(Reuters) - Eli Lilly and Co’s quarterly earnings beat Wall Street expectations, helped by surging growth of its Cymbalta depression treatment, and the company raised its 2012 profit outlook, due to the favorable impact of a stronger dollar.
Other drugmakers, by contrast, have been badly hurt by the stronger dollar in the second quarter — including rival Johnson & Johnson, which cut its full-year profit view because of its drag on overseas sales.
Lilly, which faces one of the industry’s biggest patent cliffs, on Wednesday it earned $924 million, or 83 cents per share, in the second quarter. That compared with $1.2 billion, or $1.07 per share in the year-earlier period.
Excluding special items, the company earned 83 cents per share. Analysts, on average, expected 77 cents per share, according to Thomson Reuters I/B/E/S.
Global sales of $5.6 billion were in line with Wall Street expectations of $5.59 billion.
The company said it will continue with cost-cutting programs as it grapples with generic competition for its Zyprexa schizophrenia drug and expected generic rivals late next year for Cymbalta.
Lilly said it now expects full-year 2012 earnings of $3.30 to $3.40 per share, excluding special items. It had previously forecast earnings of $3.15 to $3.30 per share.
Reporting By Ransdell Pierson; Editing by Jeffrey Benkoe and Maureen Bavdek