News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Eli Lilly and Company (LLY) CFO: No Plans to Follow Pfizer Inc. (PFE)'s Footsteps



1/29/2013 8:27:48 AM

Eli Lilly & Co. (LLY) has no plans to follow in the footsteps of rival Pfizer Inc. (PFE) by selling or spinning off its Elanco animal-health unit. Lilly Chief Financial Officer Derica Rice said Tuesday the Elanco business has been a solid contributor to Lilly's sales and earnings and is complementary to Lilly's core business of making drugs for humans. "We are pleased and happy with our Elanco animal-health business," Mr. Rice said in an interview after Lilly reported fourth-quarter results that included an 18% increase in revenue for the unit. "We have no intentions of divesting that business through a sale or public offering." Pfizer, in contrast, plans to sell up to a 19.8% stake in its Zoetis business in an initial public offering. The IPO is expected later this week and could raise $2.2 billion in what would be the biggest IPO from a U.S. company since Facebook Inc.'s (FB) last year. The Zoetis deal is part of Pfizer's strategy to divest itself of certain businesses outside of its core human-pharmaceutical business. Pfizer has said it could shed its post-IPO ownership stake in Zoetis at a later date. Some analysts have suggested that Pfizer's planned IPO could spur other drug makers to spin off their respective animal-health divisions, especially because the animal-health market appears set for sales growth in the years ahead.

Read at Fox News


comments powered by Disqus
Fox News
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES