Lilly volunteer service day blooms into citywide effort
More than 60 companies plan to participate in the three-day Indy Do Day volunteer marathon, which kicks off Thursday in conjunction with Eli Lilly and Co.’s Global Day of Service.
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Indianapolis named finalist for 2018 Super Bowl
Indy joins Minneapolis and New Orleans as the three NFL cities invited to bid on the big game. The 2012 Super Bowl had a $176 million direct economic impact on the city, a study said.
Lilly scientists stole $55 million in trade secrets, indictment alleges
Three former employees of Eli Lilly and Co. allegedly transferred trade secrets that Lilly values at more than $55 million to a competing Chinese drug company, according to an indictment unsealed Tuesday in federal court.
Investors brace for lean years from Lilly
In a new round of predictions this month, Wall Street analysts indicated they expect Eli Lilly and Co.’s revenue to fall next year and to remain below 2013 levels until 2020.
EDITORIAL: Pitch Indianapolis to Asian immigrants
Eli Lilly and Co., Cummins and other Indianapolis-area companies could use a little help attracting some of the immigration streaming out of Asia.
White River path nears completion after $2.7M investment
The 4-mile stretch of the Wapahani Trail will connect White River State Park to a multi-use path on Raymond Street near Eli Lilly and Co.’s 255-acre private park.
Lilly stock shrugs off analyst downgrade
The drugmaker has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations to big sellers and drug-development setbacks, a Jefferies analyst wrote.
Company news
Indiana Attorney General Greg Zoeller joined with 15 Indiana school districts in a lawsuit challenging the authority of the Obama administration to grant tax subsidies to Hoosiers buying health insurance in newly established exchanges or to fine employers for failing to provide affordable coverage. But a Democratic lawmaker said the lawsuit could lead to 400,000 Hoosiers losing out on tax breaks meant to make the insurance more affordable. According to TheStatehouseFile.com, Rep. Ed Delaney of Indianapolis said the lawsuit, filed Tuesday, is “dashing the hopes of Hoosiers on purpose.” The suit accuses the Internal Revenue Service of going beyond the Affordable Care Act’s authorizations by extending the tax breaks – which are meant to be subsidies – to residents of all states. The suit said the law authorizes the tax credits only for people living in states that are operating state-based exchanges. Indiana and most other states opted not to create their own exchanges and let the federal government do the job instead. But as revised by the IRS, the health care program opens the subsidies to residents of all states – including Indiana. Those IRS rules make Indiana employers liable for penalties if they fail to provide affordable health coverage to their employees, and one of them receives a tax subsidy to buy coverage on the health insurance exchange. Delaney, who blamed the lawsuit on Gov. Mike Pence, said that for the state’s argument to have merit, it would mean stripping the tax breaks away from all Hoosiers.
Indianapolis-based Novia CareClinics LLC, which was a pioneer in operating primary care clinics for employers, has agreed to be purchased by Wisconsin-based QuadMed LLC, another on-site clinic operator, the companies announced Wednesday. Financial terms of the deal were not disclosed. It is expected to close in the next 30 days. Novia has opened 50 on-site clinics serving more than 90 employers since its founding in 2006. In 2012, the company had more than $15 million in revenue. It now boasts 600 employees. QuadMed, which is a subsidiary of publicly traded Quad/Graphics, a commercial printing firm, operates more than 40 on-site clinics in various states. Its clinics were started to take care of its own 20,000 employees. As part of the transaction, Novia CEO Eric Olson will become an executive at QuadMed, serving under its president, Tim Dickman. In a press release, QuadMed said it also intends to fold Novia’s other employees into its operations.
Indianapolis-based Dow AgroSciences LLC said Tuesday that it has prevailed in a second patent-infringement lawsuit involving one of the company’s key products. The suit, filed in January 2012 by South African-based Bayer CropScience SA, charged that Dow Agro’s Enlist E3 soybean seed infringed one of its patents. In Monday’s ruling, a federal judge sided with Dow Agro in its motion to have the case dismissed after the court said it was unable to find objective evidence supporting Bayer's arguments. Dow Agro won a similar case against Bayer last September involving Enlist’s 2,4-D tolerance technology. That decision was upheld five weeks ago by an appeals court. Dow Agro, a subsidiary of Midland, Mich.-based Dow Chemical Co., predicts Enlist could earn as much as $1 billion over its life cycle. Dow Agro had global sales of $6.4 billion in 2012.
