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Lilly Swings to Loss on ImClone Costs

Stock quotes in this article: LLY , AMLN  

Updated from 7:24 a.m. EST

Eli Lilly(LLY Quote) swung to net loss in the fourth quarter from a year-earlier profit primarily because of costs related to the acquisition of ImClone Systems.

The Indianapolis-based drug maker said the fourth-quarter loss totaled $3.62 billion, or $3.31 a share, compared with net income of $854.4 million, or 78 cents a share, in the year-earlier quarter.

Lilly recorded a pretax charge of $4.73 billion in the fourth quarter related to the $6.5 billion purchase of the biotech firm ImClone. ...

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