Lilly’s third quarter hit by patent expirations
Eli Lilly &, Co has announced its third quarter results, with worldwide total revenue down 11% compared to the same period last year. The patent expiration of its atypical antipsychotic drug, Zyprexa (olanzapine), largely contributed to this decrease in revenue, as generic copies takeover the sales.
Net income, however, increased by 7.3% to US $1.33 billion, from $1.24 billion a year earlier. A one-time payment of 41.39 billion from Bristol-Myers Squibb attributed to this net income increase, which was related to BMS’ acquisition of Lilly’s former partner, Amylin Pharmaceuticals.
“The third quarter was an eventful one for Lilly, as we gained a better understanding of several potential new medicines in our clinical pipeline, while maintaining focus on delivering solid financial results despite the loss of Zyprexa patent exclusivity. We are executing well on our business objectives and advancing our pipeline that now has more than 60 molecules in clinical development. We remain firmly committed to our innovation-based strategy in order to meet the needs of the patients who rely on us for new medicines.”
John C. Lechleiter, Ph.D., Lilly’s chairman, president and chief executive officer.
While shares in Lilly fell less than 1% to $51.91 at the close of New York trading yesterday, over the past 12 months they have climbed 36%, on the study results of the company’s experimental Alzheimer’s treatment, solanezumab.
Looking ahead, Lilly has reiterated its 2012 forecast for non-GAAP earnings to $3.30 – $3.40 per share, instead of the previously estimated range of $3.72 – $3.82 per share.
Lilly Profit Misses Estimates as Generic Drugs Cut Sales (Bloomberg Businessweek)
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