Sales of Humalog, an insulin product, were soft.

(Bloomberg) — Eli Lilly & Co.(NYSE:LLY) raised its profit and sales forecasts for the year after receiving a tax benefit in the first quarter.

Profit excluding some items will be $3.50 to $3.60 a share, up from a previous forecast of $3.45-$3.55, according to a statement Tuesday. Sales in 2016 will be $20.6 billion to $21.1 billion, compared with an earlier prediction of $20.2 billion to $20.7 billion.

See also: 5 things Eli Lilly is saying about PPACA

The Indianapolis-based drugmaker posted first-quarter earnings that declined as the company took a $203.9 million charge related to the impact of the Venezuelan financial crisis. Profit excluding some items was 83 per share, compared with the 85-cent average of analysts’ predictions compiled by Bloomberg.

Sales of the insulin Humalog were $606 million in the first quarter, shy of the $730 million analyst estimate, and erectile dysfunction drug Cialis topped the $546 million estimate with sales of $577 million.

Eli Lilly gave additional first-quarter financial results in the statement :

Sales rose 4.7 percent from a year before to $4.87 billion, beating the average estimate of $4.85 billion. Net income fell 17 percent to $440 million, or 41 cents a share, from $530 million, or 50 cents a share, a year earlier.

Eli Lilly has raised development spending on key therapies to revive sales growth after losing patent protection on two of its biggest drugs in 2011 and 2013, and said in January that it expects to increase spending on research. The company has brought to market new diabetes treatments and is pushing ahead with projects in cancer and Alzheimer’s disease. Last month the company took the unusual move of changing its main goal in a final-stage Alzheimer’s study.

See also:

Eli Lilly changes goal of Alzheimer study using solanezumab

Glaxo, Pfizer, U.K. form $100 million Alzheimer’s research fund

  

Are you following us on Facebook?

Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.