Eli Lilly & Co. (LLY) +1.74%
LLY reaffirmed its outlook for fiscal 2008 and raised its targets for 2009 as it expects robust volume growth in sales. While the company expects robust volume growth in sales in 2009, the outlook is dampened by the negative impact of weaker foreign currencies and the impact of generic competition.
LLY is the second U.S. pharmaceutical company in a week – the other being Merck (MRK) – citing slowing demand and international sales declining in value as the U.S. dollar strengthens.
Meanwhile, LLY said it is halfway to meeting its goal of cutting the cost of bringing a new drug to market to $800 million by 2010 from $1.2 billion in 2007.
Drugmakers, which will be subject to continued patent expiration of blockbusters in the next several years, have been looking to cut costs as their pipelines generally aren’t seen as being able to recoup the revenue losses caused by drugs’ generic competition.
Boeing (BA) -3.38%
Boeing said the 787 Dreamliner is now almost two years behind schedule and won’t reach customers until the first quarter of 2010, the fourth delay for the best-selling new aircraft in Boeing’s history.
In separate reports, Boeing plans to offer cheaper weapons systems based on existing technology to counter potential Pentagon budget constraints under the Obama administration. (Related article)
Procter & Gamble (PG) -0.91%
PG said fiscal 2Q sales will rise less than it thought because of the “difficult economic environment,” but reaffirmed its 2Q and full-year earnings guidance. Because of its size, PG has more levers to pull internally to cut costs that other companies may not have.
Quick Hits
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Peter Lazaroff, Junior Analyst
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