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Drugmaker Eli Lilly's 2nd-quarter profit falls 11 percent as expenses rise
INDIANAPOLIS (AP) ' Eli Lilly says its second-quarter net income fell 11 percent, as an increase in marketing, selling and administrative expenses blunted the drugmaker's revenue growth.
The Indianapolis company says it earned $1.2 billion, or $1.07 per share, in the three months that ended June 30. That's down from the $1.35 billion, or $1.22 per share, Lilly earned in the same quarter last year. Revenue rose 9 percent to $6.25 billion.
Excluding charges, profit was $1.18 per share.
Analyst expected earnings of $1.19 per share on $6.01 billion in revenue.
Sales for Lilly's best-selling drug, the antipsychotic Zyprexa, climbed 12 percent to $1.41 billion. The company will lose U.S. patent protection for the blockbuster drug in October.