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BRIEF-Lilly to abandon Alzheimer's drug after late-stage failure

Nov 23 Eli Lilly And Co

* Lilly announces top-line results of solanezumab phase 3 clinical trial

* Eli lilly and co - solanezumab did not meet primary endpoint in expedition3 clinical trial

* Eli lilly and co - lilly will not pursue regulatory submissions for solanezumab for treatment of mild dementia due to Alzheimer's disease.

* Eli lilly and co - there were no new safety signals identified in study

* Eli lilly and co - "will evaluate impact of these results on development plans for solanezumab and our other alzheimer's pipeline assets"

* Eli lilly and co - will work with investigators to appropriately conclude open-label extensions for expedition, expedition2 and expedition3.

* Eli lilly and co - next steps for remaining elements of solanezumab development program have not yet been determined.

* Eli lilly and co says study outcome is expected to result in a q4 charge of about $150 million (pre-tax), or about $0.09 per share (after-tax)

* Eli lilly-patients treated with solanezumab did not experience statistically significant slowing in cognitive decline versus patients treated with placebo

* Eli lilly and co - will provide updated 2016 financial guidance and announce its 2017 financial guidance on december 15, 2016

* "we continue to expect to grow average annual revenue by at least 5 percent between 2015 and 2020"

* Between 2015 and 2020, "we also expect to increase our margins and provide annual dividend increases to our shareholders" Source text for Eikon: Further company coverage:

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