Lilly Quarterly Profit Jumps, Beats Estimates

Lilly completed the CoLucid acquisition in March.

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting third quarter net income of $799.7 million, up from $500.6 million during the same period the previous year. The company says revenue increased 2 percent, driven in part by the acquisition of Novartis Animal Health and sales of drugs including Cyramza and Trulicity. 

Lilly says third quarter revenue was $4.96 billion. The company says the increase was largely due to a 12 percent bump in volume, thanks to revenue from Novartis Animal Health and stronger demand.for several products. Lilly says, however, that increase was offset in part by foreign exchange rates, lower prices and the continuing effects of the U.S. patent expiration of Cymbalta.

In a release from Lilly, Chief Executive Officer John Lechleiter said, "Promising pipeline momentum continued with encouraging news for baricitinib and abemaciclib, while Jardiance reported positive cardiovascular outcomes. Finally, we continued to create new collaborations and pursue smaller-scale acquisitions to bolster our pipeline and our product portfolio."

Lilly is increasing its 2015 guidance, but maintaining its expectation of revenue to total between $19.7 billion and $20 billion.

You can see the full third quarter results by clicking here.