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... Dow Jones News UPDATE:Lilly 3Q Net Up On Sales Of Higher-Margin New Drugs Close UPDATE:Lilly 3Q Net Up On Sales Of Higher-Margin New Drugs By Frank Byrt Of DOW JONES NEWSWIRES Eli Lilly & Co.

(LLY) reported a better-than-expected 5% increase in third-quarter earnings Thursday as sales of more profitable drugs made up a larger portion of the Indianapolis drug maker's revenue.

Lilly said its newer products contributed $651.6 million to third-quarter sales and accounted for 18% of total sales, up from 12% a year ago.

Those new products included cancer drug "We are pleased that the products in our pipeline continue to progress through development, while at the same time our newer products grow as a percentage of our total sales," Lilly Chairman and Chief Executive Sidney Taurel said.

Overall revenue rose 10% in the quarter to $3.6 billion, slightly below the average analyst estimate of $3.62 billion.

"They came in about what we were expecting in revenue," Natexis Bleichroeder Inc.

analyst Dr.

Jon LeCroy said.

"So all in all, a neutral quarter for them." Lilly's third-quarter net income rose 5% from a year ago to $794.4 million, or 73 cents a share, beating the average analyst estimate of 71 cents a share.

Gross margins rose 1.2 percentage points to 76.5% thanks to the favorable product...

... Bloomberg.com: U.S.

Updated: New York: Oct 20 15:00London: Oct 20 20:00Tokyo: Oct 21 04:00 US AUBZFPGRHKIMJPLNSMIND : Regions Top Worldwide Regions Asia Australia & New Zealand Canada Europe Germany Japan Latin America U.K.

U.S.

Markets Economy/Politics Commentary Sports Culture RESOURCES: Bloomberg TV Bloomberg Radio Markets U.S.

E-Mail This Story Printer-Friendly Format Pfizer's Earnings Plunge 52 Percent on Lower Sales of Celebrex Painkiller Stocks in U.S.

Retreat on Pfizer Forecast; Chevron, Energy Shares Decline Oil, Gasoline Fall to Lowest Since July as Hurricane Threat to Gulf Eases Pfizer Net Plunges 52% on Lower Sales, Purchase Costs (Update6) Oct.

20 (Bloomberg) - Pfizer Inc., the world's biggest drugmaker, said third-quarter earnings plunged 52 percent on lower sales of its Celebrex painkiller and Neurontin epilepsy drug.

Pfizer shares posted their biggest decline this year.

Net income declined to $1.59 billion, or 22 cents a share, after acquisition costs from $3.34 billion, or 44 cents, a year earlier, New York-based Pfizer said today in a statement.

Revenue fell for the first time in four years.

The company said it can't project earnings for the next two years.

Demand for Celebrex dropped 44 percent after U.S.

regulators added a warning of heart risks to the drug's label.

Neurontin fell 80 percent as cheaper generic products became available this year.

The declines will put pressure on Chief Executive Hank McK...

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