Eli Lilly announces 2% revenue decline in fourth quarter

The makers of F-18 florbetapir, also known as Amyvid, the first-approved neuroimaigng agent to rule out Alzheimer's, declared an 2 percent drop in global revenues in the final quarter of 2013 to just over $5.8 billion, though revenues for the full year reflected a 2 percent increase to slightly more than $23.1 billion.

The decline was an immediate effect of a loss of drug patents including Cymbalta, a selective serotonin and norepinephrine reuptake inhibitor, no longer exclusive to Lilly as of Dec. 11. Sales for the drug swiftly plummeted 49 percent.

The pharmaceutical company also reported charges related to the acquisition of a calcitonin gene related peptide antibody from Arteaus Therapeutics for the treatment of frequent migraine headaches. Not reflected in the numbers is a joint venture with Pfizer to bring to market the monoclonal antibody tanezumab, which diminishes nerve growth factor and is used to treat bone pain in cancer patients.

"Lilly's fourth-quarter 2013 results reflect the initial impact from the U.S. patent expiration for Cymbalta,” said John C.  Lechleiter, PhD, president and chief executive officer for Eli Lilly. “The loss of the Cymbalta patent, along with the expiration of the U.S. patent for Evista in March of this year will result in a substantial decline in revenue and earnings in 2014. Yet, far from seeing 2014 as a trough year for Lilly, we see it as a moment of tremendous opportunity. We anticipate launching several new medicines this year and returning our company to growth in 2015 and beyond."

If Lilly’s collaboration with Pfizer moves forward, and clinical hold for tanezumab is lifted, the company will outlay $200 million to Pfizer as an initial fee. Lilly projects 2014 revenues somewhere between $19.2 and $19.8 billion.