Eli Lilly reports Q4 net loss

The company has reported net sales of $5.21 billion in the fourth quarter of 2008 that were essentially flat compared with the fourth quarter of 2007.

For the full year 2008, the company reported net sales of $20.38 billion, an increase of 9%, compared to $18.63 billion posted for the full year 2007.

As a result of the ImClone acquisition charges and the charges related to the resolution of Zyprexa investigations by the US Attorney for the Eastern District of Pennsylvania and multiple states, the company reported a net loss of $2.07 billion and a loss per share of $1.89 for the full year 2008, compared with full year 2007 net income of $2.95 billion and earnings per share of $2.71.

John Lechleiter, chairman and CEO of Lilly, said: Throughout the year, Lilly executed well on its operational and strategic priorities. Despite a tempering of sales growth in the fourth quarter due to unfavorable exchange rates, moderation in US demand and some variations in wholesaler and retailer buying patterns, the company delivered 9% sales growth for the year, with a record eight products each achieving over $1 billion in sales.

We enter 2009 with an unprecedented 60 molecules in clinical development, and an unwavering commitment to deliver improved outcomes for individual patients.