Earlier today, pharmaceutical firm Eli Lilly (NYSE: LLY) announced that it suffered a fourth-quarter loss thanks to charges suffered when purchasing ImClone Systems. Excluding these charges, LLY tallied $1.07 per share in the quarter -- topping analysts' estimates for $1.05 per share. Taking the ImClone acquisition (which cost LLY $4.73 billion in charges) into account, LLY lost $3.31 per share during the quarter. Quarterly revenue checked in at $5.42 billion.
LLY saw flat sales for the quarter, along with a 10% drop in Zyprexa - its top-selling drug. The anti-psychotic medication saw sales slip $1.15 billion, which was attributed to decreased wholesale buying in the U.S. and lower foreign sales thanks to lower prices and less-favorable exchange rates. On a full-year basis, Zyprexa sales fell 1% to $4.7 billion. Zyprexa sales totaled 22% of LLY's yearly sales, down 3% from a year earlier. Cymbalta, LLY's second-best selling drug, cushioned the Zyprexa news a bit, as it saw sales increase by 15%. Eight of LLY's drugs raked in more than $1 billion in sales, better than the six that notched those sales a year earlier.
For the full year, LLY lost $2.07 billion. Excluding items, the pharmaceutical firm's adjusted profit came in at $4.02 per share, up from $3.54 per share a year earlier. Full-year revenue increased 9% to $20.38 billion.
The firm also affirmed its profit forecast of $4 to $4.25 per share, which surrounds the Street's expected results of $4.19 per share. LLY shares have dropped slightly more than a percent today. The stock has performed well lately, but it has encountered a bit of resistance in the $40 region.
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Reader Comments (Page 1 of 1)
1-29-2009 @ 5:18PM
Danny Haszard said...
Zyprexa claims being stonewalled
Where is the (now up to) $4.6 billion Eli Lilly Zyprexa settlement going as many victim claimants haven't been paid yet? It's the largest pharma-fraud-whistleblower case in US history.
There must be millions out there harmed by this drug.
Daniel Haszard http://www.zyprexa-victims.com
3-06-2009 @ 12:37PM
bbscott said...
I have been waiting 4 months to recieve my settlement check ,after I was told that I would recieve it back in the first week of dec,08 where is the money?
Velma Walker