Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting third quarter net income of $1.42 billion, compared to $1.1 billion during the same period last year. The report is the pharmaceutical maker’s first since Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) spun out as an independent company. Chief Executive Officer David Ricks characterized the results as strong and adding revenue guidance was increased.
For the full year, Lilly expects revenue to be in the range of $24.3 billion to $24.5 billion, up from $24 billion to $24.5 billion. Revenue in the third quarter rose 7 percent to nearly $6.1 billion.
Revenue growth driven by greater use of our newest medicines, coupled with prudent expense management, led to strong EPS growth. Our strategy is to focus on discovering and developing breakthrough medicines that can help doctors and patients who need new treatment options for serious diseases. We are pleased with our progress this quarter, achieving key development and regulatory milestones in pain and diabetes, while driving continued adoption of our new medicines around the world. Consistent with our revised guidance, we expect to finish 2018 by further delivering strong performance.
Lilly currently owns more than 80 percent of Elanco and says it plans to divest its interest in the now-separate company within a year.
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