Eli Lilly

(Eli Lilly)

Eli Lilly's 4Q Revenue Matches Estimate

Industries Reuters

Drugmaker Eli Lilly reported a 5 percent rise in quarterly revenue, helped by increased sales of its diabetes drugs and higher volume.

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The company in early January said its Jardiance diabetes treatment grabbed market share during the fourth quarter but forecast 2016 revenue below expectations.

Net income rose to $478.4 million, or 45 cents per share, in the fourth quarter ended Dec. 31, from $428.5 million, or 40 cents per share, a year earlier.

Excluding special items, the company earned 78 cents per share, in line with the average analyst expectation, according to Thomson Reuters I/B/E/S.

Revenue rose to $5.38 billion from $5.12 billion. Analysts on average had expected $5.32 billion.

Lilly backed its 2016 adjusted earnings forecast but cut its earnings guidance to $2.83-$2.93 per share. It had earlier forecast earnings of $2.92-$3.02 per share.

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(Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak Dasgupta and Sriraj Kalluvila)