Strong growth in sales of the antidepressant Prozac (fluoxetine), up 39% to $1.7 billion, drove Eli Lilly's good performance in 1994. For the year, sales were ahead 10% to $5.7 billion, with worldwide volume growth of 11%. Net income was $1.3 billion and earnings per share were $4.45 after charges associated with a voluntary product recall of three liquid antibiotics and the impact of the acquisitions of Sphinx Pharmaceuticals and PCS Health Systems. Excluding these charges, net income would have been $1.4 billion and EPS $4.84.
Worldwide sales of pharmaceuticals in 1994 advanced 10% to $5.2 billion. In addition to sales growth by Prozac, other products contributing to volume growth were the antiulcerant Axid (nizatidine), a human growth hormone Humatrope, and an insulin product Humulin. Sales of anti-infectives declined as international growth was offset by a decline in the USA due primarily to continued competitive pressures.
Sales growth in the USA amounted to 6% and international turnover increased 17%. R&D spending for the year was $240.4 million, up 11%.
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