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News Summary: Lilly 2013 outlook tops expectations

The Associated Press

THE FORECAST: Eli Lilly and Co. said Friday it expects 2013 adjusted earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.

EXPECTATIONS: Analysts had expected, on average, earnings of $3.72 per share on $22.87 billion in revenue, according to FactSet.

ABOUT LILLY: The drugmaker lost U.S. patent protection last year for its all-time best selling drug, the antipsychotic Zyprexa, and it will lose protection for its current top-seller, the antidepressant Cymbalta, at the end of this year. Lilly expects to overcome this through a combination of cost cutting, sales growth and new drug development.