Eli Lilly 2013 profit forecast tops expectations
(AP)—Eli Lilly and Co. said Friday its 2013 earnings will grow more than Wall Street expects, even though the drugmaker will lose U.S. patent protection for two more key products this year.
The company said it expects 2013 adjusted earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.
Analysts expect, on average, earnings of $3.72 per share on $22.87 billion in revenue, according to FactSet.
Lilly's revenue slipped last year after it lost U.S. patent protection for its all-time best selling drug, the antipsychotic Zyprexa. That exposed a drug that once topped $5 billion in annual revenue to cheaper generic competition.
This year, Lilly loses patent protection for its best-selling insulin, Humalog, in May and the antidepressant Cymbalta in December.
Cymbalta replaced Zyprexa as Lilly's top seller. Cymbalta and Humalog combined to generate about 44 percent of Lilly's roughly $8.7 billion in U.S. sales through the first nine months of 2012.
Lilly has said it will counter the revenue loss from the patent expirations by developing new drugs, cutting costs and depending on sales in foreign markets and developing countries. The drugmaker reiterated that it expects at least $3 billion in net income and revenue of at least $20 billion through 2014.
It also expects to keep paying shareholders a dividend and to complete a $1.5 billion share repurchase program this year.
The company reports fourth-quarter and 2012 results on Jan. 29.
Company shares climbed 53 cents to $49.72 Friday before trading started. The stock rose 19 percent in 2012 to close the year at $49.32.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Lilly, Boehringer collaborate on diabetes drugs Jan 11, 2011 | not rated yet | 0
- Qualcomm reports stronger results, forecast Nov 02, 2011 | not rated yet | 0
- Qualcomm 3Q results beat Wall Street estimates Jul 20, 2011 | not rated yet | 0
- CenturyLink 3Q net income falls as expenses rise Nov 02, 2011 | not rated yet | 0
- Hewlett-Packard reports higher 3Q earnings Aug 19, 2011 | not rated yet | 0
- Motion perception revisited: High Phi effect challenges established motion perception assumptions Apr 23, 2013 | 3 / 5 (2) | 2
- Anything you can do I can do better: Neuromolecular foundations of the superiority illusion (Update) Apr 02, 2013 | 4.5 / 5 (11) | 5
- The visual system as economist: Neural resource allocation in visual adaptation Mar 30, 2013 | 5 / 5 (2) | 9
- Separate lives: Neuronal and organismal lifespans decoupled Mar 27, 2013 | 4.9 / 5 (8) | 0
- Sizing things up: The evolutionary neurobiology of scale invariance Feb 28, 2013 | 4.8 / 5 (10) | 14
Classical and Quantum Mechanics via Lie algebras
Apr 15, 2011 I'd like to open a discussion thread for version 2 of the draft of my book ''Classical and Quantum Mechanics via Lie algebras'', available online at http://lanl.arxiv.org/abs/0810.1019 , and for the...
- More from Physics Forums - Independent Research
More news stories
Early use of tracheostomy for mechanically ventilated patients not associated with improved survival
For critically ill patients receiving mechanical ventilation, early tracheostomy (within the first 4 days after admission) was not associated with an improvement in the risk of death within 30 days compared to patients who ...
Other 5 hours ago | not rated yet | 0
The decision to limit life support in patients in the intensive care unit (ICU) appears to be significantly influenced by physician practices and/or the culture of the hospital, suggests new findings from researchers at the ...
Other 7 hours ago | not rated yet | 0
Knee replacement surgery is a very common procedure. However, it does not always resolve function or pain in all the recipients of new knees. A study by Robert Barrack, MD and his colleagues from the Washington University ...
Other 10 hours ago | not rated yet | 0
Doctors are trained to think "common disease" when they meet patients in their practices, and as they rarely or never meet a rare disease, it often takes many years to reach the right diagnosis. A new search tool called FindZebra ...
Other 10 hours ago | not rated yet | 0
Delayed transfer to the intensive care unit (ICU) in hospitalized patients significantly increases the risk of dying in the hospital, according to a new study from researchers in Chicago.
Other 11 hours ago | not rated yet | 0
(Medical Xpress)—Native peoples in regions where cameras are uncommon sometimes react with caution when their picture is taken. The fear that something must have been stolen from them to create the photo ...
10 hours ago | 4 / 5 (4) | 0 |
(Medical Xpress)—Despite spending billions of dollars on research and development, drug companies have been unable to come up with effective treatments for dementia and Alzheimer's Disease (AD). Now, A. ...
8 hours ago | 4.8 / 5 (6) | 0 |
An experimental sleeping pill from US drug company Merck is effective at helping people fall and stay asleep, according to reviewers at the US Food and Drug Administration, which could soon approve the new drug.
4 hours ago | 5 / 5 (1) | 0
Activating an enzyme known to play a role in the anti-aging benefits of calorie restriction delays the loss of brain cells and preserves cognitive function in mice, according to a study published in the May ...
4 hours ago | 5 / 5 (3) | 0 |
Australian scientists have charted the path of insulin action in cells in precise detail like never before. This provides a comprehensive blueprint for understanding what goes wrong in diabetes.
10 hours ago | 4.8 / 5 (4) | 0 |
A drug commonly used to treat depression and anxiety may improve a stress-related heart condition in people with stable coronary heart disease, according to researchers at Duke Medicine.
5 hours ago | not rated yet | 0 |