MARKET TALK: Double Whammy For Eli Lilly

29th Jul 2010 14:40

9:40 (Dow Jones) It was a double-whammy day for drug maker Eli Lilly (LLY) yesterday. First a US appeals court upheld decision overturning patent for LLY cancer drug Gemzar, which means generic competition could begin later this year. Then FDA advisory committee backed AstraZeneca's (AZN) anti-clotting drug Brilinta, which would compete with LLY's Effient if approved. Credit Suisse says it'll now be tougher for LLY to mitigate huge wave of patent expirations for top drugs in coming years. Still, LLY recovers a bit today, up 0.6% at $35.88 after 1.2% drop yesterday. ([email protected]) Call us at (212) 416-2181 or email [email protected] Visit the Market Talk blog at www.djnmarkettalk.com. (END) Dow Jones Newswires July 29, 2010 09:40 ET (13:40 GMT)