When Johnson & Johnson posted its third quarter financial results last week, the healthcare giant credited its revenue growth to the strength of its pharmaceutical business.
Three more pharmaceutical companies posted their Q3 results today, topping revenue and earnings estimates from analysts. Here’s a round-up of Q3 earnings from Biogen (NSDQ:BIIB), Eli Lilly (NYSE:LLY) and Novartis (NYSE:NVS).
This Cambridge, Mass.-based biotech posted adjusted earnings of $6.31 per share, beating analysts’ estimates of $5.07 apiece. The company topped revenue expectations, reeling in $3.08 billion.
Sales of Biogen’s spinal muscular atrophy drug, Spinraza, were up 34% compared to last quarter, the company reported, but U.S. sales remained nearly flat quarter-over-quarter – $195 million in sales last quarter compared to $198 million in Q3.
BIIB shares were trading at $309.50 apiece in early-morning activity today, down -6.1%.
Driven largely by growth in its diabetes and pharma businesses, Eli Lilly today reported Q3 sales of $5.66 billion, compared to estimates from analysts who were expecting the company to post $5.51 billion in revenue.
The company also posted adjusted earnings of $1.05 per share, beating estimates by 2¢.
After a quarter that beat estimates on Wall Street, the Indiana-based insulin-maker raised its full-year adjusted profit forecast to $4.15 – $4.25 per share and upped its revenue forecast to $22.4 billion – $22.7 billion
Lilly added that it is considering a potential sale or an initial public offering for its Elanco animal health business, due to increased competition in the area.
LLY shares were trading at $85.06 apiece in early-morning activity today, down -2.4%.
Novartis posted sales of $12.41 billion on earnings of $1.29 per share today, topping estimates on Wall Street where analysts were expecting sales of $12.17 billion on earnings of $1.25 per share.
The company landed a major victory this quarter after its CAR-T cell therapy, known as Kymriah, was approved as the first of its kind in the U.S.
Novartis also said today that it plans to delay its decision on whether or not to sell its Alcon eye care unit, saying that its “growth acceleration plan is beginning to generate growth, executed by a strong management team.”
The company is slated to make a final decision about the future of the business in 2019.
NVS shares were trading at $83.32 apiece in early-morning activity today, down -3%.