Mattel soars while Hasbro and Goodyear tumble
NEW YORK (AP) — Stocks that moved substantially or traded heavily on Friday:
Phillips 66, up $1.78 to $93.52
Higher refining margins helped the oil refiner beat Wall Street forecasts.
Mattel Inc., up $2.87 to $15.23
Strong sales of Barbie dolls pushed the toy maker to a fourth-quarter profit.
Goodyear Tire & Rubber Co., down $1.86 to $18.69
The tire maker fell short of Wall Street forecasts due to lower sales and issued a weak outlook for the tire market.
Eli Lilly to spend about $8B on Loxo Oncology
Eli Lilly is spending about $8 billion in cash to buy Loxo Oncology, as the drugmaker bulks up on cancer treatments that target certain gene abnormalities.
Loxo Oncology could launch a drug next year and targets an abnormality that occurs in several tumor types, including some lung and thyroid cancers, Lilly said in a prepared statement announcing the deal Monday.
Lilly: 3Q Earnings Snapshot
INDIANAPOLIS (AP) _ Eli Lilly and Co. (LLY) on Tuesday reported third-quarter net income of $1.15 billion.
The Indianapolis-based company said it had profit of $1.12 per share. Earnings, adjusted for amortization costs and asset impairment costs, came to $1.39 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The drugmaker posted revenue of $6.06 billion in the period.
Berkshire Hathaway and Lilly climb; Sysco and MGM sink
NEW YORK (AP) — Stocks that moved substantially or traded heavily Monday:
Berkshire Hathaway Inc., up $9.67 to $216.24
Warren Buffett's company said its quarterly profit surged and it bought back almost $1 billion in stock.
Eli Lilly and Co., up $3.39 to $110.14
The drugmaker said its diabetes treatment Trulicity reduced the risk of cardiovascular problems in a study.
Chevron Corp., up $4.21 to $118.94
Energy companies rose along with the prices of crude oil and natural gas.
Company got Indianapolis tax break despite pending appeals
INDIANAPOLIS (AP) — Drug maker Eli Lilly and Co. won approval last year for a $9.3 million tax break despite the Indianapolis controller's concerns that the company was appealing more than $20 million in property taxes at the same time, according to a published report.
Lilly sought the 10-year abatement in exchange for the company investing $159 million to boost its insulin manufacturing operations at its Indianapolis technical center.
INDIANAPOLIS (AP) — Eli Lilly is planning an initial public offering for part of an animal health business that brought in about 13 percent of all company revenue last year.
The drugmaker said Tuesday that the IPO will represent an ownership stake of less than 20 percent. Lilly said it will divest its remaining stake in Elanco Animal Health through a tax-efficient deal, but offered no other details.
Lilly: 2Q Earnings Snapshot
INDIANAPOLIS (AP) _ Eli Lilly and Co. (LLY) on Tuesday reported a second-quarter loss of $259.9 million, after reporting a profit in the same period a year earlier.
The Indianapolis-based company said it had a loss of 25 cents per share. Earnings, adjusted for research and development costs and amortization costs, were $1.50 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.31 per share.
INDIANAPOLIS (AP) — Shares of Eli Lilly and Co. climbed early Tuesday after the drugmaker hiked its 2018 forecast and reported first-quarter earnings that beat expectations.
The insulin maker said it now expects adjusted earnings to range from $5.10 to $5.20 per share, with revenue coming in between $23.7 billion and $24.2 billion. That's up from the company's previous forecast for adjusted earnings of $4.81 to $4.91 per share on revenue of $23 billion to $23.5 billion.
Rochester Hills – Oakland University inaugurated its seventh president Friday during a ceremony on campus.
Ora Hirsch Pescovitz was a pharmaceutical company executive and University of Michigan hospital leader before being named OU's president in May 2017. She took office July 1.
Pescovitz was given a five-year contract that includes a $457,500 annual salary.
Indiana city in jeopardy of losing animal health business
GREENFIELD, Ind. (AP) — Officials in a small central Indiana city are awaiting a company's decision on whether it will sell or spin off its animal health business, a move that could deliver a blow to the local economy.
Alex Azar sworn in as secretary of Health and Human Services
WASHINGTON (AP) — Alex Azar (AY'-zahr) has been sworn in as President Donald Trump's second health secretary.
The former drug company executive and official in George W. Bush's administration succeeds former Republican Georgia congressman Tom Price, who resigned last fall following an outcry over his use of costly private charter aircraft for official travel.
Azar's nomination as secretary of Health and Human Services was approved by the Senate last week, largely along party lines.
Health nominee Azar is no stranger to management controversy
INDIANAPOLIS (AP) — Alex Azar, who's in line to replace a Trump Cabinet secretary who was forced out in controversy, is no stranger to sticky management problems.
