Newer drug sales lift Eli Lilly 2nd-qtr results, beating estimates
US pharma major Eli Lilly (NYSE: LLY) reported better than expected second-quarter 2016 financial results. Revenue rose 9% to $5.4 billion, topping Wall Street estimates of $5.15 billion.
Lilly said net income for the quarter increased 24.5% to $747.7 million, or $0.71 per share. Excluding special items, including restructuring charges, Lilly earned $0.86 per share, in line with the average analyst estimate, according to Thomson Reuters. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $0.85 per share. Lilly’s shares were up 1.37% to $83.10 in pre-market trading this morning, after the financials were announced.
The company expects full-year earnings to be in the range of $3.50 to $3.60 and revenue to be between $20.6 billion and $21.1 billion.
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