|
 Shares of the company, which also reiterated its full-year adjusted
profit forecast, rose 1.3% in trading before the opening bell.
The drugmaker has been relying on its newer drugs such as Trulicity
and Taltz to spur revenue growth as older medicines including
erectile dysfunction treatment Cialis lose market share to cheaper
generic versions.
Trulicity sales rose 31% to $1.21 billion, accounting for nearly a
fifth of total sales in the fourth quarter.
The company said the drug's sales were slightly crimped by higher
rebates that drugmakers offer to middlemen such as pharmacy benefit
managers to make sure patients have access to their products.
Sales of Taltz rose 37% to $420.1 million.
[to top of second column] |
Excluding items, the company earned $1.73 per share, beating
analysts' average estimate of $1.52 per share, according to IBES
estimates from Refinitiv.
Net income rose to $1.50 billion, or $1.64 per share, in the quarter
ended Dec. 31, from $1.13 billion, or $1.10 per share, a year
earlier, when the company had taken a $329.4 million charge.
Revenue rose 8.5% to $6.11 billion, surpassing the average analyst
estimate of $5.91 billion.
(Reporting by Manas Mishra and Saumya Sibi Joseph in Bengaluru;
Editing by Arun Koyyur and Saumyadeb Chakrabarty)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content. |
