Pharma Industry
Industry: Email Alert RSS FeedLilly Updates Estimates on Prozac Loss.(Eli Lilly & Co. revises fourth quarter 2001 and year 2002 earnings expectations)(Brief Article)
Chemical Market Reporter, October, 2001
Eli Lilly & Co. has revised fourth quarter 2001 and year 2002 earnings expectations based on the erosion of Prozac sales following the drug's patent expiry in August. The company reaffirmed single-digit sales growth expectations for 2001 and 2002 and updated 2002 earnings per share estimates to $2.70 to $2.80 to account for the additional investment necessary to nurture its pipeline. "With nearly two months of Prozac sales data available, the erosion in prescriptions is the most severe ever for a blockbuster product in our industry," says Sidney Taurel, Eli Lilly's chairman, president and CEO. Fourth quarter sales will be particularly impacted. On a positive note, Eli Lilly is targeting EPS growth in the high-teens for 2003 based on the expected launches of Xigris,...
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