Lilly beats Street, restructures

Eli Lilly (LLY) posted third quarter EPS of $0.69, beating the Street estimate by a penny and up 5% from EPS of $0.66 in the same period last year. However, flagging sales of depression drug Zyprexa in part prompted the company to restructure.

Third quarter sales increased 4% to $3.3 billion from $3.1 billion in the third quarter of 2003. Worldwide sales of erectile dysfunction drug Cialis were $154.1 million, up 12% from the $137.2 million in the second quarter of 2004 and 207% more than the $50.2 million posted during the third quarter last year. Cialis tadalafil is marketed in North America and the EU by Lilly Icos, a joint venture between LLY and Icos (ICOS). ...