Eli Lilly Quarterly Profit Drops on Cost of Dropping Drugsby
Eli Lilly & Co. posted a 5 percent decline in fourth-quarter profit, held back by costs to stop developing the cholesterol drug evacetrapib and the insulin peglispro.
Earnings per share, excluding some costs, fell to 78 cents from 82 cents, the Indianapolis-based drugmaker said in a statement on Thursday. That matched analysts’ estimates. Revenue climbed 5 percent to $5.38 billion in the quarter, led by the once-weekly diabetes treatment Trulicity and the cancer drug Cyramza.
The company repeated it expects earnings per share between $3.45 and $3.55 this year.