Eli Lilly Beats Estimates, Raises Forecast (LLY)
July 22, 2010 7:50 AM
Indianapolis, Indiana based Eli Lilly and Company (NYSE: LLY) announced on Thursday morning that it easily beat consensus Wall Street estimates.
The positive results were aided by cost cutting and higher prices for many of the company's most profitable drugs.
Eli Lilly and Company (NYSE: LLY) reported that its 2nd quarter earnings rose to $1.35 billion, or $1.22 per share, up from $1.16 billion, or $1.06 per share, a year earlier.
Excluding special items, the drugmaker's earnings came in at $1.24 per share.
The company's revenue climbed 9% to $5.75 billion, aided by a weaker dollar that strengthened overseas sales in dollar terms.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.10 per share, on revenue of $5.58 billion.
Eli Lilly and Company raised its full year adjusted earnings forecast to a range of $4.50 to $4.65 per share, up from its previous forecast of $4.40 to $4.55 per share.
Analysts covering the company's stock give it a consensus price target of $36.68 per share.
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