Lilly quarterly sales, profit fall short of estimates

Oct 24 (Reuters) - Eli Lilly and Co reported quarterly earnings and sales below Wall Street expectations, hurt by higher taxes and generic competition for its Zyprexa schizophrenia drug.

The company said on Wednesday that it had earned $1.33 billion, or $1.18 per share, in the third quarter. That compared with $1.24 billion, or $1.11 per share, in the year-earlier period.

Excluding special items, Lilly earned 79 cents per share. Analysts on average expected 83 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 11 percent to $5.44 billion, below Wall Street expectations of $5.62 billion.