Merck (MRK) and Eli Lilly (LLY) released their latest earnings reports before opening bell this morning. Merck posted adjusted earnings of $1.07 per share on $10.54 billion in revenue. Analysts had been expecting earnings of 99 cents per share and $10.16 billion in revenue. In last year’s third quarter, the drug maker reported $10.07 billion in revenue.
Eli Lilly posted earnings of 88 cents per share on $5.19 billion in revenue, missing the consensus numbers of 95 cents per share and $5.29 billion in revenue.
Merck’s profits rise
Merck’s GAAP earnings grew to 78 cents per share from 64 cents per share in last year’s third quarter. Pharmaceutical sales grew 6% to $9.44 billion. The company’s Januvia and Janumet sales were $1.55 billion, excluding currency exchange, coming up a little short of the consensus at $1.61 billion. Remicade sales declined 28% to $311 million, while sales of Gardasil surged 38% to $860 million. Ketruda sales grew 128% to $356 million, while Proquad/ M-M-R II/ Varivax sales increased 28% to $496 million. Animal health sales increased 75 to $865 million.
Merck expects full-year adjusted earnings to be between $3.71 and $3.78 per share, against the consensus of $3.75 per share. The drug maker expects full-year revenue to be between $39.7 billion and $40.2 billion, compared to the consensus of $39.78 billion.
Shares of Merck jumped by as much as 2.22% to $62.10 in premarket trading this morning.
Eli Lilly shares fall after earnings
Eli Lilly’s earnings on a reported basis were 73 cents per share. Cialis revenue amounted to $588.2 million, missing the consensus of $594.7 million, while Alinta revenue was $570.4 million, coming in ahead of the consensus at $551.7 million. Humalog sales declined 9% to $640.8 million, while Zyprexa sales plunged 37% to $148.9 million. Erbitux sales surged 115% to $184.6 million, while Cymbalta sales increased 29% to $313.5 million. Sales of new drug Cyramza increased 43% to $159 million.
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