Eli Lilly sees 2nd-qtr 2010 profits leap 16% on 9% revenue growth - toppping expectations; ups forecast
US drug major Eli Lilly revealed yesterday that second-quarter 2010 net income rose to $1.3 billion, or $1.22 a share, from $1.2 billion, or $1.06 a share, in the year-ago period. Adjusted earnings per share totaled $1.24, up 11%. Lilly's results easily beating analysts' expectations, reported MarketWatch, noting that a poll by FactSet Research yielded consensus estimates of $1.09 for earnings per share and $5.57 billion for revenue.
The drugmaker also raised its 2010 earnings per share guidance range to between $4.44 and $4.59 a share, or $4.50 to $4.65 on adjusted basis. Nevertheless, the company's share price dipped 0.6% to $35.15 in a strong US market yesterday.
"Lilly continued to deliver solid financial results in the second quarter, driven by volume-based revenue gains and ongoing cost-containment efforts that resulted in double-digit earnings growth," said John Lechleiter, Lilly's chairman and chief executive.
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