April 20, 2011
Eli Lilly's Q1 profit shows decrease
Eli Lilly and Company's first-quarter profit fell 15% despite a 6% rise in company's revenue.
The decrease in profit is due to severance costs and a diabetes drug development agreement designed to help the company handle a wave of patent expirations for key products.
The Indianapolis-based company operates Elanco, an animal health division. Revenue in that division increased 28% in 2011 over 2010 results.
In the past three months, Lilly made an offer to acquire the animal health business of Janssen Pharmaceutica NV, a Johnson & Johnson Company. The two companies have notified the appropriate European works councils of their intentions. Upon deal closing, Elanco would obtain a portfolio of about 50 marketed animal health products.
