Advertisement
YOU ARE HERE: LAT HomeCollections

Lilly takes charge for Zyprexa

October 22, 2008|The Associated Press

INDIANAPOLIS — Eli Lilly & Co. will take a big bite out of its third-quarter earnings with a $1.4-billion charge related to a government investigation over marketing practices for the antipsychotic medicine Zyprexa.

The drug maker said Tuesday that it would take a charge that equates to $1.29 a share because it was in advanced discussions with the U.S. attorney's office for the Eastern District of Pennsylvania over U.S. marketing and promotional practices for the drug.

But a Lilly representative said the company wasn't admitting it did anything wrong in selling the antipsychotic drug, its top revenue pro- ducer.

"All we're doing today is taking a charge to earnings, so there is no admission or settlement or anything beyond that," spokeswoman Marni Lemons said.

Patty Hartman, a spokeswoman for the U.S. attorney's office, declined to comment on Lilly's announcement.

Zyprexa brought in $4.7 billion in revenue last year.

Advertisement
Los Angeles Times Articles
|
|
|