The firms are concerned about the performance of Lilly’s core franchise. Lilly continues to face setbacks with new product development, most recently with the final approval of Bydureon being pushed back by several months and the termination of development of phase III candidates like teplizumab and semagacestat. The firms expect Cymbalta’s label expansion to be a short-term boost that will dissipate after its patent expiration in 2013. With Effient’s sluggish introduction and lower overall expectations for the product, growth for the current new product portfolio is not expected to offset the extensive revenue losses from generic competition through 2014. The firms are also concerned about Lilly’s ability to maintain its dividend. With Zyprexa slated to lose US exclusivity later this year, the firms believe cost-cutting efforts will not be enough to compensate for the loss of sales.