Summary Box: Eli Lilly's 3Q profit falls 5 pct

AP News
|
Posted: Oct 20, 2011 12:23 PM
Summary Box: Eli Lilly's 3Q profit falls 5 pct

THE RESULTS: Drugmaker Eli Lilly and Co.'s third-quarter earnings fell 5 percent to $1.24 billion, or $1.11 per share, while revenue climbed 9 percent to $6.15 billion.

THE REASONS: The company's expenses rose, fueled by foreign exchange rates, the health care overhaul and its push to replace revenue it will lose after the patent protecting its top seller, the antipsychotic Zyprexa, expires Sunday.

NARROWED FORECAST: Lilly now expects 2011 adjusted earnings of $4.30 to $4.35 per share, compared with its forecast in July for earnings of $4.25 to $4.35.