Lilly misses Street 1Q forecasts on higher costs
NEW YORK (AP) - Eli Lilly and Co. on Tuesday reported drop in first-quarter profit as the financial crisis in Venezuela cut into some of its operations and higher taxes offset a boost in revenue.
The pharmaceutical company earned $440.1 million, or 41 cents per share. Earnings, adjusted for non-recurring costs and asset impairment costs, were 83 cents per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The drugmaker posted a five percent boost in revenue to $4.87 billion in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $4.88 billion.
Sales of the diabetes drug Humalog, the Indianapolis-based company's biggest seller, fell 11 percent to $606.3 million. Meanwhile, sales of the erectile dysfunction drug Cialis rose 7 percent to $576.6 million. Other key drugs include the chemotherapy treatment Alimta, with saw sales decline 2 percent to $263.1 million and the insulin drug Humulin, which saw sales rise 13 percent to $356.4 million.
Lilly expects full-year earnings in the range of $3.50 to $3.60 per share, with revenue in the range of $20.6 billion to $21.1 billion.
Lilly shares have declined 7.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2 percent. The stock has increased almost 8 percent in the last 12 months.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LLY at http://www.zacks.com/ap/LLY
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