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Lilly revises 2015 earnings estimate lower

Drugmaker Eli Lilly forecast 2016 earnings and revenue below analysts' expectations and the drugmaker estimated 2015 profit below its forecast, citing a charge related to a deal.

The company's shares fell 2.3 percent to $81 in premarket trading on Tuesday. (Get the latest quote here.)


Lilly corporate headquarters in Indianapolis, Indiana
Source: Eli Lilly
Lilly corporate headquarters in Indianapolis, Indiana

Lilly said it expected revenue of $20.2 billion-$20.7 billion for 2016, below the average analyst estimate of $21.36 billion, according to Thomson Reuters I/B/E/S.

The drugmaker's adjusted profit forecast of $3.45-$3.55 per share also fell short of analysts' expectations of $3.65.

Lilly estimated earnings of $2.28 to $2.33 per share for 2015, below its forecast of $2.40 to $2.45, citing an after-tax charge of about 12 cents per share related to the acquisition of rights to an glucagon nasal spray from Locemia Solutions.