Lilly Profit Misses Estimates as Generic Drugs Cut Sales
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Eli Lilly & Co. reported third-quarter earnings that missed analyst estimates after generic competition reduced revenue from the schizophrenia treatment Zyprexa, once the company’s top-selling drug.
Earnings excluding one-time items of 79 cents were 5 cents less than the average estimate of 16 analysts surveyed by Bloomberg. Net income rose 7.3 percent to $1.33 billion, or $1.18 a share, helped by an acquisition-related payment from Bristol-Myers Squibb & Co., Indianapolis-based Lilly said today in a statement.