Lilly beats forecasts, helped by cost controls

Reuters

July 24 (Reuters) - Eli Lilly and Co's quarterly revenue plunged due to generic competition for its Cymbalta depression drug and its Evista osteoporosis treatment, but overall results beat forecasts, helped by cost controls.

The U.S. drugmaker on Thursday said it earned $734 million, or 68 cents per share, in the second quarter. That compared with $1.21 billion, or $1.11 per share, in the year-ago period, when the company took charges for closing a distribution center and other costs.

Excluding special items, Lilly earned 68 cents per share. Analysts, on average, expected $0.65 per share, according to Thomson Reuters I/B/E/S.

(Reporting by Ransdell Pierson, Editing by Franklin Paul)

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