Lilly reports boost in Q1 earnings

INDIANAPOLIS Eli Lilly & Co. reported its first-quarter earnings Monday, citing a first-quarter profit boost of 23%.

Higher sales volume and increased prices helped boost revenue from many of Lilly's drugs. Those factors helped offset a reduction in revenue caused by the stronger dollar, the company said.

Lilly also recorded $94.1 million in revenue from the cancer drug Erbitux, which was part of the company's $6-billion-plus acquisition of ImClone Systems Inc. last fall.

While Lilly's antidepressant medication Cymbalta grew 17% to $709 million, its best-selling drug, anti-psychotic Zyprexa, had flat sales of $1.12 billion.

The company said its overall costs remained flat, on a mix of lower marketing expenses and higher research and development expenses. Lilly's cost of sales fell 27% to $816 million.

Looking ahead, the company backed full-year profit guidance between $4 and $4.25 per share. Analysts forecast $4.14 per share.