Eli Lilly forecasts 2019 profit, revenue above estimates

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Drugmaker Eli Lilly on Wednesday forecast 2019 revenue and adjusted profit above analysts' expectations, citing higher demand for newer medicines including diabetes drug Trulicity and psoriasis drug Taltz.

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Trulicity, which recently overtook Humalog as Lilly's top-selling medicine, had sales of $816.2 million and helped power Lilly's profit beat in the third quarter.

The company forecast 2019 adjusted profit of $5.90 to $6 per share, compared with average analysts' estimates of $5.82 per share, according to IBES data from Refinitv.

Lilly said revenue was expected to be between $25.3 billion and $25.8 billion for the coming year, also above analysts' expectations of $24.43 billion.

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However, the drugmaker said sales of erectile dysfunction drug Cialis will take a hit due to loss of patent exclusivity.

The Indianapolis-based company also reiterated its forecast for 2018 adjusted profit.

Shares of the drugmaker, which raised its quarterly dividend by 15 percent, were up 1 pct at $107.60 in light premarket trading.

(Reporting by Manas Mishra in Bengaluru; Editing by Anil D'Silva)