INDIANAPOLIS (AP) — Eli Lilly and Co. (LLY) on Thursday reported profit that declined by 39 percent in its second quarter, and beat analysts’ expectations.
The Indianapolis-based company said earnings declined to $733.5 million, or 68 cents per share, from $1.21 billion, or $1.11 per share, in the same quarter a year earlier. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 66 cents.
The drugmaker said revenue dropped 17 percent to $4.94 billion from $5.93 billion in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $4.83 billion, according to Zacks.
Eli Lilly shares have risen $13.25, or 26 percent, to $64.25 since the beginning of the year, while the Standard & Poor’s 500 index has climbed 7.5 percent. The stock has increased $11.70, or 22 percent, in the last 12 months.