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(Adds details on quarter)
April 30 (Reuters) - U.S. drugmaker Eli Lilly and Co cut its full-year revenue forecast on Tuesday, as it predicted further hits from price declines in the United States and increased generic competition for drugs including erectile dysfunction treatment Cialis.
Shares of the company were down 3 percent at $115.99 before the bell.
The drugmaker now expects 2019 revenue between $22.0 billion and $22.5 billion, lower than its prior forecast of $25.1 billion to $25.6 billion. Analysts had expected $22.17 billion.
Lilly said it also expects to be impacted by the global withdrawal of its cancer drug Lartruvo, a major setback to its cancer treatment portfolio as its older drugs face intensifying competition.
The company, however, raised its adjusted earnings forecast to $5.60 to $5.70 per share from a prior range of $5.55 to $5.65, ahead of the average analyst estimate of $5.63.
Excluding items, the company earned $1.33 per share, beating estimates of $1.31, according to IBES data from Refinitiv.
Best-selling diabetes drug Trulicity brought in $879.7 million, missing the average analyst estimate of $952 million.
Net income more than tripled to $4.24 billion, or $4.31 per share, in the quarter ended March 31, as the company benefited from a $3.7 billion gain from its spin-off of animal health unit Elanco.
Revenue rose to $5.09 billion, but missed estimates of $5.13 billion due to lower realized prices. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shinjini Ganguli)