Pharmaceutical Giant Beats Q3 Profit Forecasts After Hiking Prices on Drugs Used to Treat Diabetes and Cancer
Yesterday, Eli Lilly joined fellow Big Pharma giants Johnson & Johnson, Roche and Novartis in surpassing earnings expectations for the third quarter of 2019 — after continuing to hike prices on its medications despite the rising crisis of affordability.
The brand name drug maker boasted revenues of $5.48 billion and beat Wall Street expectations with an earnings surprise of 3.5 percent. In fact, over the past year, the brand name drug maker has surpassed estimates three times while repeatedly increasing prices on its top-selling drugs:
Eli Lilly also raised its 2019 adjusted earnings forecast by 10 cents a share “from the prior range of $5.67 to $5.77 after reporting higher-than-expected adjusted earnings.”
The company’s strong performance this quarter was also helped by sales of the company’s brand name insulin Humalog.