Eli Lilly hit by patent expirations on Cymbalta and Evista as third-qtr profit drops of 58%

23 October 2014

US drug major Eli Lilly (NYSE: LLY) reported third quarter 2014 results that showed how badly the company has been hit by the expiration of US patents on its antidepressant Cymbalta (duloxetine) and osteoporosis drug Evista (raloxifene).

Sales for the company were down from $5.77 billion in the third quarter of 2013 to $4.88 billion this year, which is a drop of 16%. Its earnings plummeted 58%, from $1.2 billion in the same quarter last year to $500.6 million this quarter. Earnings per share fell from $1.11 to $0.47.

Analysts polled by Thomson Reuters forecast earnings for Eli Lilly would stand at $0.67 a share and that the company would report revenue of $4.83 billion.

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