Lilly Falls as Study Fails to Show Drug Curbs Hip, Wrist Breaks
Bloomberg News
December 3, 1998, 4:31 p.m. ET
Lilly Falls as Study Fails to Show Drug Curbs Hip, Wrist Breaks
Indianapolis, Dec. 3 (Bloomberg) -- Eli Lilly & Co. fell 5.8
percent after research failed to show its new drug Evista, used
to prevent thinning of bones in older women, could prevent hip
and wrist fractures.
Lilly, the world's 10th largest drugmaker, fell 5 1/8 to 83
3/4.
Indianapolis-based Lilly needs to build Evista and other new
products into blockbusters before it loses patent protection on
its top-seller, the antidepressant Prozac in a few years. Prozac
made up 30 percent of Lilly's 1997 revenue of $8.52 billion.
Research presented today at a medical conference showed no
significant difference between Evista and placebo in reducing hip
and wrist fractures, Lilly said. Other data has indicated the
drug may reduce spine fractures.
Merck's three-year-old Fosamax had sales of $540 million as
of September, up from 1997 sales of $532 million. Introduced in
January, Evista has had sales of about $82 million, disappointing
Lilly and investors.
Evista is approved in the U.S. only for the prevention of
thinning of the bones, a condition known as osteoporosis. The
U.S. Food and Drug Administration has approved Merck's Fosamax
for both prevention and treatment of osteoporosis. To seek a
similar FDA approval, Lilly is conducting these fracture studies.
Lilly presented its research today at a medical conference
in San Francisco for doctors specializing in bone disorders.
Merck and other rival drugmakers also will present research at
this meeting of the American Society for Bone and Mineral
Research. The conferences allow drugmakers to promote their
products to doctors.
--Kerry Dooley in the New York newsroom (212) 318-2300 /mfr |
