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Lilly beats profit estimates, delays arthritis drug application

(Reuters) - Eli Lilly & Co's (LLY.N) quarterly profit topped analysts' estimates and the drugmaker said on Tuesday it would delay resubmitting a marketing application for its rheumatoid arthritis drug beyond 2017.

The U.S. Food and Drug Administration in April declined to approve the drug, baricitinib, made by Lilly and partner Incyte Corp (INCY.O), indicating additional clinical data was needed to determine the most appropriate doses.

The companies will be discussing the path forward with the agency and evaluating options for resubmission, including the potential for an additional clinical study, as requested by the FDA.

With consensus already reflecting a multi-year delay for baricitinib, J.P. Morgan...