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Business News/ Companies / Eli Lilly reports Q4 loss on ImClone costs
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Eli Lilly reports Q4 loss on ImClone costs

Eli Lilly reports Q4 loss on ImClone costs

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New York: Drugmaker Eli Lilly & Co says it swung to a loss in the fourth quarter (Q4) after buying cancer-drug maker ImClone Systems Inc.

Indianapolis-based Lilly says it lost $3.63 billion, or $3.31 per share in the quarter. That compares with earnings of $854.4 million, or 78 cents per share a year ago. Lilly says sales edged up to $5.21 billion from $5.19 billion, below analyst estimates.

Excluding one-time items, Lilly earned $1.07 per share. Analysts expected $1.05 per share on $5.42 billion in revenue.

The results include a $4.73 billion charge for the ImClone purchase.

Sales of the anti-psychotic Zyprexa fell 10% to $1.15 billion due to decreased wholesale buying.

Lilly stands by its expectations for earnings of $4 to $4.25 per share for 2009.

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Published: 29 Jan 2009, 05:51 PM IST
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