Eli Lilly Profits Rise; Meets Expectations - TheStreet

There's no need to be depressed. Prozac maker

Eli Lilly

(LLY) - Get Report

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

Prozac

and some other products were lower.

Lilly shares

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.

Seperately,

Sepracor

(SEPR)

, a biotechnology company, said Lilly ended the companies' program to develop Sepracor's antidepressant drug, fluoxetine.