Eli Lilly Posts 3Q Beat Amid Cost Cuts

Earnings Reuters

Eli Lilly and Co on Wednesday reported better-than-expected quarterly earnings, helped by cost cuts and strong growth of its drugs for depression, diabetes and cancer. ,

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The Indianapolis drugmaker earned $1.20 billion, or $1.11 per share, in the third quarter. That compared with $1.33 billion, or $1.18 per share, in the year-earlier period, when it took special charges related to a partnership agreement.

Excluding special items, the company earned $1.11 per share. Analysts, on average, expected $1.04, according to Thomson Reuters I/B/E/S.

Company sales rose 6 percent to $5.78 billion, slightly above Wall Street expectations of $5.76 billion.

Lilly said it expects full-year earnings of $4.10 to $4.15 per share, excluding special items. It had forecast $4.05 to $4.15 per share.