Eli Lilly has suspended development of its AIR Insulin program because of regulatory uncertainties.
As a result, the Indianapolis-based drug company expects a first-quarter charge of $90 million to $120 million, or 5 cents to 7 cents per share. The company now expects 2008 earnings per share of $3.73 to $3.90.
Eli Lilly and Co. (nyse: LLY - news - people ) was developing the diabetes drug with Alkermes Inc. (nasdaq: ALKS - news - people ) The insulin product was in Phase 3 clinical development.
The company says its decision had nothing to do with safety issues. Instead, it decided AIR Insulin could not compete with existing products.
"This decision, though difficult, is the right one to make," Chief Operating Officer John Lechleiter said.
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