Other News Video |
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 -- 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.
Previous Stories:
- April 17, 2008: Lilly Trimming Up To 500 Through 'Voluntary Exits'
- April 1, 2008: Lilly CEO: Company Needs New Blockbuster Drug
Copyright 2008 by TheIndyChannel.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.









