UPDATE: Eli Lilly Posts Drop In Q4 Profit

Eli Lilly and Co

reported a drop in its fourth-quarter profit. Eli Lilly's quarterly earnings declined to $728 million, or $0.67 per share, from $827 million, or $0.74 per share, in the year-ago period. Excluding special items, it earned $0.74 per share, versus analysts' estimates of $0.74 per share. Its global sales dropped 2% to $5.81 billion, versus estimates of $5.46 billion. Eli Lilly shares closed at $53.91 yesterday.