Eli Lilly Meets Estimates as Revenue Climbs 9%

NEW YORK (TheStreet) -- Drugmaker Eli Lilly (LLY) posted third-quarter adjusted earnings of $1.25 million, or $1.13 a share, in line with analysts' estimates.

Reported net income in the quarter was $1.11 a share vs. $1.18 a share a year ago.

Revenue for the third quarter was better than expected, up 9% to $6.15 billion from $5.65 billion in a year ago. A consensus of analysts anticipated revenue of $6.06 billion.

The maker of Cymbalta and Cialis also sharpened earnings guidance for the full year to a range of $3.89 to $3.94 a share from previous guidance of $3.85 to $3.95 a share. The company pointed to health care reform measures and expiring patent on Zyprexa as important drags on growth. Offsetting these will be increasing sales of Alimta, Cialis, Cymbalta, Effient, Humalog and animal health products.

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Global sales of Zyprexa fell 3% to $1.18 billion, while sales of Cymbalta rose 29% to $1.07 billion.

-- Written by Carlton Wilkinson.

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