Health nominee reaped big earnings from drug industry tenure
WASHINGTON (AP) — Newly disclosed financial records show that President Donald Trump's nominee to become Health and Human Services secretary reaped big earnings during his tenure as a top pharmaceutical executive.
As a top drug industry veteran from 2007 to 2017, former Eli Lilly and Co. executive Alex Azar built a substantial financial portfolio now worth $9.5 million to $20.6 million, and he was paid nearly $2 million in his final year at the company.
Lilly moves ahead with Indianapolis project amid job cuts
INDIANAPOLIS (AP) — Eli Lilly and Co. says it is going ahead with a $72 million project updating an insulin manufacturing facility in Indianapolis even as the drugmaker plans to cut about 3,500 jobs from its global workforce.
The Indianapolis-based company said Monday the project will replace an existing insulin vial filling line and allow it to meet growing demand for its insulin products.
Lilly says the work is among $850 million in planned U.S. capital projects that were announced in March.
Trump considers former pharmaceutical executive to head HHS: Report
President Trump is strongly considering former pharmaceutical executive Alex Azar to be the next Health and Human Services secretary,Politico reported.
Mr. Azar would replace Tom Price, who resigned in September after allegedly spending $1 million in taxpayer funds on private travel. Although two White House officials cited in the report said Mr. Azar is the likely choice, another official told Politico nothing is final until Mr. Trump makes the announcement.
FDA approves Lilly pill for common advanced breast cancer
U.S. regulators have approved a new medicine for treating a common type of breast cancer after it has spread to other parts of the body.
Eli Lilly's Verzenio was approved Thursday by the Food and Drug Administration for women and men with what's called HR-positive, HER2-negative breast cancer that has worsened after hormone therapy.
According to the FDA, about 72 percent of patients with breast cancer have this type.
Drugmaker Lilly to trim workforce by nearly 9 percent
INDIANAPOLIS (AP) — Eli Lilly will slash its global workforce by nearly 9 percent as the drugmaker closes some research sites and pushes to trim fixed costs.
The Indianapolis company said Thursday it will cut about 3,500 positions, mostly through a voluntary retirement program in the United States. The insulin and cancer treatment maker employed 41,240 people worldwide at the end of June.
Lilly lays out faster time frame for FDA drug resubmission
INDIANAPOLIS (AP) — Eli Lilly says it will resubmit its potential rheumatoid arthritis treatment to regulators several months faster than expected.
The drugmaker said Wednesday that it will give baricitinib back to the Food and Drug Administration for review by the end of January, and the agency will not require a new clinical study.
LONDON (AP) — Britain's Supreme Court has ruled in favor of Eli Lilly and Co. in a patent dispute with generic drug-maker Actavis over Lilly's Alimta cancer treatment.
The court announced Friday that Actavis products infringe Eli Lilly's patent in Britain, France, Italy and Spain.
The decision by U.K.'s top court upholds a 2015 ruling by the Court of Appeal in London.
INDIANAPOLIS (AP) — Drugmaker Eli Lilly will end 2017 like it did 2016, with the departure of a top executive.
The diabetes drug maker said Thursday that Chief Financial Officer Derica Rice will retire in December, ending a career with the Indianapolis company that started in 1990. Rice, 52, has served as CFO for 11 years after being promoted from vice president and controller.
INDIANAPOLIS (AP) — Lilly Endowment saw its assets drop almost 13 percent last year with a decline in the stock value of its Indianapolis-based namesake drugmaker.
The endowment says its total assets dropped from about $11.8 billion to $10.3 billion during 2016. The Indianapolis Business Journal reports (http://bit.ly/2rwXM0N ) about two-thirds of the group's nearly $453 million in 2016 grants went to Indiana-based organizations.
ROCHESTER HILLS, Mich. (AP) — A doctor who has worked at Eli Lilly and Co. and the University of Michigan will be the next president of Oakland University in suburban Detroit.
The school on Thursday announced that its board of trustees unanimously chose Ora Hirsch Pescovitz for the job after a search involving more than 60 candidates. She is a pediatric endocrinologist and researcher and has published more than 190 manuscripts and books.
Eli Lilly’s sees strength in 2017, shares take off
Eli Lilly shares are up sharply after it laid out a better-than-expected 2017 forecast nearly a month after it had announced the failure of a key Alzheimer's treatment in testing.
Lilly said Thursday that it expects adjusted earnings to range between $4.05 and $4.15 per share next year on revenue of $21.8 billion to $22.3 billion.
Industry analysts polled by FactSet expect earnings of $3.96 per share on $21.68 billion in revenue.
Indianapolis airport trying to add direct London flights
INDIANAPOLIS (AP) — Officials are trying to stir up interest from airlines in providing direct flights between Indianapolis International Airport and London.
The Indianapolis Airport Authority says about 360 people travel daily overseas from the city to Europe, Asia and Africa. But they must now catch connecting flights in Chicago or East Coast cities.
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