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Eli Lilly earnings up 12%
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April 19, 1999: 8:36 a.m. ET
Drug maker's revenue grew 8% in period; Prozac sales lagging
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NEW YORK (CNNfn) - Eli Lilly & Co. said Monday its first-quarter earnings rose 12 percent, as expected, despite shrinking sales of its high-profile drug Prozac.
The Indianapolis-based drug maker earned $588.8 million, or 53 cents per diluted share, for the quarter ended March 31, compared with $524.4 million, or 46 cents a share, a year earlier. The figures exclude one-time charges and gains.
During the quarter, Eli Lilly (LLY) had a gain of $174.3 million from the sale of PCS Healthcare Systems Inc. and took a $150 million charge from charitable funding commitments to the Eli Lilly & Co. Foundation. Including one-time events, profit for the quarter rose 20 percent to $625.7 million, or 56 cents per share.
Worldwide sales for the quarter totaled $2.256 billion, up 8 percent from a year ago. Sales of the drug Zyprexa, which treats Alzheimer's disease, increased 101 percent, to $114 million. But sales of anti-depressant Prozac fell 4 percent to $589.9 million because of increased competition from other drug makers.
The company said it will place a high priority during the rest of 1999 on boosting Prozac sales.
"While the first quarter was a challenging quarter, it underscores the importance of building a strong pipeline and effectively launching new products," Chairman, President and CEO Sidney Taurel said.
Shares of Eli Lilly closed up 1-1/8, to 82-5/16 on the New York Stock Exchange Friday. 
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Eli Lilly
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