Eli Lilly and Co. Thursday warned that the launch of a handful of key new medicines could be delayed as the drug maker attempts to resolve manufacturing problems at its plants.
Speaking to analysts and investors on a conference call after reported a 20-per-cent drop in second quarter profits, Lilly executives said they were unable to provide earnings guidance for 2003 until it has "more clarity" regarding the manufacturing problems. Previously, the company forecast percentage earnings growth next year in the "teens" range.
The Indianapolis-based company forecast 2002 earnings a share of $2.60 cents to $2.62 cents, which is slightly down from a forecast of $2.60 to $2.65 given by the company in April. It said it was comfortable with analysts' third-quarter expectations of 67 cents to 69 cents.
Lilly, which acknowledged it should have dealt earlier with the plant problems that the Federal Drug Administration is inspecting, said drugs made at the involved plants include an injectable form of its blockbuster schizophrenia drug Zyprexa, depression medicine Cymbalta and Forteo for osteoporosis. Lilly said it expected a response from the FDA in the next two to three months.
Company chief executive Sidney Taurel said he was hopeful FDA regulators will not hold up approvals of drugs other than those made at its plant in Indianapolis, but cautioned that he could not rule out delays of new drugs made at plants elsewhere in the United States and overseas.