Eli Lilly Reports $1 Billion Quarterly Net Income

Eli Lilly, one of the biggest pharmaceutical companies in the world, made nearly a billion dollars in net income last quarter. The company reported earnings Wednesday and said worldwide revenue rose nearly 7 percent, in part because of strong sales of its drugs for lung cancer, depression and schizophrenia. Last month, Lilly announced plans to cut more than 5,000 jobs, or 14 percent of its workforce.

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STEVE INSKEEP, host:

NPR's business news starts with big profits at a leading drug company.

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INSKEEP: The company is Eli Lilly, and its one of the biggest pharmaceutical firms in the world. It made nearly a billion dollars in net income, were told, last quarter. The company reported earnings today and said worldwide revenue rose, and thats in part because of strong sales of its drugs for lung cancer, depression and schizophrenia.

Lillys anti-psychosis medicine, Zyprexa, is its top seller, but the patent on that drug is said to expire soon and the company is preparing for lower profits.

Last month, Lilly announced plans to cut more than 5,000 jobs.

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