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Eli Lilly (LLY) 1Q Earnings Drop As Zyprexa Weighs, Raises Forecast As EPS Tops Consensus

 April 25, 2012 06:55 AM
 


(By Balachander S) Eli Lilly & Co. (NYSE:LLY) reported a drop in quarterly earnings, as Zyprexa patent expirations drove lower revenue and margins. Yet, the bottom-line topped Wall Street projections and the company raised its full-year forecast.

On a non-GAAP basis, earnings per share (EPS) declined 26 percent to $0.92 from $1.24, but beat market expectations of $0.78 per share.

Net earnings fell 4 percent to $1.01 billion or $0.91 per share for the first quarter from $1.05 billion or $0.95 per share in the year-ago quarter.

Total revenue dropped 4 percent to $5.6 billion, hurt by patent expirations of anti-psychotic drug Zyprexa, yet beat consensus estimate of $5.36 billion.

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Gross margin contracted 1.2 percentage points to 78.6 percent.

Volumes dipped 7 percent due to the loss of patent exclusivity for Zyprexa in most major markets.

Total revenue in the U.S. remained unchanged at $3.085 billion, while falling 9 percent outside the U.S.

Research and development and marketing, selling and administrative increased 2 percent and 3 percent, respectively.

Looking ahead for the full year, the company now expects non-GAAP earnings per share in the range of $3.15 to $3.30 from prior expectations of $3.10 to $3.20. Revenue is still projected to be between $21.8 billion and $22.8 billion. Analysts expect earnings of $3.18 per share on revenue of $22.4 billion.

LLY expects gross margin to be around 77 percent for the year.

The stock, which has been trading between $33.75 and $42.03 over the past year, ended Tuesday's regular trading at $39.96.

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