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Lilly sets aside $1.45 billion to settle Zyprexa investigation

Executive Summary

Lilly announced it is in advanced discussions to resolve federal investigations of its marketing and promotional practices for the antipsychotic drug and will take a charge of $1.45 billion, or $1.29 per share, in the third quarter of 2008 for the settlement. The U.S. Attorney's Office for the Eastern District of Pennsylvania began its investigation five years ago. Earlier this month the company agreed to pay $62 million to settle a multi-state investigation of its Zyprexa sales and marketing practices (1"The Pink Sheet," Oct. 13, 2008, In Brief). Lilly has said that it will not settle a Zyprexa over-pricing suit brought by third party payers (2"The Pink Sheet," July 14, 2008, p. 18)
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