EARNINGS SLIP: Drugmaker Eli Lilly and Co.'s second-quarter net income dropped 11 percent to $1.2 billion, or $1.07 per share. Revenue rose 9 percent to $6.25 billion.
WHAT HAPPENED: The company saw big gains in sales for several drugs, but marketing and research expenses also climbed as it prepared for a wave of patent expirations that will slash sales in the coming years. Lilly said the health care overhaul also reduced earnings.
RAISED FORECAST: The company now expects 2011 adjusted earnings of $4.25 to $4.35 per share, up from $4.15 to $4.30 per share. Analysts expect $4.29 per share.