Lilly Misses Estimates as Patent Expirations Cut Sales
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Eli Lilly & Co. fell short of analyst earnings estimates as sales of its biggest drugs plummeted in what the company has said will be a down year.
Third-quarter net income fell 58 percent to $501 million, or 47 cents a share, from $1.2 billion, or $1.11, a year earlier, the company said today in a statement. Profit excluding one-time items of 66 cents a share missed by 1 cents the average of 12 analysts’ estimates compiled by Bloomberg.