Eli Lilly 3rd-quarter profit increase

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.

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.