Eli Lilly posts 27% drop in 1st-qtr profit
US pharma major Eli Lilly (NYSE: LLY) reported first-quarter 2015 financials today, revealing that revenue fell 1% to $4.64 billion, impacted by the stronger US dollar and generic competition, and just below analysts’ average expectations of $4.65 billion, according to Thomson Reuters. Lilly’s shares dipped 0.8% to $71.73 in early trading.
Net profit for the quarter came in at $529.5 million, or $0.50 earnings per share, down 27% compared with a profit of $727.9 million, or EPS of $0.68 in the first-quarter of 2014, impacted by a stronger US dollar. Excluding special items, EPS was $0.87, topping the average analyst estimate by about 10 cents, driven by a 42% rise in global animal health sales. Lilly acquired the Novartis animal health business for $5.4 billion in January, making its Elanco unit the world's second-largest animal-health group by revenue, up from fourth position.
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