Summary Box: Eli Lilly 4Q profit falls 27 percent

AP News
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Posted: Jan 31, 2012 11:19 AM
Summary Box: Eli Lilly 4Q profit falls 27 percent

A BIG DROP: Drugmaker Eli Lilly and Co. said Tuesday its fourth-quarter net income fell 27 percent. Lilly earned $858.2 million, or 77 cents per share, compared to $1.17 billion, or $1.05 per share, in the 2010 quarter. Revenue fell 2 percent to $6.05 billion.

WHAT HAPPENED: Lilly lost patent protection for its all-time best seller, the antipsychotic Zyprexa, in October. Revenue from the drug fell 44 percent to $749.6 million in the fourth quarter.

EXPECTATIONS: Adjusted earnings were 87 cents per share. Analysts expected, on average, earnings of 81 cents per share on $5.89 billion in revenue.