Benzinga | Oct 26, 2021 08:49AM EDT

Eli Lilly Q3 Earnings Beat Estimates, Boosts FY21 Guidance On Higher COVID-19 Therapy Sales

* Eli Lilly And Co (NYSE:LLY) has posted Q3 sales of $6.77 billion, beating the consensus of $5.70 billion and increasing 18% Y/Y.

* Higher sales were driven by a 17% increase in volume and a 1% increase due to the favorable impact of foreign exchange rates. Net realized prices were essentially flat.

* Key growth products included Trulicity, Taltz, Verzenio, Jardiance, Emgality, Olumiant, Tyvyt, Retevmo, and Cyramza.

* Revenue from COVID-19 therapies during the quarter reached $423.5 million.

* The gross margin was 78.9%, an increase of 2.0 percentage points. Adjusted operating margin reached 30.5%.

* Adjusted EPS increased 38% Y/Y to $1.94, sharply ahead of the consensus of $1.68.

* FY21 guidance: Eli Lilly anticipates revenue of $27.2 billion - $27.6 billion, better than $26.8 billion - $27.4 billion previously expected, reflecting additional revenue from COVID-19 antibodies and the core business.

* It forecasts revenue from COVID-19 therapies of $1.3 billion, higher than $1.0 billion - $1.1 billion, anticipated earlier.

* Lilly sees adjusted EPS $7.95 - $8.05, better than the prior guidance of $7.80 - $8.00, versus the consensus of $6.80.

* Related: AbCellera Stock Is Moving Higher After Expanded Use Nod For Lilly-Partnered COVID-19 Antibody.

* Price Action: LLY shares are up 0.18% at $245.5 during the premarket session on the last check Tuesday.