Times are good at Eli Lilly. Wall Street’s insatiable appetite for weight-loss drug stocks looks set to turn the company into the world’s first $1tn drugmaker by market value.
But war stories about gloomier times are never far away when you run a pharmaceutical company. In the late 2000s, Eli Lilly’s share price neared all-time lows as patents of its blockbuster psychiatric drugs — chief among them Prozac, Zyprexa and Cymbalta — expired.
Consolidation was then sweeping the…
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