INDIANAPOLIS — Eli Lilly and Co.’s second-quarter net income tumbled 23 percent on an expected drop in sales for its antipsychotic Zyprexa, but the performance topped Wall Street expectations, and the drugmaker raised its 2012 earnings forecast.
The Indianapolis company said Wednesday that sales for Zyprexa, its all-time top-selling drug, sank 73 percent to $379.5 million in the quarter. Zyprexa sales once topped $5 billion annually, but the drug lost U.S. patent protection last fall, which exposes it to cheaper generic competition.
Overall, Lilly earned $923.6 million, or 83 cents per share, in the three months that ended June 30. That compares to net income of $1.2 billion, or $1.07 per share, in last year’s quarter.
Revenue fell 10 percent to $5.6 billion.
Revenue for the company’s Elanco animal health business rose 32 percent to $512 million. Elanco has a plant in east Augusta that makes drugs for dairy cows.
Lilly now expects 2012 adjusted earnings to range between $3.30 and $3.40 per share. That’s up from a previous forecast that called for earnings of $3.15 to $3.30 per share.