Indianapolis-based drugmaker Eli Lilly and Co. has become too reliant on its remaining pipeline of drugs under development for growth as it deals with patent expirations, Jefferies analyst Jeffrey Holford said in a new research report. "We are also skeptical of many of the remaining pipeline assets," wrote Holford, according to a report by the Associated Press. Holford lowered his rating on the stock to "underperform" from "hold" and dropped his price target on the shares to $40 from $49. Also factoring into Holford’s action are increasing competition and slower sales volume from the U.S. diabetes market, which is a big source of revenue for Lilly, and unfavorable foreign exchange rates and pricing pressure in Europe. At the end of this year, Lilly will lose the U.S. patent protecting its top-selling drug, the antidepressant Cymbalta, which will allow cheaper generic versions to steal its sales. Lilly also lost its U.S. and European patents on its former best-seller, the antipsychotic Zyprexa, in late 2011.
Republicans making same old mistake on health reform
Rather than railing incessantly against Obamacare, Republicans would do themselves and the country a favor if they finally agreed on a common alternative for fixing the health care system.
Simon’s 20-year run has made investors a bundle
Simon Property Group now is the largest real estate company in the world and has a stock market value of $59 billion. That’s $6 billion more than Eli Lilly and Co., not that Simon's hypercompetitive CEO, David Simon, has noticed.
EDITORIAL: Eli Lilly’s cuts are necessary evil
If Eli Lilly and Co. sneezes, Indianapolis catches a cold. The statement has been so oft-repeated that it’s become a cliché.
IU puts Bloomington, Indy parking privatization on hold
A university official said a 50-year lease involving the two campuses would probably bring in about $275 million. That's far less than the $483 million deal that Ohio State University got last year.
Indy Chamber to oppose state gay-marriage amendment
The Chamber noted that two of Indiana’s largest employers—Eli Lilly and Co. and Cummins Inc.— oppose the constitutional amendment banning gay marriage for recruitment reasons.
Indy Chamber to oppose gay-marriage amendment
The Chamber noted that two of Indiana's largest employers — Indianapolis-based Eli Lilly and Co. and Columbus-based engine manufacturer Cummins Inc. — oppose the amendment for recruitment reasons.
Lilly’s profit soars as Cymbalta nears patent expiration
Excluding a one-time payment from a year ago, Eli Lilly and Co.’s third-quarter profit easily beat Wall Street’s expectations.
State medical institute snares $30M grant from feds
A consortium of Indiana University, Purdue University and University of Notre Dame can operate for another five years with the grant funds.
EDITORIAL: Indy Chamber embraces arc of history
Few contemporary political skirmishes break down so cleanly into two sides: The right side of history, and the wrong.
Ritzier hotels may lure top events, but year-round demand unclear
Indianapolis lacks a five-star hotel, a fact some hospitality experts think could hurt the city’s chances of landing the 2018 Super Bowl. But there’s no consensus on whether the city should go more upscale.
Bribery scandals sap Lilly’s China growth
Eli Lilly and Co. has been counting on torrid growth in China to help offset losses from patent expirations in other markets, but now slower growth in the Chinese economy and bribery allegations against Lilly and two other drugmakers have hampered Lilly’s growth there.
