June 12, 2007
Lilly settles hundreds of Zyprexa lawsuits
Eli Lilly and Co. settled an additional 900 product liability lawsuits
involving its top-selling drug, the anti-psychotic Zyprexa.
The Indianapolis-based drug maker declined to release the settlement
amount. But spokeswoman Marni Lemons said Tuesday it would have no
material impact on the company's financial statements.
Lilly has settled roughly 28,500 product liability claims involving
Zyprexa over the past two years. In June 2005, the company settled 8,000
claims for $690 million. This past January, it settled more than 18,000
for roughly $500 million.
Most of the claims center on allegations that Zyprexa causes diabetes or
high blood sugar and that labels on the drug failed to adequately warn
users of the risks.
The company was scheduled to go to trial July 9 in federal court for
four Zyprexa claims, but those cases are part of the latest settlement,
Lilly still faces product liability lawsuits from roughly 750 patients.
Zyprexa, which treats schizophrenia and bipolar disorder, generated $4.4
billion in sales last year and $1.1 billion during the first quarter of
Lilly shares fell 25 cents, or 0.44 percent, to $57.06 in afternoon