Eli Lilly 1Q profit doubles as Cialis, Cymbalta sales rise
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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.
The company raised its full-year earnings guidance to $3.90 to $4.05 per share, up from $3.85 to $4 per share due to the audit gain and some charges. Analysts expect earnings of $3.95 per share for 2008.
Lilly shares lost 57 cents in premarket trading Monday, falling to $51.50.
Lilly said marketing, selling and administrative expenses rose 16 percent to $1.55 billion in the first quarter. The company attributed this to the ICOS acquisition, higher costs to support Cymbalta and Cialis, and increased legal costs. That included the company's $15 million settlement for litigation involving top-seller Zyprexa and the state of Alaska.
Sales for the depression treatment Cymbalta rose 37 percent to $605 million in the first quarter, driven by strong U.S. demand and a favorable impact of foreign exchange rates, the company said.
The impotence drug Cialis saw sales rise 27 percent to $337 million, pushed by higher demand, foreign exchange rates and higher prices.
Lilly's top-selling drug, the anti-psychotic Zyprexa, saw only a 1 percent worldwide sales increase to $1.1 billion for the quarter. The company said U.S. sales sank 5 percent due to decreased demand, while international sales were helped by exchange rates.
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