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Lilly 2013 profit forecast tops expectations

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press
Friday, January 4, 2013 - 9:39 am

INDIANAPOLIS – Eli Lilly and Co. forecasts its 2013 earnings will grow more than Wall Street expects even though the drugmaker will lose U.S. patent protection for two more key products in the new year.

The Indianapolis company said Friday that it expects 2013 adjusted earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.

Analysts expect, on average, earnings of $3.72 per share on $22.87 billion in revenue, according to FactSet.

Lilly's revenue slipped last year after it lost U.S. patent protection for its all-time best selling drug, the antipsychotic Zyprexa. That exposed a drug that once topped $5 billion in annual revenue to cheaper generic competition.

This year, Lilly loses patent protection for its best-selling insulin, Humalog, in May and the antidepressant Cymbalta in December.

Cymbalta replaced Zyprexa as Lilly's top seller. Cymbalta and Humalog combined to generate about 44 percent of Lilly's roughly $8.7 billion in U.S. sales through the first nine months of 2012.

Lilly has said it will counter the revenue loss from the patent expirations by developing new drugs, cutting costs and depending on sales in foreign markets and developing countries. The drugmaker reiterated on Friday that it expects at least $3 billion in net income and revenue of at least $20 billion through 2014.