Eli Lilly and Company (LLY – Free Report) reported third-quarter 2017 adjusted earnings per share of $1.05, which beat the Zacks Consensus Estimate of $1.03 per share by 1.9%. Earnings rose 19% from the year-ago quarter backed by volume driven pharma sales growth and higher operating profits.

Revenues Beat

Quarterly revenues of $5.66 billion also beat the Zacks Consensus Estimate of $5.52 billion by 2.5%. Sales grew 9% year over year backed by strong performance of the new drugs as well as Lilly’s diabetes products. Lilly’s diabetes products recorded revenue growth of 39% worldwide.

Volumes rose 7% as a strong performance of new products like Trulicity, Taltz, Basaglar, Jardiance and Lartruvo offset decline in sales of established products like Zyprexa, Alimta, Cialis, Strattera and Effient. Higher realized prices for several drugs also contributed 2% to sales growth in the quarter.

Revenue in Detail

Pharmaceutical revenues rose 10% in the quarter backed by 14% volume growth of the new products.

While U.S. revenues grew 9% to $3.1 billion, ex-U.S. revenues rose 8% to $2.55 billion.

Established products that recorded growth during the quarter include Forteo (up 13% to $441.7 million) and Humalog (up 9% to $696.2 million). Sales of all other established products declined in the quarter.

Alimta sales declined 10% to $514.5 million, reflecting lower demand in the United States due to competitive pressure, mainly from immuno-oncology agents. Outside the United States., sales of Alimta were hurt by loss of exclusivity in several countries, increased competition and lower realized prices.

Zyprexa sales declined 6% to $140.6 million due to loss of exclusivity.

Humulin sales decreased 7% in the quarter to $300.5 million due to lower realized prices and unfavorable buying patterns in China.

Cialis sales declined 4% to $564.9 million hurt by lower demand in the United States as well as increased competition from generic sildenafil

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