Lilly's 2nd-qtr 20% sales hike beats estimates

Second quarter sales at US pharmaceutical major Eli Lilly were ahead of market expectations largely due, according to the firm, to the growth of prescription drug sales. Net revenues were up 20% to $4.63 billion, better than the $4.38 billion forecast by Reuters estimates, partly as a result of favorable foreign exchange rates.

Net income for the period declined 19% to $664.0 million, or $0.61 per share, although this included in-process R&D charges of $328.1 million resulting from its acquisition of Hypnion and Ivy Animal Health earlier this year (Marketletter March 12). The firm said that, excluding these charges, which reduced its earnings per share by $0.29, its income would have increased 19% to $978.7 billion.

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