Eli Lilly Lifts Estimates

Eli Lilly(LLY Quote - Cramer on LLY - Stock Picks) on Tuesday produced a better-than-expected earnings report that prompted the Indianapolis-based drugmaker to raise its full-year forecast.

"We are encouraged by our outlook for the remainder of the year," said Sidney Taurel, the chairman and chief executive, in a prepared statement, as Lilly boosted its full-year guidance by 11 cents, excluding one-time items, to a range of $3.40 to $3.50.

Analysts had been looking for $3.38. This is the second time Lilly has lifted its targets, and the news sent its stock up $1.18, or 2.1%, to $58.35.

Lilly joined Merck(MRK Quote - Cramer on MRK - Stock Picks) and Wyeth(WYE Quote - Cramer on WYE - Stock Picks) in raising estimates after the recent release of their own second-quarter results.

For the three months ended June 30, Lilly earned 90 cents a share, excluding items, or 8 cents higher than the consensus of analysts polled by Thomson First Call. Revenue of $4.63 billion beat the average estimate of $4.39 billion.

When all items were included, Lilly earned $663.6 million, or 61 cents a share. For the same period last year, Lilly earned $822 million, or 76 cents a share, on revenue of $3.87 billion. Lilly's reported earnings for the just-completed quarter included 29 cents in charges related to a pair of acquisitions.

Lilly also forecast a third-quarter EPS of 85 cents to 87 cents, excluding items, compared with the consensus of 86 cents.

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