Eli Lilly Hit By Patent Expirations, Prescription Volume Plunges

Eli Lilly lost exclusivity in high profile drugs like Cymbalta and Evista and generic competition brought down the volume of medications doctors prescribed. In the most recent quarter, sales fell one sixth to under $4.9 billion, which were better than expected. But profit came in lower than estimates at 66 cents a share. Depression and anxiety disorder drug Cymbalta, which used to make Eli Lilly $1.4 billion, posted a 73 percent drop in sales compared to a year ago. But Eli Lilly says generic competition didn't hurt every drug and it emphasizes that it has more medicine in the pipeline. Two diabetes drugs, for example, are waiting for FDA approvals.