NEW YORK (AP) — Eli Lilly and Co. said Thursday that its net income and sales sank in the third quarter after its antidepressant Cymbalta lost patent protection and faced competition from less-expensive generics.
Lilly said its revenue from Cymbalta plunged 73 percent and revenue from the osteoporosis treatment Evista fell 65 percent. Lilly reported greater revenue from the lung cancer drug Alimta, which is its new top seller, and its insulin Humalog.
The Indianapolis company said its net income fell 58 percent to $500.6 million, or 47 cents per share. Excluding one-time items Lilly said its profit totaled 66 cents per share. Revenue declined 16 percent to $4.88 billion.
Zacks Investment Research says analysts expected 66 cents per share and $4.84 billion in revenue on average.
The company reported more than $5 billion in revenue from Cymbalta in 2013, and the first generic version of the drug was approved in December. Lilly said its third-quarter revenue from Cymbalta dropped to $368 million while Evista sales fell to $89.5 million. Revenue from Alimta rose 5 percent to $723.4 million and Humalog sales grew 15 percent to $706.1 million.
Lilly trimmed its 2014 revenue expectations, saying the patent expirations for Cymbalta and Evista have led to a sharp decline in sales. The company said its business is also being hurt by the stronger U.S. dollar and competition in the U.S. animal health market.
It is now forecasting $19.4 billion to $19.8 billion in annual revenue, down from its previous estimate of $19.4 billion to $20 billion. Lilly said it still expects to report a profit of $2.72 to $2.80 per share in 2014 excluding one-time items.
The company’s stock slipped 58 cents to $64.10 in midday trading.
Lilly shares have risen 27 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 4 percent. The stock has increased 29 percent in the last 12 months.