Lilly Plunges as Investors Listen to Prozac Ruling

You'll excuse Eli Lilly (LLY Quote) investors for feeling a little blue today.

The Indianapolis-based drug giant saw its shares plunge 30% Wednesday, shedding more than $30 billion in market cap, after it lost a bid to maintain patent protection for its top-selling drug, the antidepressant Prozac, for two more years. As a result, generic drugmaker Barr Labs (BRL Quote) may be able to begin selling a Prozac knockoff next February. Barr shares jumped 68% on the news.

Lilly also warned that earnings growth would fall to the single digits percentagewise over the next two years if the ruling stands up. ...