Eli Lilly Profit Sinks 58%, Revenue Declines

Drug maker Eli Lilly & Co. on Thursday said third-quarter earnings were $500.6 million, or 47 cents a share, a 58% decline from $1.2 billion, or $1.11 a share, in the year-earlier period. Adjusted earnings were 66 cents a share, and analysts polled by FactSet had expected 67 cents a share. Total revenue fell 16% to $4.88 billion from $5.77 billion a year ago, driven by U.S. patent expirations for Cymbalta and Evista. Analysts were looking for revenue of $4.84 billion. Shares of Eli Lilly were inactive in premarket trade.