Lilly to take $1.4B charge to resolve past practices
US drug major Eli Lilly says that it is in advanced discussions to resolve the ongoing investigations led by the US Attorney's Office for the Eastern District of Pennsylvania related to past marketing and promotional practices for its antipsychotic Zyprexa (olanzapine). As a result, the company will record a charge of $1.415 billion, or $1.29 per share, in the third quarter of 2008.
Lilly says it has now incorporated an enhanced compliance program that is designed to ensure that its global marketing and promotional practices fully comply with all laws and regulations. This includes the elements of compliance guidelines issued by the US Department of Health and Human Services, Office of Inspector General, for the pharmaceutical industry, the firm noted.
Separately, Lilly has resolved a multi-state investigation related to the sales, marketing and promotion of Zyprexa for $62.0 million (Marketletter October 13).
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