Eli Lilly & Co. announced Thursday that its third-quarter earnings rose percent, thanks to strong sales of drugs such as its Cymbalta depression treatment. The company raised its outlook for the year.
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| Sales of depression treatment Cymbalta rose 47 percent to $513.2 million (EUR361.41 million). (www.lilly.es) |
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 BREAKING NEWS |
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The drug maker said net income rose 6 percent to $926.3 million (EUR652.3 million), or 85 cents per share from $873.6 million, or 80 cents per share a year earlier.
Adjusted net income rose 20 percent to $996.4 million (EUR701.7 million), or 91 cents per share, compared with $832 million, or 77 cents per share, during the same period last year. The company said it had charges of 6 cents per share in the quarter for a reduction in expected insurance recoveries.
Quarterly revenue rose 13 percent to $4.59 billion (EUR3.23 billion) from $3.86 billion a year ago.
Analysts expected net income of 87 cents per share on sales of $4.53 billion (EUR3.19 billion), according to a Thomson Financial poll.
Sales of depression treatment Cymbalta rose 47 percent to $513.2 million (EUR361.41 million). Sales of Zyprexa rose 8 percent to $1.67 billion (EUR1.18 billion).
Lilly raised its fourth-quarter adjusted earnings guidance to 86 cents to 91 cents per share, excluding a 3-cents-per-share charge for research and development expenses related to a licensing agreement.
It raised full-year adjusted earnings per share guidance to between $3.50 per share and $3.55 per share, or a range of $2.76 to $2.81 per share on a reported basis.
Analysts expect fourth-quarter earnings of 87 cents per share and full-year earnings of $3.48 per share.
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