| Lilly Q1 income dips,
but global sales top $3 billion
April 21, 2004
Eli Lilly and Co.
net income dipped 2 percent to US$400.4
million, or $0.37 per share, in the first quarter
of the year compared to $407 million, or $0.38
per share, in the same quarter of last year,
the Indianapolis-based company said Monday.
The drop was attributed to a one-time charge
of $362.3 million related to acquired in-process
research and development in the Lilly acquisition
of Applied Molecular Evolution Inc. Without
that charge, the company's net income rose 15
percent to $762.7 million, or $0.70 per share,
compared to $661.3 million, or $0.61 per share,
reported without special charges for the first
quarter of last year.
Global sales for the quarter ending March 31
hit $3.37 billion, compared to $2.88 billion
in the first quarter of last year. Sales of
Zyprexa, at nearly $1.2 billion, accounted for
almost one-third of total worldwide sales. Zyprexa,
which is used to treat schizophrenia and acute
bipolar disorder, is the focus of a federal
lawsuit filed by a generic drug maker that argues
the patent is not valid until 2011 as Lilly
contends. A ruling in that case is expected
in the next few months.
The company also reported robust sales for
the chemotherapy drug Gemzar at $279 million
and osteoporosis treatment Evista at $232.8
million. Sales of new drugs were led by Strattera,
for treating attention-deficit hyperactivity
disorder in children and adults, which brought
in $141.1 million, and Cialis,
for erectile
dysfunction, at $108.3 million.
Lilly expects earnings per share to be in the
range of $0.67 to $0.69 in the second quarter
of this year and $2.80 to $2.85 for the full
year, the company said.
source:-http://www.idg.com.sg
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