Lilly First-Quarter Profit Falls on Icos Purchase |
| Bloomberg - Apr 16, 2007 |
Eli Lilly & Co. said profit fell 39 percent on costs from buying Icos Corp. The results beat estimates, and the company raised its full-year forecast on stronger sales of its psychiatric medicines.
First-quarter net income fell to $509 million, or 47 cents a share, from $835 million, or 77 cents, a year earlier, Lilly said today in a statement. Excluding the Icos charges, earnings were 84 cents a share, beating the 79-cent average estimate of analysts and sending shares higher.
Lilly said sales jumped 10 percent for the schizophrenia drug Zyprexa, its top seller, and 89 percent for the Cymbalta antidepressant. The Indianapolis-based company raised prices on those drugs this year, is spending more on marketing and has sought approval for new indications. Lilly also doesn't face generic competition on a major product this year.
Read Full Article from Bloomberg
- Posted: 2007-04-16 10:23:09
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