Lilly's net profit in the third quarter fell 58% year on year

Source: Tencent Finance on October 24, 2014, Eli Lilly, a pharmaceutical company, reported its third quarter results on Thursday According to the financial report, Lilly's net profit in the third quarter was US $506.6 million, or 47 cents per share, down 58% year-on-year, and the net profit in the same period of last year was US $1.2 billion, or US $1.11 per share Lilly's adjusted net profit per share in the third quarter was 66 cents, less than the 67 cents per share expected by analysts surveyed by FactSet Revenue fell 16 per cent to $4.88 billion from $5.77 billion in the same period last year, mainly due to the expiration of US patents for the company's best-selling drugs Cymbalta and Cymbalta Analysts expect Lilly to generate $4.84 billion in revenue in the third quarter Lilly said $95 million was spent in the third quarter as a result of lab consolidation Lilly's sales and net profits have been under pressure since 2011, as its best-selling drug, Zyprexa, faces fierce competition for cheap generic drugs after its US patent expires In December 2013 and March this year, the biggest profit source of Lilly was the patent expiration of two other drugs, Cymbalta and raloxifene in the United States Sales fell 73% to $368 million in the third quarter, while sales of raloxifene fell 65% to $90 million