there's this too:
"03/17 13:38 Lilly <LLY.N> Prozac estimate cut by Cowen-sources
CHICAGO, March 17 (Reuters) - Shares of Eli Lilly and Co. fell 4-9/16 to 89-1/2 on Wednesday after market sources said a research firm cut its 1999 sales estimates for the drug company's flagship antidepressant Prozac, pressuring its earnings estimate.
Lilly was not available for comment.
Market sources said SG Cowen said in a written report that 1999 sales of Prozac could be significantly below Cowen's estimate, after Lilly made a presentation at a Cowen conference. Cowen analysts were also not available.
Cowen said 1999 Prozac sales could be about $2.925 billion, up 4 percent from 1998 but below Cowen's previously published estimate of $3.050 billion, sources said. The reduced estimate was due to share lost to Forest Laboratories Inc.'s <FRX.A> Celexa and higher-than-normal trade stock levels at the start of 1999. Forest launched Celexa in September.
According to the sources, Cowen reported that in Lilly's presentation, Lilly had said it was comfortable with a 1999 earnings per share range of $2.25 to $2.30, suggesting Cowen's $2.32 EPS estimate could be a couple of pennies high.
Sources said the report said Cowen's 1999 sales estimate for Lilly's schizophrenia drug Zyprexa remains at $2.15 billion, but said the estimate was aggressive.
Cowen noted that Lilly is defending Prozac sales with a more aggressive promotion plan and additional sales representatives, as well as new indications and formulations, the sources said."
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But we all know the real reason for the drop: Hey, Bob, next time give us warning before you scoop up a bunch of calls!
Happy St Paddy's Day All |
