Lilly sales beat forecast; drugmaker raises view

Eli Lilly and Co (LLY.N) reported a drop in quarterly earnings as generic competition increased for its Gemzar cancer medicine, but sales beat forecasts, and the drugmaker boosted its full-year profit outlook.

Second-quarter earnings fell to $1.2 billion, or $1.07 per share, from $1.35 billion, or $1.22 per share, a year earlier.

Excluding items, the Indianapolis-based company earned $1.18 per share, matching the average forecast of analysts polled by Thomson Reuters I/B/E/S.

Global revenue rose 9 percent to $6.25 billion, but would have risen only 5 percent if not for the weaker dollar, which raises the value of sales in overseas markets. Sales topped Wall Street expectations of $6.03 billion.

Read Full Article from Reuters

- Posted: 2011-07-21 10:45:34

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