Eli Lilly Q3 Beats; Wyeth In-Line

Eli Lilly posted third-quarter net income growth of 6% to $926.3 million, or $0.85/share, with adjusted EPS of $0.91 topping the Street's estimate of $0.87. Rival Wyeth reported a 1% dip in Q3 profit to $1.15B, or $0.84/share, with adjusted EPS of $0.90 in-line with analyst estimates. Wyeth's revenues rose 9.4% to $5.62B, driven by its "broad portfolio of drugs, vaccines and biotech products," according to CEO Robert Essner. Analysts had forecast sales of $5.56B. Wyeth announced a $5B share repurchase program with no time limit. Eli Lilly's Q3 revenues climbed 19% to $4.59B, compared to analysts' average estimate of $4.53B. "Our ongoing focus on volume-based revenue growth and cost containment again allowed us to leverage double-digit sales growth into robust earnings per share results for the quarter on a pro forma adjusted basis," commented CEO Sidney Taurel. Lilly said it expects Q4 adjusted EPS of $0.86 to $0.91 vs. analyst estimates of $0.87. Lilly raised its full year EPS outlook to $3.50 to $3.55. Analysts had expected $3.48/share. Check later for Lilly's and Wyeth's earnings call transcripts. Shares of Eli Lilly lost 0.35% to $56.95 on Tuesday. Wyeth shares gained 0.85% to $46.35. Lilly was last up 1% to $57.50 and Wyeth down 1.6% to $45.61, both thinly traded in pre-market activity.

Sources: Press release I, II, MarketWatch I, II
Commentary: Medtronic, Wyeth, & Pfizer Plan On Revenue Growth in China • Lilly Blossoming in China
Stocks to watch: LLY, WYE. ETFs: PPH, XLV, IYH

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