Lilly expects greater-than-predicted drop in sales

News

Lilly's financial forecasts for 2014 have fallen short of the predictions that had been made by analysts, with the company expecting sales of between 19.2 billion and 19.8 billion US dollars against predictions that were, according to The Irish Times, above the higher amount.

The US pharma giant is weathering generic competition with a number of expiring patents.

"With the US patent expiration of Cymbalta last December and that of Evista coming in March, we expect 2014 to be the most financially challenging year of Lilly's current period of patent expirations.

"We are prepared for this challenge and are positioned to return to growth and expand margins in 2015 and beyond."

Derica Rice, chief financial officer, Lilly.

"We continue to focus on the three strategic priorities that have guided our efforts throughout an extended period of patent expirations. First and foremost, we are replenishing and advancing our pipeline."

John Lechleiter, chief executive, president and chairman, Lilly.