said it earned $1.4 billion, or 84 cents a share, for the first quarter ended March 31, compared to $1.36 billion, or 81 cents a share, a year ago. Revenue for the quarter was $22.9 billion. Analysts expected earnings of 90 cents a share on sales of $23.6 billion, according to Thomson First Call. The stock was down $4.41, or 5.2%, o $80.20 in after-hours trading.
announced that a federal court in Indiana upheld its patent on Zyprexa, a treatment for schizophrenia and bipolar disorder. The drug, which produced more than $4 billion in revenue last year, was challenged by three generic companies who argued the patent was unenforceable. Lilly's stock was up $2.58, or 4.59%, to $58.82 in after-hours trading.
slid more than 6% Friday after saying it will delay filing its 10-K with the
Securities and Exchange Commission
as it works to correct errors in expense accruals. The pet store chain said it is working with its independent auditor to determine whether the mistakes will require an earnings restatement. The company currently expects its fourth-quarter earnings will be cut by 5 cents to 7 cents a share by the corrections. Shares fell $2.34 to $32.95.
said it will seek a 15-day extension to file its 2005 form 10-K. The company said it needs additional time to review its lease accounting methods and expects to restate financial results from 2002, 2003 and 2004. The company said it doesn't expect the affect of the restatement to exceed 1 cent a share. The stock was unchanged at $43.05.
Integrated Device technology
said it plans to consolidate its testing operations and outsource a portion of its assembly operations. Under the plan, the company will close its assembly and test facility in the Philippines, which will result in a layoff of about 750 employees. The stock was down 6 cents, or 0.55%, to $10.92 in after-hours trading.