Lilly Profit Rises, But Company Cuts 2008 Forecast
Eli Lilly said on Thursday that second-quarter earnings rose on higher sales of its prescription drugs and sharply lower taxes, but the company cut its 2008 profit forecast due to special charges.
The Indianapolis drug maker said it earned $959 million, or 88 cents per share, compared with $664 million, or 61 cents per share, a year earlier, when it took big merger-related charges.
Excluding one-time costs for restructuring and an acquisition, the company said it earned 99 cents per share. Analysts had been expecting a dollar per share.
"We had some additional expenses during the quarter that included our preparation to launch [the blood thinning drug] Prasugrel. which has not yet been approved by the FDA," Lilly chief executive John Lechleiter told CNBC. "We made investments behind promotional activities for Cymbalta and Evista; we also had litigation expense driving up our op(erational) ex(penses) for the second quarter."