Eli Lilly (NYSE: LLY) this morning reported disappointing third-quarter results as generic drugs took a toll on its sales.
The Indianapolis-based drug maker posted adjusted earnings per share (EPS) of $0.79 on revenues of $5.44 billion. In the same period a year ago, the company reported EPS of $1.13 on revenues of $6.15 billion. The quarter’s results also compare to the Thomson Reuters consensus estimates for EPS of $0.83 and $5.62 billion in revenues.
The company’s chairman and CEO said:
The third quarter was an eventful one for Lilly, as we gained a better understanding of several potential new medicines in our clinical pipeline, while maintaining focus on delivering solid financial results despite the loss of Zyprexa patent exclusivity.
Also, the company recognized a charge of $53.3 million in the quarter related to asset impairments associated with the decision to stop development of a delivery device platform.
Eli Lilly now expects full-year 2012 EPS to be in the range of $3.30 to $3.40 on revenue of between $21.8 and $22.8 billion. The Thomson Reuters consensus estimates call for EPS of $3.39 and $22.72 billion in revenues.
Shares are inactive in premarket trading but closed yesterday at $51.91. The 52-week range is $35.46 to $53.99.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.