Eli Lilly reports 4Q loss on ImClone costs

[January 29, 2009]  NEW YORK (AP) -- Drugmaker Eli Lilly & Co. says it swung to a loss in the fourth quarter 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 percent 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.

[Associated Press]

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