Eli Lilly shares close little changed on Tuesday, quarterly results top estimates as sales of diabetes drugs support

Eli Lilly and Companys quarterly revenue and profit, reported on Tuesday, topped Wall Street estimates, supported by higher sales of diabetes drugs Trulicity and Basaglar.

Eli Lilly shares closed lower for the fourth time in the past twelve trading sessions in New York on Tuesday. The stock inched down 0.03% ($0.03) to $108.69, after touching an intraday low at $107.00, or a price level not seen since July 23rd ($106.06).

Shares of Eli Lilly and Company have retreated 6.08% so far in 2019 compared with a 20.20% gain for the benchmark index, S&P 500 (SPX).

In 2018, Eli Lilly’s stock went up 37.01%, thus, it outperformed the S&P 500, which registered a 6.24% loss.

Eli Lilly’s second-quarter revenue, reported at $5.64 billion, exceeded market consensus of $5.59 billion.

The company’s top-selling diabetes drug, Trulicity, generated $1.03 billion in revenue during the second quarter and also outstripped the median analyst estimate of $1.02 billion.

Net income attributable to shareholders was reported at $1.33 billion ($1.44 per share) during the quarter ended on June 30th, after the company posted a net loss of $259.9 million ($0.25 per share) in the same period a year earlier due to acquisition-related charges of $1.62 billion.

Meanwhile, earnings per share, which exclude special items, were reported at $1.50 during the second quarter, thus, exceeding the median analyst estimate of $1.45 per share.

Eli Lilly also revised up its full-year 2019 adjusted earnings forecast to a range of $5.67-$5.77 per share from a previously expected range of $5.60-$5.70 per share.

Analyst stock price forecast and recommendation

According to CNN Money, the 11 analysts, offering 12-month forecasts regarding Eli Lilly and Co’s stock price, have a median target of $131.00, with a high estimate of $145.00 and a low estimate of $93.00. The median estimate represents a 20.53% upside compared to the closing price of $108.69 on July 30th.

The same media also reported that at least 8 out of 14 surveyed investment analysts had rated Eli Lilly and Co’s stock as “Hold”, while 6 – as “Buy”.