Costs and restructuring take toll on Eli Lilly 1st-qtr 2011, as earnings slump 15%
Eli Lilly, the first of the US drug majors to report first quarter 2011 financial results, revealed that revenue grew 6% to $5.84 billion, driven by increased demand in international markets. However, the company said it earned $1.06 billion, or $0.95 per share, a decline of 15.2% and 16% respectively in the three months that ended March 31. Adjusted net income was $1.37 billion, or $1.24 a share, up from $1.3 billion, or $1.18 a year earlier. Nevertheless, the figures beat consensus analysts’ forecasts for earnings per share at $1.17 and sales of $5.71 billion.
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