Eli Lilly and Co reported higher-than-expected quarterly earnings, helped by cost cuts and strong sales growth of Cymbalta, a depression treatment that will soon lose patent protection, and the drugmaker raised its full-year profit forecast.
Lilly on Wednesday said it earned $1.21 billion, or $1.11 per share in the second quarter. That compared with $924 million, or 83 cents per share, a year earlier.
Excluding special items, Lilly earned $1.16 per share. Analysts on average had forecast $1.00, according to Thomson Reuters I/B/E/S.
Revenue rose 6 percent to $5.93 billion, above Wall Street expectations of $5.82 billion.
Lilly said it expected full-year earnings of $4.05 to $4.15 per share, excluding special items. It had previously forecast $3.82 to $3.97.
(Reporting by Ransdell Pierson; Editing by Lisa Von Ahn)