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Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly)
PFE 25.81-0.3%3:59 PM EST
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To: Henry Niman who wrote (947)10/21/1998 8:51:00 AM
From: Danny Hayden  Read Replies (1) of 1722
 
Prozac helps Eli Lilly

Sales of anti-depressant drug helps
pharmaceutical firm boost 3Q profits

October 21, 1998: 8:30 a.m. ET

Prozac cheers up
Eli Lilly - July 22,
1998

Eli Lilly CEO to
retire - May 6,
1998

Eli Lilly
NEW YORK (CNNfn) - Higher sales of its
top-selling drug Prozac helped Eli Lilly & Co. post
a 13.4-percent rise in third-quarter earnings, which
included a pretax charge for research and
development costs.
The Indianapolis, Ind.-based pharmaceutical
company reported net income of $518.2 million, or
46 cents a share, compared with $456.9 million, or
40 cents a share, a year ago.
Included in the latest results is a charge of
$127.5 million for acquired technology. The
expense reduced profit by 7 cents a share,
meaning earnings from operations actually totaled
53 cents.
Analysts were anticipating Eli Lilly to post
profits of 51 cents a share.
Shares of Eli Lilly (LLY) rose 5/16 on Tuesday
to 75-3/8.
Total revenue rose 19 percent to $2.57 billion
helped by a 12-percent increase in sales of Prozac,
which amounted to $793 million. The
anti-depression treatment recorded better sales in
the United States than overseas, where sales were
essentially flat.
For the first nine months of the year, operating
profit totaled $1.5 billion, or $1.37 a share, on sales
of $7.2 billion.
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