Eli Lilly and Co. (LLY) said Wednesday it expects a low-single-digit revenue increase next year as it works to cut costs and develop new drugs.
The pharmaceutical company is in the "early stages" of a growth period, driven by revenue from recently launched products and efforts to increase its operating margin said Chief Executive David Ricks.
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The company guides for revenue of $23 billion to $23.5 billion next year. It expects revenue of $22.4 billion to $22.7 billion in the current year.
Eli Lilly expects 2018 earnings per share of $4.24 to $4.34, or $4.60 to $4.70 on an adjusted basis.
It lowered its 2017 earnings-per-share guidance by 17 cents, to a range of $1.56 to $1.66, but reiterated its adjusted guidance of $4.15 to $4.25. The revision is due to changes in estimates related to impairment, restructuring and other special charges, the company said.
Eli Lilly said its expects to make regulatory progress in 2018 on its rheumatoid arthritis treatment, baricitinib; its migraine treatment, galcanezumab; and a new indication for Verzenio in breast cancer. It also expects to launch a new indication for Taltz in psoriatic arthritis.
Lilly shares, up 18% this year, didn't move premarket Wednesday.
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(END) Dow Jones Newswires
December 13, 2017 07:31 ET (12:31 GMT)