Meeting third-quarter earnings expectations did little to help bolster shares of drug maker Eli Lilly & Co. (LLY), which fell during morning market action.
At $38.64 a share, the stock dropped 0.13%, or six cents a share. Before today, they gained 10% this year.
Excluding one-time items, Lilly earned $1.13 a share, down from the $1.21 a share the company posted during the same period last year. Revenue increased 9% to $6.15 billion.
Lilly is aiming to overcome the loss of patents on Zyprexa, on Oct. 23, and other medicines without a major merger by investing in research. Investors are awaiting results from final-stage clinical trials on treatments for Alzheimer�s, diabetes and cancer. Lilly is also focusing on other growth areas such as emerging markets and animal health.
Lilly raised the lower end its forecast for full-year adjusted earnings to $4.30 a share from $4.25 a share.
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