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Eli Lilly and Company (LLY) Profit Slumps on Schizophrenia Drug

1/31/2012 7:50:10 AM

Eli Lilly & Co. reported fourth- quarter profit that beat analysts’ estimates as higher sales of its depression and diabetes medicines helped to counter a 44 percent plunge in revenue from the schizophrenia drug Zyprexa. Net income fell 27 percent to $858.2 million, or 77 cents a share, the Indianapolis-based company said today in a statement. Profit excluding certain items beat by 6 cents the average of 17 analyst estimates compiled by Bloomberg. Revenue from the antidepressant Cymbalta rose 20 percent and the diabetes treatment Humalog 21 percent, helping offset sales of Zyprexa that the drugmakers said last month was declining faster than expected in the face of generic competition. Lilly has treatments for diabetes, cancer and Alzheimer’s disease in final-stage trials.

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