UPDATE: Eli Lilly Posts 31% Rise In Q2 Profit, Lifts Full-Year Outlook

Eli Lilly & Co

reported a 31% rise in its second-quarter earnings. Eli Lilly lifted its full-year adjusted earnings forecast to $4.28 to $4.38 per share, versus its earlier view of $3.82 to $3.97 per share. Eli Lilly's quarterly profit surged to $1.21 billion, or $1.11 per share, from $923.6 million, or $0.83 per share, in the year-ago period. Excluding one-time items, its earnings climbed to $1.16 per share from $0.83 per share. Its revenue increased 5.9% to $5.93 billion. However, analysts were expecting earnings of $1 per share on revenue of $5.82 billion. Eli Lilly's gross margin widened to 80.3% from 79.5%. Eli Lilly shares closed at $50.99 yesterday.