Eli Lilly & Co (NYSE:LLY) saw its shares rise in premarket trade after its third quarter results beat Wall Street’s expectations.
The drugmaker also told investors in a statement that it was looking at various options, including the possible sale or even an IPO for its Elanco Animal Health business.
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It has promised to give an update on its decision for the animal health business no later than mid 2018.
That is not all. Eli Lilly is also considering a sale of Prosilac, a supplement to boost dairy cow productivity. The company bought the business from Monsanto Co in 2008.
In a statement, Eli Lilly said in the quarter, net income came in at US$555.6mln, or 53 US cents a share, down from US$778.0mln, or 73 US cents a share, a year ago.
Excluding non-recurring items, including asset repairment charges and acquired in-process research and development charges, adjusted earnings per share came to US$1.05, above market consensus.
Revenue rose 9% to US$5.66bn from US$5.19bn, beating Wall Street expectations for US$5.52bn, as revenue from its diabetes products collectively grew 39%.
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Its biggest sales came from Humalog, Alimta, Cymbalta and Zyprexa, which all beat expectations, while Cialis sales fell short.
Eli Lilly has raised its 2017 adjusted EPS outlook to US$4.15 to US$4.25 from US$4.10 from US$4.20.
In premarket trade, its shares were up 1.70% at US$88.66.