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Biotech / Medical : Eli Lilly
LLY 820.10-0.8%Oct 28 9:30 AM EDT
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From: Moonray10/27/2020 12:30:59 PM
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Lance Bredvold

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Eli Lilly misses third-quarter estimates
on Covid drug development costs
Melodie Warner

Eli Lilly’s third-quarter profit fell short of analysts’ expectations
due to increased costs from developing Covid-19 treatments
and lower demand for some of its medicines, Reuters reported.

Lilly estimated its 2020 Covid-19 research and development
expense at roughly $400 million. Total third-quarter operating
expenses increased 9% to $3.04 billion.

Net income fell 4% to $1.21 billion, or $1.33 per share, in the
quarter ended Sept. 30. Third quarter, revenue rose 5% to
$5.74 billion but fell short of the average estimate of $5.88 billion.

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