With two Alzheimer’s drugs in the final stage of human testing and two more being developed behind them, Eli Lilly & Co. is committed to one of the riskiest bets in medicine to fill a potential $10 billion revenue gap .
Prospects for a recovery in U.S. corporate profits this year are dimming after third-quarter earnings growth slowed and the federal government’s shutdown hindered trade and threatened to crimp consumer spending.
Merck & Co., facing generic competition in August to its top-selling asthma drug Singulair, reported second-quarter profit that beat analyst estimates on higher sales of the diabetes medicines Januvia and Janumet.
Ian Read , the new chief executive officer of Pfizer Inc. , plans to lower costs by closing labs and reducing research spending by as much as $3 billion as the company faces declining sales of its best-selling drug.
Pfizer Inc., the world’s largest drugmaker, put in place the last piece of its plan to refocus the company on developing new drugs, announcing it would start the separation of its animal-health business this month.
Eli Lilly & Co. said costs for Barack Obama’s health-care law were 12 times higher than one analyst estimated. That result may be the first of such surprises from pharmaceutical companies this earnings season.