Eli Lilly Backs Rosy 2013 View Despite Patent Woes
Eli Lilly says its 2013 earnings will grow at a pace that tops Wall Street expectations, even though the drugmaker will lose U.S. patent protection for two more key products in the new year.
The Indianapolis company forecasts adjusted 2013 earnings of between $3.75 and $3.90 per share on $22.6 billion to $23.4 billion in revenue.
Analysts expect earnings of $3.72 per share on $22.87 billion in revenue.
Lilly's revenue slipped last year after it lost patent protection for its all-time best selling drug, the antipsychotic Zyprexa. That exposed the drug to cheaper generic competition.
This year, Lilly loses patent protection for the antidepressant Cymbalta in December and for the insulin Humalog in May.
Cymbalta replaced Zyprexa as Lilly's top seller.