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Eli Lilly Reports Big Rise in 4Q Profit

Posted on: Wednesday, 30 January 2008, 12:00 CST

Driven by solid sales of its antidepressant Cymbalta, Indianapolis drugmaker Eli Lilly and Co. today said fourth-quarter profits grew to $854.4 million and 78 cents per share, beating many analysts' estimates.

Earnings jumped six-fold from the same period in 2006, when Lilly recorded income of $132.3 million and 12 cents per share as it took a big charge to settle claims with patients who said they were harmed by Lilly's Zyprexa schizophrenia drug.

But showing how little harmed it was by that publicity, Lilly said Zyprexa sales were again No. 1 in its sales lineup, accounting for $1.27 billion. Cymbalta was next up with $628.3 million. Overall, its sales increased 16 percent to $5.19 billion.

"Lilly completed a very successful year by continuing to deliver strong financial results to our shareholders in the fourth quarter," said CEO and chairman Sidney Taurel. "Our additional investment in sales and marketing helped fuel accelerated double-digit sales growth."

It's been a big three months for Lilly.

In December, the company announced that Taurel will retire in March and be succeeded by John C. Lechleiter, the president and chief operating officer. Lilly also submitted an application to the FDA for Effient, its trade name for prasugrel, a blood-clot preventer.

Lilly said it employed 40,600 on Dec. 31, down from 41,500 at the same point in 2006.

Source: The Indianapolis Star

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