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What Drove Eli Lilly in 3Q17?

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What Drove Eli Lilly in 3Q17? PART 1 OF 12

How Did Eli Lilly Perform in 3Q17?

Eli Lilly revenue trends

In 3Q17, Eli Lilly (LLY) generated revenues of $5.7 billion, ~9% growth on a year-over-year (or YoY) basis. The company reported revenues of $16.7 billion in the first nine months of 2017 compared to $15.5 billion in the corresponding period of 2016. In 3Q17, Eli Lilly reported net income of $555.6 million compared to $778 million in 3Q16. Eli Lilly reported net income of $1.5 billion in the first nine months of 2017 compared to $2.0 billion in the corresponding period of 2016.

In 3Q17, Eli Lilly reported diluted earnings per share (or EPS) of $0.53 compared to $0.73 in 3Q16. It posted diluted EPS of $1.37 in the first nine months of 2017 compared $1.85 in the corresponding period of 2016. In 3Q17, Eli Lilly reported gross margin and operating income of 72.3% and $605 million, respectively.

How Did Eli Lilly Perform in 3Q17?

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Expense trends

In 3Q17, Eli Lilly (LLY) reported the cost of sales of $1.6 billion compared to $1.4 billion in 3Q16. In 3Q17, Eli Lilly reported R&D (research and development) and MS&G (marketing, selling, and administrative) expenses of $1.3 billion and $1.6 billion, respectively, compared to $1.2 billion and $1.6 billion in 3Q16.

Eli Lilly reported cost of sales of $4.4 billion in the first nine months of 2017 compared to $4.2 billion in YTD September 2016. Eli Lilly reported YTD September 2017 R&D and MS&G expenses of $3.8 billion and $4.8 billion, respectively, compared to $3.8 billion and $4.7 billion in the corresponding period of 2016.

In 3Q17, Amgen (AMGN), Bristol-Myers Squibb (BMY), and Pfizer (PFE), Eli Lilly’s peers in the biopharmaceuticals market, reported revenues of $5.8 billion, $5.2 billion, and $13.2 billion, respectively. Revenue growth of Eli Lilly could boost the Health Care Select Sector SPDR Fund (XLV). Eli Lilly, Pfizer, and Amgen make up about ~2.3%, 5.8%, and 3.4% of XLV’s total portfolio holdings, respectively.

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