slid 6% after the company affirmed its fourth-quarter and full-year profit forecasts, but said it remains cautious beyond that.
The Indianapolis-based drugmaker reiterated that it expects to post fourth-quarter earnings of 68 cents to 70 cents a share. Analysts are expecting the company to earn 68 cents a share, according to Thomson Financial/First Call. For fiscal 2002, Eli Lilly is projecting net profit of $2.55 to $2.57 a share, slightly above analysts' consensus estimate of $2.55 a share, but down from its year-ago mark of $2.76 a share.
Barring any significant penalties related to manufacturing issues, the company's goal is to deliver some earnings growth in 2003, the company said. The current consensus estimate calls for 3.9% earnings growth. However, the ability to deliver that growth may hinge upon the timing of new product launches, the company said.
Earlier in the session, the Food and Drug Administration approved the company's osteoporosis drug for treating high-risk fracture patients.
Shares of Eli Lilly closed down $4.06 at $64 on the
New York Stock Exchange , as 7.8 million shares changed hands. The stock's average daily volume is roughly 3.9 million shares.