Eli Lilly more than doubles Q3 profit to $1.15B

Eli Lilly & Co. posted a net income of $1.15 billion in the third quarter of 2018, more than double the $555.6 million net income the drugmaker earned in the same quarter last year, according to The Wall Street Journal.

The drugmaker also saw revenue grow to $6.06 billion in the third quarter, compared to $5.66 billion in the same period in 2017.  The growth was attributed to its strong pharmaceutical portfolio performance.

"Lilly delivered strong financial results in the third quarter. Revenue growth driven by greater use of our newest medicines, coupled with prudent expense management, led to strong earnings per share growth,” Eli Lilly Chairman and CEO David Ricks told the WSJ.

The company expects annual revenue of $24.3 billion to $24.5 billion.

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