Eli LillyMonday posted lower-than-expected quarterly earnings, as disappointing sales of its Byetta diabetes drug overshadowed growing demand for its other medicines, sending shares 3.4 percent lower.
"Right now, we're seeing terrific growth from the nine products we launched earlier this decade," said John Lechleiter, Eli Lilly CEO, said on CNBC.
"We're in the business of bringing new medicines to the market that, obviously, have to compete effectively with generics. I think the kind of growth we saw this first quarter indicates that we've been able to do that."
The Indianapolis-based drugmaker earned $1.06 billion, or 97 cents a share, compared with $508.7 million, or 47 cents per share, in the year-earlier first quarter.
Excluding special items, Lilly earned 92 cents per share. Analysts on average expected 96 cents per share, according to Reuters Estimates.
Special items included a benefit, amounting to 19 cents per share, from resolution of a federal tax audit, and charges totaling 14 cents per share related to restructuring charges and acquisitions.