UPDATE: Eli Lilly Posts Upbeat Q4 Profit, Lifts FY13 Forecast

Eli Lilly & Co LLY reported a 3.6% drop in its fourth-quarter earnings and lifted its forecast for the year. Eli Lilly now projects adjusted earnings of $3.82 to $3.97 per share, versus its prior forecast of $3.75 and $3.90 per share. Eli Lilly's quarterly profit fell to $827.2 million, or $0.74 per share, from $858.2 million, or $0.77 per share, in the year-ago period. Excluding one-time items, it earned $0.85 per share. Its revenue declined 1.5% to $6 billion. However, analysts expected earnings of $0.78 per share on revenue of $5.81 billion. Its gross margin rose to 79% from 78.1%. Eli Lilly shares closed at $52.64 yesterday.