Eli Lilly & Co. (LLY) Tops Q1 EPS by 11c

Eli Lilly & Co. (NYSE: LLY) reported Q1 EPS of $0.87, $0.11 better than the analyst estimate of $0.76. Revenue for the quarter fell 1% to $4.64 billion versus the consensus estimate of $4.62 billion.

Eli Lilly & Co. reaffirmed FY2015 guidance. Non-GAAP EPS guidance range was reaffirmed at $3.10 to $3.20.

"While our first-quarter revenue reflects the impact of foreign exchange headwinds and the lingering effects of U.S. patent expirations for Cymbalta and Evista, Lilly remains on track to return to growth in 2015 driven by excellent progress in our innovation-based strategy," said John C. Lechleiter, Ph.D., Lilly's chairman, president and chief executive officer. "Recent new product launches, the growing success of our late-stage pipeline, and the recent acquisition of Novartis Animal Health reinforce our confidence in our future. Results in the first quarter also reflect ongoing cost-containment efforts, even as we continue to make the appropriate investments in both internal and external innovation necessary to sustain our pipeline for the future."

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