Last year was tough for pharmaceutical company Eli Lilly (NYSE: LLY ) . US patent expirations of Cymbalta in December 2013, and Evista this coming March are going to leave bruises. As a result, the company is expecting revenue for 2014 to fall between $19.2 and $19.8 billion, a level not seen in over 5 years. Its goal for 2014 net income has been set at just $3.0 billion, a serious reduction from present levels.
In anticipation of their own patent cliffs, many of the big players reduced their R&D budgets, in an attempt to earn more with less. Around the same time, Lilly put the pedal to the floor.
Please stay calm
Few will envy chairman, president, and CEO, John C. Lechleiter this year as he attempts to soothe anxious investors. From the earnings guidance released January 7, 2014, Lechleiter began with, "First and foremost, we are replenishing and advancing our pipeline. Today, we have 13 potential new medicines in Phase III testing or submission stage, with 26 more in Phase II. We anticipate obtaining regulatory approvals for and successfully launching multiple products each year for the next few years."
While Lilly's pipeline is robust, the company has some big holes to fill fast. Here's a look at some of the items currently under review by the FDA.
Read the complete article only at The Motley Fool, here.