Eli Lilly 1st-qtr 2014 net income plunges, sales down, hit by generic competition
US pharma major Eli Lilly (NYSE: LLY) posted first-quarter 2014 financial results, with revenue declined 16 % to $4.68 billion, falling short of Wall Street expectations of $4.8 billion. Lilly’s shares dipped 2.1% to $58.28 in early trading this morning.
The downturn was driven by the impact of US patent expirations for Cymbalta (duloxetine) and Evista (raloxifene), partially offset by strong volume growth outside the USA, particularly in Japan and the emerging markets.
Net income plunged 53% to $727.9 million. First-quarter 2014 earnings per share were $0.68 (reported, down 52%), or $0.70 (non-GAAP, 39% lower), in line with the average forecast of analysts compiled by Thomson Reuters I/B/E/S.
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