Lilly has good 1Q sales but still disappoints
US drug major Eli Lilly has reported solid financial results for the first quarter of 2008, but still failed to meet Wall Street expectations, due to falling demand for its antidepressant Zyprexa (olanzapine).
The firm's net income rose 109% for the period from January 1 through March 31, reaching $1.06 billion versus $508.7 million for the same period in 2007. Worldwide sales also increased to $4.80 billion vs $4.39 billion in the like quarter, a 14% increase. Products that were launched this decade collectively grew by 33% to $1.68 billion and accounted for 35% of total sales vs 30% for the first quarter of 2007.
This brought earnings per share up to $0.97 vs $0.47, a 106% increase on last year's period. However, this is still below the figures expected by Wall Street analysts.
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