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Lilly 4Q meets estimates
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January 28, 1999: 8:36 a.m. ET
Prozac sales spark 21 percent per share net gain for drug maker
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NEW YORK (CNNfn) - Eli Lilly and Co. posted improved fourth-quarter earnings Thursday on continued strong sales of its popular antidepressant Prozac.
For the quarter, the company earned $561.6 million, or 51 cents per diluted share, from continuing operations on revenue of $2.64 billion. This compares to the $465.1 billion, or 42 cents a diluted share, earned in the same quarter of 1997. Revenue for that quarter totaled $2.26 billion.
The company's earnings were in line with Wall Street's expectations, according to analysts polled by First Call.
Including operations from its former PCS Health Systems pharmacy benefits management unit, which was sold last week to Rite Aid Corp (RAD) for $1.6 billion, the company's net income for the quarter was $567.3 million, or 52 cents a diluted share. That compares with net of $457.5 million, or 40 cents, a year earlier.
"The rapid completion of the share repurchase program, coupled with the initiation of a new program, reflect the board's continued high level of confidence in the future of the company," said Sidney Taurel, Lilly's chairman.
Since 1987, the company has repurchased roughly 184 million shares worth approximately $16.4 billion, based on the 1998 year-end share price.
For the year, Lilly (LLY) posted earnings of $2.10 billion, or $1.87 per diluted share, on revenue of $9.24 billion. This compares to a net loss of $385 million, or 34 cents a share, as the result of charges for a litigation settlement and asset impairment on discontinued operations. Revenue in 1997 was $7.99 billion.
Shares of Eli Lilly closed Wednesday at 90-3/4, up 1-1/4 in anticipation of the earnings release.
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Eli Lilly
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