There's no need to be depressed. Prozac maker
this morning said its net income increased 15% to $778.8 million, or 71 cents, a diluted share.
The 24 analysts polled by
First Call/Thompson Financial
had expected the drug giant to earn an average of 71 cents a share, so the drug company's results are in line with expectations.
Lilly said worldwide sales in the third quarter were $2.81 billion, an increase of 9% over the same period last year. Lilly did say, however, that sales of its antidepressant blockbuster drug
and some other products were lower.
plunged in early August after the Indianapolis-based company lost a bid to maintain patent protection for Prozac, its top-selling drug, for two more years. Lilly has regained some of that loss and closed Wednesday at $89.25. It had traded near $109 before that news knocked down the stock.
, a biotechnology company, said Lilly ended the companies' program to develop Sepracor's antidepressant drug, fluoxetine.