Eli Lilly Earnings Top Estimates

Eli Lilly (LLY) reported its second quarter earnings per share grew a better-than-expected 11% to $1.24, handily beating expectations for earnings of $1.10 per share. Similarly, revenue jumped 9% to $5.75 billion, topping estimates of $5.58 billion.

The drugmaker's results were boosted in part by strong sales growth from its top-selling drugs. The seller of erectile dysfunction drug Cialis said it earned $1.35 billion, or $1.22 per share, in the three months that ended June 30, up from $1.16 billion, or $1.06 per share, in the same period last year. Excluding charges, net income was $1.24 per share.

"Lilly continued to deliver solid financial results in the second quarter, driven by volume-based revenue gains and ongoing cost-containment efforts that resulted in double-digit earnings growth," said chairman and CEO John Lechleiter in a statement. "This strong financial performance enables us to fund our R&D pipeline of nearly 70 clinical stage assets and make strategic acquisitions in order to deliver an increased number of innovative medicines to patients in the future."

Lilly's top drugs experienced strong sales growth: Its best seller, the antipsychotic Zyprexa, rose 5% to $1.26 billion in the quarter; sales of the antidepressant Cymbalta climbed 17% to $867.7 million; cancer drug Alimta was up 43% to $551 million; and sales of erectile dysfunction drug Cialis jumped 15% to $418.7.

Following the strong results, the company said it raised its 2010 earnings per share guidance range to between $4.44 and $4.59 a share, or $4.50 to $4.65 on adjusted basis.