Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Lilly Posts Lower Q1 Profit; Ups 2012 Earnings View - Quick Facts

Drug maker Eli Lilly and Co.'s (LLY: Quote) first-quarter reported net income declined to $1.01 billion or $0.91 per share from the prior year's $1.055 billion or $0.95 per share, chiefly due to lower gross margin and the increase in the effective tax rate, partially offset by the IPR&D charge in the first quarter of 2011. On a non-GAAP basis, quarterly net profit dropped to $1.03 billion or $0.92 per share from $1.37 billion or $1.24 per share last year. On average, 16 analysts polled by Thomson Reuters expected earnings per share of $0.78 for the quarter. Analysts' estimates typically exclude one-time items.

Worldwide total revenue was $5.60 billion, down 4 percent from $5.84 billion in the comparable period. The company said this 4 percent revenue decline was comprised of a 7 percent decrease due to lower volume, partially offset by an increase of 4 percent in prices. Foreign exchange rates had a negligible impact. Analysts estimated revenues of $5.36 billion for the quarter.

The company has raised its 2012 earnings per share guidance, now expecting it to be in the range of $3.14 - $3.29 on a reported basis and $3.15 - $3.30 on a non-GAAP basis. However, full-year revenue is still anticipated to lie between $21.8 billion and $22.8 billion. Analysts project earnings per share of $3.18 on revenue of $22.42 billion for 2012.

Earlier, Lilly estimated 2012 earnings between $3.10 and $3.20 per share on both, a reported and adjusted basis.

Register
To receive FREE breaking news email alerts for Eli Lilly And Co. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After initially showing a lack of direction, stocks have moved mostly higher over the course of the trading session on Wednesday. Buying interest has remained somewhat subdued, however, limiting the upside for the markets. Businessman David Perdue narrowly defeated eleven-term Congressman Jack Kingston, R-Ga., in a runoff for the Republican Senate nomination in Georgia on Tuesday. With all precincts reporting, unofficial results show Perdue with a slim 50.9 percent to 49.1 percent lead over Kingston. Bank of England Governor Mark Carney said on Wednesday that interest rate will have to start rising to maintain price stability as the economy normalizes. "As the economy normalizes, Bank Rate will need to start to rise in order to achieve the inflation target," Carney said in a speech in Glasgow, Scotland.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.