Lilly Has Solid Quarter

Drug giant Eli Lilly(LLY Quote) posted solid earnings gains Thursday, boosted by sales of its blockbusters.

Lilly earned $692.2 million, or 64 cents a share, in the quarter, both up about 5% from a year ago on an 11% jump in revenue to $3.09 billion. Analysts had been forecasting earnings of 60 cents a share in the period.

The company's schizophrenia medication Zyprexa did $1.05 billion in revenue, up 15%, while sales of its diabetes portfolio rose 4% to $640 million.

The company expects to earn 65 cents to 67 cents a share in the third quarter and $2.50 to $2.60 a share in all of 2003, in line with analysts' forecasts. Sales will rise by a percentage in the low double-digits.