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Eli Lilly profit up 18%
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April 17, 2000: 9:56 a.m. ET
1Q results beat analysts' expectations by 2 cents per share
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NEW YORK (CNNfn) - Drug maker Eli Lilly and Co. posted an 18 percent increase in first-quarter operating income Monday, beating Wall Street's estimates by 2 cents per diluted share.
The maker of antidepressant Prozac earned $692.3 million, or 63 cents per diluted share, up from $588.8 million, or 53 cents per share, in the year-ago period. These results exclude one-time items.
Analysts polled by earnings tracker First Call had predicted earnings of 61 cents per share.
Eli Lilly (LLY: Research, Estimates) stock gained 2-7/16 to 69-7/8 at the opening of trading Monday, after slipping 2-9/16 to 67-7/16 Friday.
First-quarter sales rose 9 percent to $2.45 billion. Strong sales of diabetes care products, anti-psychotic medication Zyprexa and osteoporosis treatment Evista offset flat sales of Prozac. Sales of Prozac, which faces increasing competition, rose 1 percent to $596.2 million.
Including special items, the Indianapolis-based company earned $845.5 million, or 77 cents per share, up from $625.7 million, or 56 cents per share, in the 1999 first quarter.
In the latest period, Lilly posted a one-time after-tax gain of $214 million on the sale of its Kinetra joint venture to online medical firm Healtheon/Web MD Corp. (HLTH: Research, Estimates). Also affecting the net results were $91 million in sales that normally would have been recorded in the first quarter buy instead were posted in the 1999 fourth quarter because of Y2K-related buying patterns by wholesalers. 
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Eli Lilly and Co.
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