Lilly beats Street 2Q forecasts

INDIANAPOLIS (AP) - Eli Lilly and Co. (LLY) on Tuesday reported second-quarter profit of $747.7 million.

On a per-share basis, the Indianapolis-based company said it had net income of 71 cents. Earnings, adjusted for non-recurring costs, were 86 cents per share.

The results beat 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 revenue of $5.4 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $5.1 billion.

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 dropped roughly 3 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 6 percent. The stock has dropped 5.5 percent in the last 12 months.

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This story was 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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Keywords: Eli Lilly, Earnings Report