Deal charge pushes drugmaker Eli Lilly to 1Q loss
INDIANAPOLIS (AP) — Eli Lilly and Co. booked a $110.8 million loss in the first quarter, as the drugmaker absorbed a charge tied to its purchase of CoLucid Pharmaceuticals, but the insulin maker’s bottom line beat expectations and it reaffirmed its 2017 forecast.
An $857.6 million charge from the CoLucid deal countered revenue growth of 7 percent spurred by the insulin Humalog and some newer drugs.
Overall, the Indianapolis company reported on Tuesday earnings, adjusted for non-recurring costs and asset impairment costs, of 98 cents per share on $5.23 billion in revenue.
Analysts expected, on average, earnings of 96 cents per share on $5.26 billion in revenue, according to Zacks Investment Research.
Lilly also reaffirmed full-year earnings in the range of $4.05 to $4.15 per share, with revenue ranging from $21.8 billion to $22.3 billion.
Analysts forecast, on average, earnings of $4.11 per share on $22.153 billion in revenue, according to FactSet.
Shares of Lilly slipped 22 cents to $83.20 in early morning trading.
Lilly shares have climbed 13 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6 percent. The stock has increased 7 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 https://www.zacks.com/ap/LLY
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