Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting fourth quarter net income of $1.1 billion, compared to a loss of $1.7 billion the previous year, when earnings were impacted by U.S. tax reform. The company is also cuttings its revenue and profit forecast for 2019, due in part to disappointing results from a Phase 3 study of cancer drug Lartruvo.
Lilly says quarterly revenue increased 4.5 percent to $6.4 billion, topping estimates. The company cites higher sales of drugs including psoriatic arthritis medicine taltz and diabetes drug Trulicity. The drugmaker says operating expenses increased 1 percent.
For full-year 2018, Lilly is reporting net income of $3.2 billion, compared to a net loss of $204.1 million the previous year.
Last week, the company announced its $8 billion acquisition of Loxo Oncology Inc. (Nasdaq: LOXO) advanced past the waiting period under the Hart-Scott-Rodino Antitrust Act. The deal was first announced in early January.