UPDATE 1-Eli Lilly spins off animal health unit, second quarter beats

(Adds details on results, comment from company, share movement)

July 24 (Reuters) - Eli Lilly and Co on Tuesday said it would spin off its Elanco animal health business into a publicly-traded company and posted better-than-expected quarterly profit helped by demand for its diabetes drugs Trulicity and Humalog.

Shares of the Indiana-based company rose 6.6 percent to $94.75 in premarket trading.

Lilly said it had not increased the list price of any of its medicines, following the Trump Administration's plans to combat exorbitant drug prices in the United States, joining the likes of Pfizer Inc and Novartis AG.

"We remain focused on driving revenue growth through volume, not price," Chief Executive Officer David Ricks said in a statement, adding that the company's forecast for 2018 does not assume U.S. price increases for the rest of the year.

The company raised its adjusted earnings per share forecast for the full year to $5.40 to $5.50 from $5.10 to $5.20.

Excluding items, Lilly earned $1.50 per share in the second quarter, ahead of analysts' average estimate of $1.30 per share, according to Thomson Reuters I/B/E/S.

The company posted a net loss of $259.9 million in the quarter ended June 30, compared with a year-ago profit of $1.01 billion, as it incurred acquisition-related charges to the tune of $1.62 billion. (Reporting by Tamara Mathias in Bengaluru Editing by Supriya Kurane)