Eli Lilly ( LLY) and Bristol-Myers Squibb ( BMY) reported their quarterly results Thursday, and both pharmaceutical companies beat expectations on an adjusted basis and lifted their projections for the full year. Lilly reported a loss of $466 million, or 43 cents a share, including a $1.48 billion charge for pending investigations of its antipsychotic drug Zyprexa and costs related to asset impairments and restructuring. A year earlier, Lilly earned $926 million, or 85 cents a share. Factoring out those charges, the company said it earned $1.04 a share, up from 91 cents in the prior year. Revenue increased 14% to $5.2 billion, surpassing the expectations of analysts surveyed by Thomson Reuters, who had predicted $1.02 a share, on revenue of $5.09 billion. Cymbalta revenue increased 40% to $716 million, and sales of Alimta increased 46% to $314 million. Lilly also said it expects its planned $6.5 billion buyout of ImClone ( IMCL) to close in either the fourth quarter of this year or the first quarter of 2009. As for its forecast, Lilly now expects earnings, excluding items, of between $3.97 and $4.02 a share for the year, up from its previous view of $3.85 to $4. Analysts were predicting $3.95 a share. Meanwhile, Bristol-Myers reported a profit of $2.58 billion, or $1.29 a share, in its third quarter. A year ago, it earned $848 million, or 43 cents a share. The recent quarter benefited from a $2 billion after-tax gain from the sale of its ConvaTec business.