Eli Lilly and Co.'s (LLY) fourth-quarter net income slid to $858.2 million or $0.77 per share from year-ago quarter's $1.17 billion or $1.05 per share, with non-GAAP earnings declining to $968.9 million or $0.87 per share from $1.23 billion or $1.11 per share last year, which is mainly driven by lower operating income. On average, 18 analysts polled by Thomson Reuters expected earnings per share of $0.81 for the quarter. Analysts' estimates typically exclude one-time items.
Excluding the impact of changes in foreign exchange rates, earnings per share would have decreased nearly 23 percent.
Worldwide total revenue for the latest quarter was $6.05 billion, a decrease of 2 percent from $6.19 billion in the previous year, driven by Zyprexa and Gemzar patent expirations, partially offset by growth in other products. Analysts estimated revenues of $5.90 billion for the quarter.
Further, Eli Lilly confirmed its 2012 guidance, still expecting earnings between $3.10 and $3.20 per share on both, a reported and adjusted basis, and revenues of $21.8 billion to $22.8 billion. Analysts estimate earnings of $3.19 per share on revenue of $22.34 billion for the full year 2012.
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