Lilly beats forecasts, raises '07 view
NEW YORK (Reuters) - Eli Lilly and Co. (LLY.N) on Tuesday posted better-than-expected second-quarter earnings helped by surging sales of its prescription drugs, including depression treatment Cymbalta, and the company raised its 2007 profit forecast.
But the Indianapolis drug maker said its net profit fell to $664 million, or 61 cents per share from $822 million, or 76 cents per share, a year earlier.
Excluding charges, including those related to acquisitions of Hypnion Inc. and Ivy Animal Health, Lilly earned 90 cents per share. Analysts on average expected 82 cents per share, according to Reuters Estimates.
Lilly now expects full-year earnings per share, excluding special items, of $3.40 to $3.50 per share, up from its previous forecast of $3.30 to $3.40 per share. It expects sales to grow in the "mid-teens" percentage range.
Global company sales jumped 20 percent to $4.63 billion, well above the Reuters Estimates forecast of $4.38 billion. Sales would have risen 17 percent if not for favorable foreign exchange factors.
Sales of Cymbalta jumped 67 percent to $520 million, helped by its new use against generalized anxiety disorder approved by U.S. regulators in February.
The company's biggest product, schizophrenia treatment Zyprexa, rose 9 percent to $1.21 billion, gaining traction after earlier sales declines prompted by concerns over its tendency to cause weight gains.
