Lilly Profit Increases More Than Analysts Estimated
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Eli Lilly & Co., the drugmaker whose top-selling antipsychotic drug Zyprexa faces generic competition this year, said fourth-quarter profit rose 28 percent, topping analyst estimates as the company cut expenses. The company forecast declining earnings in 2011.
Net income increased to $1.17 billion, or $1.05 a share, from $915 million, or 83 cents a share, a year earlier, Indianapolis-based Lilly said today in a regulatory filing. Earnings excluding one-time items were $1.11 a share, beating the $1.10 average estimate of 17 analysts surveyed by Bloomberg.