LILLY EXPECTS TO MEET EARNINGS TARGET, LAUNCH CYMBALTA THIS YEAR

Shares of Eli Lilly and Co. rose 4.9 percent after the firm said its second-quarter earnings are expected to be at the high end of expectations and the company is on track to meet its full-year earnings target.  

Lilly's second-quarter profit is expected to be between $0.59 per share and $0.61 per share, while overall 2003 earnings are projected to be between $2.50 per share and $2.60 per share compared with earnings of $2.55 per share in 2002.  

The company also said it expects the Food and Drug Administration to approve its experimental depression pharmaceutical brand Cymbalta (duloxetine) by the fourth quarter of this year following recently completed re-inspections of Lilly's manufacturing facilities in Indianapolis.  

FDA approval of Cymbalta, along with other Lilly drugs, has been delayed by quality-control inspections. Although company officials said Lilly might need to take additional steps to meet the FDA quality-control requirements, they are still expecting fourth-quarter approval, Reuters reported.   Lilly shares closed at $63.19, up $2.96, in heavy Wall Street trading.