Eli Lilly falls short of Q3 EPS forecasts

Eli Lilly posted lower than expected quarterly earnings, but reaffirmed its full-year guidance for profits.

The drug giant posted a 5% increase in third quarter sales on the back of a 9% jump in volumes to reach roughly $5.74bn.

That resulted in a 4% rise in pro-forma earnings per share in comparison to one year ago to reach $1.54 (consensus: $1.71).

During the period, the firm launched 11 key growth products which it said accounted for almost nine percentage points in the rate of revenue growth during the quarter and roughly 52% of its total sales.

Operating expenses however grew more quickly than sales, by 9% due to higher marketing spend and outlays on research and development.

Management narrowed its guidance for full-year EPS on a reported basis, to between $6.20-6.40.

On a pro-forma basis, EPS was still seen coming in at between $7.20-7.40.

As of 1626 GMT, shares of Eli Lilly were trading down by 5.32% to $134.17.