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Eli Lilly sees growth in earnings next year

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Eli Lilly said Thursday it still expects its earnings per share to grow in the double-digit range through 2011 and added it plans to launch two new medicines per year starting in 2013.

The drugmaker expects to earn $4.65 to $4.85 per share in 2010, excluding the impact of health care reform and other items. On average, analysts expect income of $4.74 per share, according to a survey by Thomson Reuters.

Eli Lilly & Co., which makes the anti-psychotic Zyprexa and the antidepressant Cymbalta, said it has more than 60 molecules in clinical development, including 25 in mid and late-stage development.

In August Lilly debuted blood thinner Effient in the U.S., the company’s first new product launch since 2005.

Lilly’s fastest-growing product is Alimta, which saw its sales climb 47 percent in the third quarter. Lilly said Thursday it plans to purse additional indications for the cancer drug, either as monotherapy, or in combination with other oncolytics.

Earlier this year, the Indianapolis company said it would cut annual costs by $1 billion by 2011 and produce new drugs faster.

© 2009 Associated Press. Displayed by permission. All rights reserved.

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