Tags: Eli | Lilly | Outlook | profit

Eli Lilly Forecasts Full-Year Profit Higher Than Analyst Estimates

Friday, 04 Jan 2013 08:25 AM

 

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Eli Lilly says its 2013 earnings will grow at a pace that tops Wall Street expectations even though the drugmaker will lose U.S. patent protection for two more key products in the new year.

The Indianapolis company forecasts adjusted 2013 earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.

Analysts expect earnings of $3.72 per share on $22.87 billion in revenue.

Eli Lilly and Co.'s revenue slipped last year after it lost patent protection for its all-time best selling drug, the antipsychotic Zyprexa. That exposed the drug to cheaper generic competition.

This year, Lilly loses patent protection for the antidepressant Cymbalta in December and for the insulin Humalog in May.

Cymbalta replaced Zyprexa as Lilly's top seller.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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