Lilly is clear about the challenges for 2011, as pressures on patent cliff mount
This article was originally published in Scrip
This year's results look OK for Lilly, but 2011 is clearly going to be difficult with declining earnings forecast and the company teetering at the edge of one of the stoniest patent cliffs in the industry. Its fourth-quarter profit rose 28%, marginally better than consensus expectations. Lilly's total revenues for the full year were up by 6% to $23.1 billion, with non-GAAP net income up by 8% as the company continues to execute a programme of "reducing head count and containing costs". Lilly says it is on track to meet or exceed its goal of reducing its projected 2011 costs by $1 billion.
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