Lilly Reels From Xigris Setback.(Food and Drug Administration advisory committee does not give approval)(Brief Article)

Chemical Market Reporter, October, 2001

Shares of Eli Lilly & Co. tumbled following the news that a Food & Drug Administration advisory committee failed to recommend approval for Xigris, the company's highly touted treatment for severe sepsis. The blow comes as Lilly reported a 7 percent drop in underlying net income for the third quarter on declining sales for its antidepressant Prozac because of increased generic competition. Xigris is seen as a critical component of Lilly's strategy to cushion the blow of the Prozac patent expiry. The lack of an effective treatment for sepsis and positive early trial results had analysts touting the drug as Lilly's next blockbuster. Prior to the panel's meeting, JPMorgan estimated the drug would bring in $1.7 billion in sales by 2005, and Deutsche Bane Alex. Brown...

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