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Lilly profit jumped 24%
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July 19, 2001: 2:05 p.m. ET
No. 8 U.S. drugmaker earns 76 cents a share, topping forecasts
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NEW YORK (CNNfn) - Eli Lilly & Co. Thursday reported a higher second-quarter profit on a strong last hurrah for exclusive sales of Prozac and a big jump in sales in newer drugs.
The nation's No. 8 drugmaker said its net profit rose 24 percent to $827.7 million, or 76 cents a diluted share, in the quarter, from $666.2 million, or 61 cents a share, a year earlier. Wall Street had been expecting a profit of 74 cents a share, according to First Call, which tracks analysts' estimates.
Sales rose 16 percent to just more than $3 billion compared with the same quarter a year ago.
Lilly (LLY: up $1.02 to $77.77, Research, Estimates) saw strong sales among Lilly's newer drugs, particularly the anti-schizophrenia drug Zyprexa, which the company has pinned its hopes on for growth to replace the franchise for Prozac, its blockbuster antidepressant.
Overall, Lilly reported that sales of its newer drugs – including Zyprexa, Evista, the cancer treatment Gemzar and the diabetes drug Actos – grew 44 percent during the second quarter.
Sales of Zyprexa increased 34 percent to $736.6 million during the quarter, and sales of the osteoporosis medicine Evista climbed 25 percent to $167 million.
While Prozac quarterly sales rose 10 percent to $692 million, the company is bracing for the imminent loss of its patent and fierce competition by generic versions of drug. Prozac had worldwide sales of $2.6 billion last year.
A federal appeals court in Washington, D.C., ruled Wednesday that it would not reconsider an earlier ruling turning aside the company's request to extend its Prozac patent through 2003. Unless Lilly succeeds in a planned appeal to the U.S. Supreme Court, the first generic competition, from Barr Laboratories, should hit the U.S. market next month. 
-- from staff and wire reports
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