trulicity, which recently overtook Humalog as Lilly's top-selling medicine, had sales of $816.2 million and helped power Lilly's profit beat in the third quarter.

The company forecast 2019 adjusted profit of $5.90 to $6 per share, compared with average analysts' estimates of $5.82 per share, according to IBES data from Refinitv.

However, the drugmaker said sales of erectile dysfunction drug Cialis will take a hit due to loss of patent exclusivity.

The Indianapolis-based company also reiterated its forecast for 2018 adjusted profit.

Shares of the drugmaker, which raised its quarterly dividend by 15 percent, were up 1 pct at $107.60 in light premarket trading.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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