Eli Lilly's (NYSE:LLY) third-quarter revenue rose 39% to about $24.4 billion, as a 53% jump in volume swamped a 15% drop in realized prices. Shares were up about 6% in regular trading at midday. Lilly is accepting lower prices to reach far more patients, and so far the extra volume more than pays for it. Management raised full-year revenue guidance by $5.5 billion at the midpoint. Price cuts usually squeeze a drugmaker's margins. Lilly's widened instead, because its cost to make each dose fell and sales shifted toward higher-margin products. Mounjaro and Zepbound brought in about two-thirds of revenue. Research and marketing spending grew much slower than sales, so most of the added volume reached profit. Earnings lagged sales because of deals, not the business. Lilly keeps acquired research charges in both GAAP and adjusted results, and the AtaiBeckley and Curevo purchases cost $4.57 per share. Those charges aren't tax-deductible, which also raised the tax rate. That's why full-year EPS guidance slipped even as the underlying outlook improved.
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