Eli Lilly Raises 2016 Profit Forecast After Tax Benefit
- Drugmaker says earnings will be $3.50 to $3.60 a share in 2016
- First-quarter profit declined to 83 cents; estimate 85 cents
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Eli Lilly & Co. 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 to $3.55 a share, the company said Tuesday in a statement. 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.