NEW YORK — Eli Lilly and Co. on Thursday reported a boost in fourth-quarter profit of on higher sales of its top-selling insulin Humalog and the erectile dysfunction drug Cialis.
The drugmaker's profit rose 12 percent to $478.4 million, or 45 cents per share. Earnings, adjusted for research and development costs and asset impairment costs, were 78 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.
The Indianapolis-based company's revenue rose 5 percent to $5.38 billion in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $5.28 billion.
Sales of Humalog rose 10 percent to $798.7 million, making it the company's top-selling drug. That boost helped offset a 13 percent decline in sales of the cancer drug Alimta, which is facing generic competition. Meanwhile, Cialis sales rose 3 percent to $638.4 million.
For the year, the company reported profit of $2.41 billion, or $2.26 per share. Revenue was reported as $19.96 billion.
Lilly expects full-year earnings in the range of $3.45 to $3.55 per share, with revenue in the range of $20.2 billion to $20.7 billion.
Lilly shares have declined 3 percent since the beginning of the year, while the Standard & Poor's 500 index has decreased almost 8 percent. The stock has increased 14 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LLY at http://www.zacks.com/ap/LLY
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