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Summary Box: Lilly's 1Q profit falls 15 percent

Mon, 04/18/2011 - 9:17am
The Associated Press

PROFIT FALLS: Drugmaker Eli Lilly and Co.'s first-quarter net income fell 15 percent to $1.06 billion, or 95 cents per share. Revenue climbed 6 percent to $5.84 billion.

WHAT HAPPENED: One-time charges for severance costs and a drug-development agreement hurt earnings, but international sales helped revenue. Excluding one-time charges, Lilly's profit was $1.24 per share. That topped analyst expectations.

2011 OUTLOOK: Lilly says its profit will fall, as it faces generic competition for its top-selling drug, the antipsychotic Zyprexa, and costs tied to the health care overhaul.

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