Drug maker Eli Lilly and Co.'s (LLY) 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.
by RTT Staff Writer
For comments and feedback: email@example.com