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Patent loss hurts Eli Lilly profits
Updated: Tuesday, 31 Jan 2012, 7:21 AM EST
Published : Tuesday, 31 Jan 2012, 7:21 AM EST
INDIANAPOLIS (AP) - Drugmaker Eli Lilly says its net income tumbled 27 percent in the last quarter of 2011 as the loss of a key patent protecting its top-seller Zyprexa hurt revenue.
Lilly lost U.S. patent protection in October for Zyprexa, an antipsychotic that generated 19 percent of its third-quarter revenue. Zyprexa revenue fell 44 percent to $749.6 million in the fourth quarter.
The Indianapolis company says it earned $858.2 million, or 77 cents per share, in the three months that ended Dec. 31. That's down from the $1.17 billion, or $1.05 per share, Lilly earned in the final quarter of 2010.
Revenue fell 2 percent to $6.05 billion.
Adjusted earnings were 87 cents per share.
Analyst expected adjusted earnings of 81 cents per share on $5.89 billion in revenue.
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