Drug maker Eli Lilly & Co. reported fourth quarter and full year earnings this morning, and although revenues were higher than expected, net income fell and EPS missed estimates. Lilly lost patent protection on Zyprexa, its best-selling anti-psychotic, in October.
The company reported fourth quarter revenues of $6.05 billion, better than the consensus estimate of $5.89 billion but down -2% from the same period in 2010. EPS came in at $0.77 on net income of $858.2 million. In 2010, net income totaled $1.17 billion and EPS came in at $1.05, both 27% higher than this year’s totals. Adjusted EPS totaled $0.87, better than the consensus estimate of $0.81.
Lilly confirmed its guidance for 2012, forecasting EPS of $3.10-$3.20, down from $3.90 in 2011. Analysts expected $3.19. Full-year revenue is forecast at $21.8-$22.8 billion, which includes a $3 billion drop in sales of Zyprexa. Gross margin for 2012 is forecast at around 77%.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
