Eli Lilly ( LLY) said Wednesday that second-quarter earnings will be at the high end of its guidance and affirmed its full-year earnings forecast. The company cited its ongoing investments in new products.

The drug giant said it expects to earn 59 cents to 61 cents a share in the quarter. Analysts expect 60 cents a share. The company earned 61 cents a share in the second quarter last year.

For full-year 2003, the company expects to earn $2.50 to $2.60 a share, excluding asset impairments and restructuring that occurred in the first quarter. Including the items, Lilly's full-year guidance is $2.27 to $2.37 a share.

Analysts expect 2003 EPS to be $2.55, which is also what the company earned in 2002.

Lilly also said that Food and Drug Administration investigators finished a reinspection of the company's dry products and injectable facilities in Indianapolis. Lilly and the FDA are now in the review process, and Lilly will provide an update of the inspection at a later date.

Shares of the company closed at $60.23 Tuesday.