Lilly posts 16% first quarter decline

Kathy Mahdoubi | | Health Imaging | Molecular Imaging

Eli Lilly and Company announced first quarter 2014 earnings yesterday, including $0.68 per share and an overall 16 percent decline compared to the previous quarter due to U.S. patent expirations on popular drugs.

The Indianapolis-based company indicated that losses were offset to some degree by growth in volume in emerging markets, most notably in Japan.

Net income for 2014 is expected to be at least $2.9 billion with operating cash flow of $4.0 billion. The company’s total operating expenses in 2014 are expected to drop significantly compared to the previous year. Revenue for the first quarter was reported at $4.683 billion. Total expected revenue for 2014 is up to $20 billion.

In addition to patent expirations that are driving down 2014 drug sales of Lilly’s Cymbalta and Evista, the FDA approved Ramucirumab, a single-agent treatment for advanced gastric and gastroesophageal cancer.

Kathy Mahdoubi

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