Lilly announced third-quarter earnings

The FINANCIAL — Lilly reported Q3 financial results: 

– Revenue in the third quarter of 2020 increased 5 percent driven by volume growth of 9 percent, while on a year-to-date basis revenue increased 6 percent driven by volume growth of 12 percent.

– Key growth products launched since 2014, consisting of Taltz, Trulicity, Verzenio, Jardiance, Olumiant, Emgality, Tyvyt, Baqsimi, Cyramza, Retevmo and Basaglar contributed nearly 9 percentage points of revenue growth and represented approximately 52 percent of total revenue for the quarter.

– Lilly continues to rapidly advance the development of potential therapeutics for the treatment of COVID-19 and has submitted requests for Emergency Use Authorization to the FDA for both bamlanivimab and baricitinib. The company anticipates its full-year 2020 COVID-19 research and development expense to be approximately $400 million.

– Third-quarter 2020 operating expenses increased 9 percent, driven by higher marketing and research and development investments, including expenses of $125 million to develop potential COVID-19 therapies.

– Third-quarter 2020 earnings per share (EPS) decreased to $1.33 on a reported basis and increased to $1.54 on a non-GAAP basis.

– 2020 EPS guidance lowered to be in the range of $6.20 to $6.40 on a reported basis and reaffirmed to be in the range of $7.20 to $7.40 on a non-GAAP basis.