Eli Lilly says profit falls, to mull sale of animal health business

Industries Reuters

(Eli Lilly)

Eli Lilly and Co, one of the world's top insulin makers, on Tuesday reported a 28.5 percent drop in quarterly profit and said it was reviewing options, including a sale or an IPO, for its Elanco Animal Health business.

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The company said its net income fell to $555.6 million, or 53 cents per share, in the third quarter ended Sep. 30, from $778 million, or 73 cents per share, a year earlier.

Revenue rose nearly 9 percent to $5.66 billion.

(Reporting by Tamara Mathias in Bengaluru; Editing by Savio D'Souza)