Shares of Eli Lilly & Co. LLY, -0.23% dropped 3.0% in premarket trade Tuesday, after the drug giant reported first-quarter earnings that topped expectations, but revenue that missed, as key drugs Trulicity and Alimta fell short of forecasts. Net income rose to $4.24 billion, or $4.31 a share, from $1.22 billion, or $1.16 a share, in the same period a year ago. Excluding non-recurring items, such as gains from the sale of its Elanco Animal Health business, adjusted EPS rose to $1.33 from $1.31, and beat the FactSet consensus of $1.31. Revenue rose 3% to $5.09 billion, below the FactSet consensus of $5.20 billion. Among Lilly’s top selling drugs, revenue for Trulicity rose 30% to $879.7 million but was below the FactSet consensus of $948.8 million; Humalog fell 8% to $730.8 million but beat expectations of $719.2 million; Alimta was virtually flat at $499.2 million, missing expectations of $568.6 million; Forteo was flat at $312.9 million, below expectations of $393.8 million; and Cialis dropped 38% to $308.2 million but beat expectations of $218.3 million. The company raised its 2019 adjusted EPS guidance to $5.60 to $5.70 from $5.55 to $5.65, and lowered its revenue outlook to reflect the Elanco disposition to $22.0 billion to $22.5 billion from $25.1 billion to $25.6 billion. The stock has gained 3.4% year to date through Monday, while the S&P 500 SPX, +0.11% has advanced 17.4%.

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