Business/Financial Desk
| April 23, 2003, Wednesday
Profits
More Than Double at Pfizer, but Lilly Posts
a Decline
(NYT) 525 words
Late Edition - Final , Section C ,
Page 4 , Column 3
ABSTRACT
- Pfizer Inc says first-quarter earnings
more than doubled, while profit dropped at
Eli Lilly; Pfizer reports net income of
$4.67 billion, up from $1.96 billion year
ago; revenue increased 10 percent, to $8.53
billion; Eli Lilly's net income fell to $407
million from $629.2 million year earlier;
sales rose 13 percent, to $2.89 billion from
$2.56 billion (M) Pfizer said yesterday that
first-quarter earnings more than doubled on
the sale of businesses, while costs to cut
jobs pulled down profit at Eli Lilly. Both
reported increased sales of treatments for
conditions from high cholesterol to
schizophrenia.
Revenues at the companies met or exceeded
analysts' expectations. Prescriptions for
the schizophrenia medicine Zyprexa benefited
Lilly, where sales had slumped after generic
rivals challenged its antidepressant Prozac
in 2001. Demand for the cholesterol
treatment Lipitor lifted profit at Pfizer.
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