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Lilly Profits Rise, Miss Projections

Strong Cymbalta, Cialis Sales Fuel Sales Increase

POSTED: 10:53 am EDT April 21, 2008
UPDATED: 11:05 am EDT April 21, 2008

Indianapolis-based drug maker Eli Lilly and Co. said strong sales for Cymbalta and Cialis helped double its first-quarter profit, but results missed Wall Street expectations.

Earnings jumped to $1.06 billion, or 97 cents per share, from year-ago profit of $508.7 million, or 47 cents per share. That included a hefty charge for the acquisition of ICOS Corp.

Excluding a gain on settling an IRS audit and research and development charges, Lilly earned 92 cents per share in the latest period, compared with 83 cents a year ago.

Sales increased 14 percent to $4.81 billion from $4.23 billion.

Analysts surveyed by Thomson Financial expected profit of 96 cents per share on higher revenue of 4.83 billion.

Last week, Eli Lilly officials said they plan to trim up to 500 people from the Indianapolis workforce in a voluntary exit program that will be offered to 2,000 employees.


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