Eli Lilly Achieves 80% Jump In COVID-19 Therapy Sales, Revises FY22 Guidance

Eli Lilly And Co LLY has posted Q1 sales of $7.8 billion, beating the consensus of $6.68 billion.
Lilly's revenue increased 15%, driven by volume growth of 20%, partially offset by a 3% decrease due to lower realized prices and a 2% decrease due to the unfavorable impact of foreign exchange rates.
Excluding revenue from COVID-19 antibodies and Alimta, Q1 2022 revenue grew 10%.
Key growth products, consisting of Trulicity, Verzenio, Jardiance, Taltz, Olumiant, Emgality, Retevmo, Cyramza, and Tyvyt, contributed 13 percentage points of revenue growth.
Trulicity sales jumped 20% to $1.74 billion.
Revenue from COVID-19 antibodies reached $1.47 billion compared with $810.1 million in Q1 2021.
The adjusted gross margin was 76.1%, an increase of 0.7 percentage points from a year ago. The adjusted operating margin reached 33.4%.
Adjusted EPS increased 63% Y/Y to $2.62, ahead of the consensus of $2.13.
FY22 guidance: Eli Lilly anticipates revenue of $28.8 billion - $29.3 billion, better than the earlier outlook of $27.8 billion - $28.3 billion, compared to the consensus of $24.88 billion.
The guidance reflects additional COVID-19 antibodies revenue from selling 600,000 doses of bebtelovimab to the U.S. government in Q1 2022.
Lilly sees adjusted EPS as $8.15 - $8.30, down from prior guidance of $8.50 - $8.65, versus the consensus of $8.19.
Price Action: LLY shares are up 2.66% at $292.67 during the market session on the last check Thursday.

Earnings Calendar