Icos purchase causes Lilly profit to dip 39 percent

Indianapolis drugmaker Eli Lilly and Co. saw first-quarter profit fall

nearly 40 percent from a year earlier, to $508.7 million, due to its

$2.3 billion acquisition of Bothell, Wash.-based Icos Corp. Lilly developed the erectile dysfunction drug Cialis in a joint venture with Icos.

Without the Icos expense, Lilly profit jumped 9 percent, to $913.3

million. Much of the gain was fueled by sales of Cymbalta and Alimta.

Sales of its blockbuster Zyprexa schitzophrenia drug increased 10

percent, to $1,108 billion.

This story will be updated.