jetcityimage/iStock Editorial through Getty Photographs
Saying its Q3 2023 financials, Eli Lilly (NYSE:LLY) on Thursday exceeded Road estimates for income thanks primarily to its diabetes medicine together with Mounjaro, and pushed again the timeline for a possible U.S. approval for its Alzheimer’s remedy donanemab to subsequent yr.
“Lilly had one other sturdy quarter in Q3 as Mounjaro and Verzenio continued to achieve momentum,” CEO David Ricks remarked, referring to a breast most cancers remedy that additionally surpassed Wall Road’s gross sales expectations.
The Indiana-based drugmaker beat Wall Road expectations for its Q3 income by $500M as its topline expanded 37% YoY to $9.5B, partly attributable to a $1.4B contribution from promoting the rights to a schizophrenia remedy referred to as olanzapine.
Its GLP-1 receptor agonist, Mounjaro, an FDA-approved diabetes remedy used off-label for weight reduction, introduced in $1.4B in income, in comparison with $187.3M within the prior-year interval, exceeding Wall Road forecasts.
Income for diabetes therapies Jardiance and Trulicity stood at $700.8M and $1.7B, with 22% YoY development and 10% YoY decline, respectively, falling wanting consensus estimates, based on Bloomberg information.
In the meantime, Verzenio added $1.0B in income with 68% YoY development, whereas plaque psoriasis drug Taltz introduced $744.2M in income with ~9% YoY development.
Nonetheless, the corporate’s non-GAAP earnings per share fell 95% YoY to $0.10 as acquired IPR&D costs prompted a $3.92 per share affect, whereas gross margin improved to 80.4%, in comparison with 80.7% in Road forecasts.
Primarily attributable to acquired IPR&D costs incurred in Q3, the corporate lowered its full-year non-GAAP EPS outlook to $6.50–$6.70 under the consensus estimates.
As for pipeline updates, the corporate expects the FDA to resolve on a possible approval for its Alzheimer’s remedy donanemab in Q1 2024, a delayed timeline from its earlier forecast in This autumn 2023.
Earlier within the day, LLY’s important rival within the weight reduction house, Novo Nordisk (NVO), posted an eightfold gross sales enhance for its weight problems remedy, Wegovy, in Q3 2023.