Why Eli Lilly Stock Is Jumping Today
Shares of Eli Lilly (NYSE: LLY) were jumping 5.4% as of 10:41 a.m. ET on Thursday after rising as much as 7.8% earlier in the day. The solid gain came after the big drugmaker announced its third-quarter results.
Lilly reported Q3 revenue of nearly $9.5 billion, up 37% year over year. This result was well above the consensus Wall Street revenue estimate of $8.95 billion. The company posted Q3 adjusted net income of $94.8 million, or $0.10 per share. Although this reflected a steep decline from the prior-year period, it was much better than the average analysts' estimate of a net loss of $0.15 per share.
Most of Lilly's Q3 revenue growth stemmed from two products. Sales for type 2 diabetes drug Mounjaro skyrocketed more than 7x year over year to $1.4 billion. Sales for breast cancer drug Verzenio jumped 68% to a little over $1 billion.
Source Fool.com
