WebProNews

Eli Lilly & Co. experienced a loss of $2.4 million in the fourth-quarter with the costs of redesigning a plant and office closings.

Along with the $2.4 million net loss, the company had no diluted earnings per share, primarily due to the tax expense on the expected repatriation of overseas earnings under the American Jobs Creation Act as well as charges for the restructuring initiatives.

The company did have a 5% increase in sales helped by ewer products such as Alimta, Cialis, Cymbalta, Forteo, Strattera, Symbyax, Xigris and Yentreve which contributed $498.7 million to fourth-quarter sales.

"Lilly did about as expected, delivering no big surprises," Cathay Financial analyst Sena Lund said.

According to a Reuters article,

"The loss included a charge of $465 million for taxes on Lilly's plans to return $8 billion in past overseas earnings under a new U.S. law that grants a reduced tax rate on the return of profits held by foreign subsidiaries.

Lilly also took $494 million in charges for a previously announced restructuring and asset writedowns."

WebProNews | Breaking eBusiness News
Your source for investigative ebusiness reporting and breaking news.