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Technology Stocks : John, Mike & Tom's Wild World of Stocks
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To: John Pitera who started this subject8/9/2000 3:49:14 PM
From: wlheatmoon  Read Replies (1) of 2850
 
Wednesday August 9 3:15 PM ET
Lilly Sees Single-Digit Earnings
Growth

INDIANAPOLIS (Reuters) - Eli Lilly and Co.
(NYSE:LLY - news) on Wednesday forecast single-digit
earnings per share growth in 2001 and 2002 after a ruling
that would strip the pharmaceutical company of patent
protection for its blockbuster antidepressant drug Prozac
sooner than expected.

Assuming a ruling by a U.S. appeals court holds, Eli Lilly
said it expected that the entry of generic versions of Prozac
into the market to have a financial impact spreading over
two calendar years -- 2001 and 2002.

``We expect to continue our strong earnings growth in the
first half of 2001 leading up to the generic entry in
August,'' said Charles Golden, executive vice president
and chief financial officer. ``Then, we'll likely see
earnings declines in the second half of 2001 and the first
half of 2002.''

In an earlier statement, Lilly said a U.S. district court
reversed a decision from a lower court that gave Prozac patent protection through
2003. The latest ruling was a victory for Barr Laboratories Inc. (NYSE:BRL -
news) and other generic drug manufacturers.

Golden said strong underlying growth of the products that were launched more
recently, coupled with the expected introduced of a number of new products and
indications in 2001 and 2002, will lead to a return to earnings growth in the second
half of 2002.

The stock was halted pending the news. It last traded down 1-1/8 at 107-7/16 on the
New York Stock Exchange.
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