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18Apr2000 USA: Companies - Eli Lilly's Net Jumps on Demand For Its New Drugs. Results Offset Slowing Sales For Antidepressant Prozac NEW YORK - Eli Lilly & Co. posted solid first-quarter earnings, fueled by higher demand for newer pharmaceuticals, which offset slowing sales of antidepressant Prozac. Indianapolis-based Lilly said net income rose to $692.3 million (721.3 million euros), or 63 cents a share, adjusted for a one-time gain of $214 million from the sale of Kinetra, its joint venture with Electronic Data Systems Corp. The net income also was adjusted to include $91 million of sales that normally would have been realized during the first quarter but were realized during the fourth quarter of 1999 because of Y2K-related wholesaler buying patterns. A year earlier, Lilly had earnings of 53 cents a share, on a comparable basis. Lilly said the current per-share earnings benefited from a stock repurchase program. Adjusted for year-2000 wholesaler buying, Lilly sales increased 13% in the quarter to $2.54 billion from $2.26 billion. Lilly's operating earnings exceeded the 61-cent consensus estimate by First Call/Thomson Financial. While analysts weren't surprised by Lilly's performance, many were relieved to see even the 1% increase from $589.9 million a year ago. "The fact that Prozac was up 1% year-over-year (indicates) the majority of this market-share erosion is behind us," said Leonard Yaffe, an analyst at Banc of America Securities LLC. "To us, Prozac is the most significant product today. But going forward, Lilly's other drugs are behind the growth." Sales of osteoporosis drug Evista soared 84% to $100.5 million from $54.6 million. In September, the U.S. Food and Drug Administration approved a further indication for the drug to treat the bone-thinning disease that often leads to hip, wrist and spine fractures in postmenopausal women. The added indication introduced a larger patient population to Evista, according to Mr. Yaffe. Sales of diabetes-care products were higher than analysts expected, with $392 million in sales, up 53% from $256.6 million a year earlier. (Copyright (c) 2000, Dow Jones & Company, Inc.). Sources:WALL STREET JOURNAL EUROPE 18/04/2000 © Copyright 2001 - 2006 Prozac Clinic, all rights reserved. This site is not associated with the manufacturers of Prozac.