Pharmaceutical major Eli Lilly & Co. has reported a loss during the fourth quarter. It is believed that the acquisition of the cancer-drug maker ImClone Systems Inc. is responsible for the loss.

Lilly, based in Indianapolis, has reported a loss of $3.63 billion, or $3.31 per share in the quarter whereas the last year the company had earnings of $854.4 million, or 78 cents per share. Lilly says sales were much less than the estimate of the analysts.

Excluding special items, Lilly earned $1.07 per share. Analysts on average expected $1.05 per share, according to Thomson-Reuters Estimates.

The results include a $4.73 billion charge for the ImClone purchase. Lilly still maintains that it expects earnings of $4 to $4.25 per share for 2009.

At the same time a decrease of 10 % has been reported in its sale of the anti-psychotic drug due to a cut in its wholesale buying.