Eli Lilly (NYSE: LLY) this morning reported disappointing third-quarter results as generic drugs took a toll on its sales.
The Indianapolis-based drug maker posted adjusted earnings per share (EPS) of $0.79 on revenues of $5.44 billion. In the same period a year ago, the company reported EPS of $1.13 on revenues of $6.15 billion. The quarter's results also compare to the Thomson Reuters consensus estimates for EPS of $0.83 and $5.62 billion in revenues.
The company's chairman and CEO said:
The third quarter was an eventful one for Lilly, as we gained a better understanding of several potential new medicines in our clinical pipeline, while maintaining focus on delivering solid financial results despite the loss of Zyprexa patent exclusivity.
Also, the company recognized a charge of $53.3 million in the quarter related to asset impairments associated with the decision to stop development of a delivery device platform.
Eli Lilly now expects full-year 2012 EPS to be in the range of $3.30 to $3.40 on revenue of between $21.8 and $22.8 billion. The Thomson Reuters consensus estimates call for EPS of $3.39 and $22.72 billion in revenues.
Shares are inactive in premarket trading but closed yesterday at $51.91. The 52-week range is $35.46 to $53.99.
Filed under: 24/7 Wall St. Wire, Drug companies, Earnings Tagged: LLY