(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.
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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.
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