Eli Lilly falls as 2012 forecasts disappoint

US drug major Eli Lilly (NYSE: LLY) saw its shares fall 2.6% to 39.66 in mid-morning trading yesterday, after the company commented on its 2011 financial guidance and announced its financial guidance for 2012, which came in below analysts’ expectations.

For 2011, the company expects to meet or exceed its current earnings per share guidance. 2011 EPS guidance is currently in the range of $3.84 to $3.89 on a reported basis, or $4.30 to $4.35 on a non-GAAP basis when excluding $0.23 of in-process R&D charges associated with the Boehringer Ingelheim collaboration and $0.18 of asset impairment and restructuring charges through the first nine months of 2011, as well as an estimated $0.05 asset impairment charge in the fourth quarter of 2011 related to the withdrawal of the sepsis drug Xigris (drotrecogin alfa [activated]; October 26, 2011)

Zyprexa sales expected to fall more than $3 billion