Company news
Franciscan Alliance blamed lower patient volumes, reimbursement reductions and Obamacare for its decision to eliminate 925 full-time positions through a mix of layoffs, reduced hours, retirements and attrition. The Mishawaka-based Catholic organization, which operates three hospitals in the Indianapolis area, said it is trying to cut expenses by as much as $500 million, or 20 percent, over the next few years. Most other hospitals around Indiana are doing the same. To reach that goal, Franciscan will also cut benefits for its remaining 19,000 employees. Of the 925 positions cut, 275 will come through layoffs. In the Indianapolis area, 83 employees were laid off and another 65 positions are being eliminated. In 2012, Franciscan’s 13 hospitals in Indiana and Illinois pulled in revenue of $2.5 billion, generating a net gain of $110 million, excluding a special accounting charge. However, the hospital chain’s operating profit margin decreased to 4.5 percent from 5.2 percent the previous year.
The National Institutes of Health awarded a $30 million grant to the Indiana Clinical and Translational Sciences Institute, a partnership of Indiana University, Purdue University and the University of Notre Dame. The money will help fund the institute at least through 2018. The Indiana University School of Medicine established the institute in 2008 with a $25 million NIH grant, plus about $25 million in matching grants from IU, Purdue, the state of Indiana and private partners such as Eli Lilly and Co. The institute estimates it supports more than 80 full-time-equivalent professional jobs across Indiana, who work on research in Alzheimer's disease, Parkinson's disease, autism, traumatic brain injury, polycystic kidney disease, and osteoporosis and osteoarthritis.
WellPoint Inc.’s stock fell nearly 5 percent in the second half of last week even though the health insurer reported better-than-expected third-quarter earnings. Investors backed away from health insurers as problems with the new Obamacare exchanges persisted. Indianapolis-based WellPoint earned $656.2 million in the quarter ended Sept. 30, down from $691.2 million in the same quarter a year ago. But because WellPoint has spent $1.2 billion buying back its own stock over the past year, the company’s profit per share actually increased to $2.16 in the latest quarter, from $2.15 a year ago. Excluding investment gains and one-time gains and charges, WellPoint would have earned $2.10 in the third quarter this year. On that basis, analysts were expecting profit of just $1.82 per share, according to a survey by Thomson Reuters. WellPoint raised its full-year profit forecast to $8.40 per share, an increase of 40 cents.
Profit at Eli Lilly and Co. fell 9 percent in the third quarter but still easily beat the expectations of Wall Street analysts. The Indianapolis-based drugmaker earned $1.2 billion in the three months ended Sept. 30, down from $1.3 billion in the same quarter last year. But results from last year were boosted by a payment from former Lilly partner Amylin Pharmaceuticals Inc. Excluding that payment and other special charges, Lilly’s profit-per-share soared 41 percent, to $1.11, up from 79 cents per share a year ago. Analysts had been expecting profit $1.04 per share, according to a survey by Thomson Reuters. This was the last full quarter in which Lilly will maintain its U.S. patents on Cymbalta, its bestselling drug. Sales of the antidepressant grew 11 percent in the quarter to nearly $1.4 billion.
Strong sales of new crop protection products helped Dow AgroSciences LLC cultivate revenue of $1.4 billion in its third quarter, up 8 percent from the same quarter a year ago. But profit for Dow AgroSciences tumbled more than 71 percent—from $63 million in the previous third quarter to $18 million in this year’s quarter. The figure represents earnings before accounting for interest, taxes, depreciation and amortization. Dow attributed the decrease in profit to higher seed returns in North America driven by a late, wet planting season, as well as increased spending on growth investments. Revenue from Dow’s crop protection products rose 10 percent in the quarter, driven by higher sales of herbicides in North America and insecticides in Latin America. Dow AgroSciences is an Indianapolis-based subsidiary of Michigan-based Dow Chemical Co.
Warsaw-based Zimmer Holdings Inc.’s third-quarter profit fell 13 percent to $154.4 million, or 90 cents a share, down from $178.1 million, or $1.02 a share, in the same quarter a year ago. Excluding special charges for restructuring and litigation, Zimmer would have earned $1.25 per share, a penny higher than analysts were expecting. Zimmer’s revenue in the quarter rose 4.8 percent to $1.07 billion. For the year, the company now expects per-share earnings of $5.70, which is near the low end of its previous profit forecast. Its sales continue to be dampened as high unemployment and an uncertain economy in the United States have caused patients to put off hip and knee replacement surgeries.