Lilly Beats on Top, Bottom Lines

Updated from 6:52 a.m. EDT

INDIANAPOLIS (TheStreet) -- Eli Lilly(LLY Quote) swung to earnings of $941.8 million, or 86 cents a share, in the third quarter from a year-earlier loss of $465.6 million, or 43 cents a share, as higher volumes drove revenue growth of about 7%.

On an adjusted basis, third-quarter earnings were $1.20. Analysts surveyed by Thomson Reuters expected earnings of $1.02 a share.

Revenue in the quarter rose to $5.56 billion from $5.21 billion last year and came in above analysts' views of $5.41 billion.

Eli Lilly said in a statement Wednesday it was raising its full-year earnings guidance to $3.90 to $4 a share on a reported basis, or $4.30 to $4.40 on a pro forma, non-GAAP basis. Analysts forecast earnings of $4.29 a share. Lilly continues to deliver very solid financial results," said John C. Lechleiter Ph.D., Lilly's chairman and chief executive officer.

"Our performance in the third quarter once again was driven by volume-based sales growth, improving gross margins and tight control of operating expenses, allowing us to deliver very attractive earnings growth," said Chairman and CEO John Lechleiter, in a statement.

-- Reported by Joseph Woelfel in New York .

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