Lilly beats Street

Eli Lilly and Co. (NYSE:LLY) reported 4Q12 EPS non-GAAP diluted EPS of $0.85, beating by $0.07 the Street's $0.78 estimate but off from $0.87 in 4Q11. Revenues for the quarter were $5.96 billion, above the $5.81 billion the Street was expecting but off 1% from $6.05 billion in the prior year's quarter. For the year, the pharma reported non-GAAP diluted EPS of $3.39, off 23% from $4.41 in 2011. Revenues were $22.6 billion, off 7% from $24.3 billion in 2011. The Street was expecting 2012 EPS of $3.33 on revenues of $22.43 billion.

Lilly also raised its 2013 non-GAAP EPS guidance to $3.82-$3.97 from $3.75-$3.90. The pharma said the increase is due to the 2012 R&D tax credit, which will be recorded in 1Q13 due to the delay in enacting the American Taxpayer Relief Act of 2012. The pharma was up $1.68 (3%) to $54.32 on Tuesday. ...