Home Stock Eli Lilly Q1 results: ‘Russia isn’t a big part of our portfolio’

Eli Lilly Q1 results: ‘Russia isn’t a big part of our portfolio’

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Shares of Eli Lilly & Co (NYSE: LLY) opened 3.5% up on Thursday after the pharmaceutical company reported market-beating results for its fiscal first quarter on strong COVID-19 antibodies sales.

Eli Lilly Q1 earnings snapshot

Net income printed at $1.90 billion in Q1 that translates to $2.10 per share.In the same quarter last year, net income was capped at $1.36 billion ($1.49 a share).Adjusted for one-time items, EPS stood at $2.62, as per the earnings press release.Revenue of $7.81 billion was up 14.8% on a year-over-year basis.FactSet consensus was for $2.29 of adjusted EPS on $7.29 billion in revenue.Trulicity sales jumped 19.9% in the first quarter but missed Street expectations.Revenue from COVID antibodies up 81.4% handily topped estimates.

According to Eli Lilly, a 3.0% decline in prices was easily offset by a 20% growth in volumes. Also on Thursday, Eli Lilly said its candidate obesity treatment, Tirzepatide, was shown to be effective in reducing weight by 20% in a Phase III trial.

Future outlook and CEO’s remarks

For the full financial year, Eli Lilly lowered its outlook for adjusted per-share earnings and now expects $8.15 to $8.30 in 2022. It, however, raised its guidance for full-year revenue to $28.8 billion to $29.3 billion.

On CNBC’s “Squawk Box” CEO David Ricks said financially, Russia wasn’t a big part of Eli Lilly’s business. Discussing potential headwinds, he added:

We do see rate pressures on the quarter. Of course, now we’re concerned about East Asia and particularly China. Fortunately, Russia is not a very big part of our portfolio. We stopped investing in Russia and aren’t promoting our products there anymore.

The stock is up nearly 10% for the year.

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