Deal charge pushes drugmaker Eli Lilly to 1Q loss

Markets Associated Press

Eli Lilly and Co. booked a $110.8 million loss in the first quarter, as the drugmaker absorbed a charge tied to its purchase of CoLucid Pharmaceuticals, but the insulin maker's bottom line beat expectations and it reaffirmed its 2017 forecast.

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An $857.6 million charge from the CoLucid deal countered revenue growth of 7 percent spurred by the insulin Humalog and some newer drugs.

Overall, the Indianapolis company reported on Tuesday earnings, adjusted for non-recurring costs and asset impairment costs, of 98 cents per share on $5.23 billion in revenue.

Analysts expected, on average, earnings of 96 cents per share on $5.26 billion in revenue, according to Zacks Investment Research.

Lilly also reaffirmed full-year earnings in the range of $4.05 to $4.15 per share, with revenue ranging from $21.8 billion to $22.3 billion.

Analysts forecast, on average, earnings of $4.11 per share on $22.153 billion in revenue, according to FactSet.

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Shares of Lilly slipped 22 cents to $83.20 in early morning trading.

Lilly shares have climbed 13 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 6 percent. The stock has increased 7 percent in the last 12 months.

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Elements of this story were generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on LLY at https://www.zacks.com/ap/LLY

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Keywords: Eli Lilly, Earnings Report