UPDATE: Eli Lilly Posts Downbeat Q3 Profit

Eli Lilly & Co

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.