Eli Lilly raises forecast for 2012 as earnings beat estimates

Eli Lilly & chief executive John Lechleiter said rising sales of the antidepressant Cymbalta and animal drugs stemmed losses from generic competition, helping the company’s earnings beat estimates.

Net income declined 4% to $1.01bn (€770m), or 91 cents a share, in the first quarter, the Indianapolis-based company said. Profit excluding one-time items beat by 13 cents the average estimate of 18 analysts surveyed by Bloomberg.

The company has raised its 2012 earnings forecast.