Major drug firms have been telling investors they'll offset patent expirations with emerging-market growth, although they may be overambitious. Cooling economies and local competition have weakened prospects for the multinationals, with E&Y calculating a $47B difference between companies' sales expectations and what they'll actually earn. Eli Lilly (LLY) and Pfizer (PFE) are among those affected.
Major drug firms have been telling investors they'll offset patent expirations with...
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