Eli Lilly (NYSE:LLY) posted a surprisingly positive third-quarter performance, reporting adjusted earnings per share of 10 cents, beating the expectations of a 20-cent loss per share. As a result, shares surged more than 4% intra-day today.
The pharmaceutical giant’s revenue reached $9.50 billion, marking a 37% increase from the same period last year and beating the Street forecast of $8.97 billion.
The gross margin improved to 80.4% compared to last year’s 77.3%, although it narrowly missed the expected 80.7%. The company now anticipates earnings per share for the full year to range from $6.50 to $6.70, compared to the Street estimate of $6.72.