UPDATE: Eli Lilly Posts Downbeat Q3 Profit
Eli Lilly & Co (NYSE: LLY) reported a 7.3% rise in its third-quarter net income.
Eli Lilly's quarterly earnings surged to $1.33 billion, or $1.18 per share, versus $1.24 billion, or $1.11 per share, in the year-ago quarter. Its adjusted earnings came in at $0.79 per share.
Its revenue dropped to $5.44 billion from $6.15 billion. However, analysts were expecting a profit of $0.84 per share on revenue of $5.63 billion.
For full-year 2012, Eli Lilly now projects earnings of $3.68 to $3.78 per share, versus $3.90 per share in 2011. On an adjusted basis, Eli Lilly expects earnings of $3.30 to $3.40 per share.
Eli Lilly shares closed at $51.91 yesterday.
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