Eli Lilly 2nd-qtr sales takes hit from generics; net income falls 39%

24 July 2014

US pharma major Eli Lilly (NYSE: LLY) reported second quarter 2014 revenues fell 17% to $4.935 billion, reflecting generic competition for Cymbalta (duloxetine) and Evista (raloxifene) in the USA.

However, revenues still exceeded the Zacks Equity Research consensus estimate of $4.83 billion. Analysts polled by Thomson Reuters forecast revenue of $4.88 billion.

Net income for the quarter fell 39% percent to $734 million, or $0.68 a share, beat by 3 cents the average of 15 analysts’ estimates compiled by Bloomberg. At $64.05 in mid-morning trading, the firm’s shares barely moved (-0.3%).

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