Eli Lilly & Co. posted second-quarter profit that beat analysts’ estimates and the drugmaker boosted its full-year forecast.
Profit excluding one-time items rose to 90 cents a share beating the 74-cent average of analysts’ estimates compiled by Bloomberg. Net income fell 18 percent to $600.8 million, or 56 cents, from $734 million, or 68 cents, a year earlier, the Indianapolis-based company said. Revenue increased 1 percent to $4.98 billion.
Lilly has been rebuilding its drug pipeline after a wave of patent expirations pushed quarterly sales to a seven-year low this year. On Wednesday, it reported data from an extended trial of its experimental Alzheimer’s drug that showed patients who started earlier in their disease did better on follow-up memory and thinking tests than those who waited to be treated. Lilly has a late-stage trial of the drug under way, and some analysts say it could generate more than $5 billion a year if successful.