The Associated Press
INDIANAPOLIS - Health insurer Anthem Inc. might not have as high a public profile in its home state as Eli Lilly & Co., but it has surpassed the drug maker as Indiana's largest company.
The switch in the top spot occurred last year, largely because of Anthem's $4 billion acquisition of Virginia-based Trigon Healthcare Inc.
Lilly's net sales, the method the company uses to measure its revenue, were $11.5 billion in 2001, ranking it No. 1 in the state and No. 171 on that year's Fortune 500 rankings of the largest U.S. companies. Anthem's total revenue that year was $10.4 billion, ranking it No. 2 in Indiana and No. 184 on the Fortune 500.
In 2002, Anthem took Indiana's top spot with $13.3 billion in total revenue. Lilly's net sales declined 4 percent from the previous year to $11.1 billion, largely because of declining drug sales from the loss of Lilly's Prozac patent in August 2001.
"Everyone always pays attention to Eli Lilly," said Duane Sobecki, an Indianapolis-based health care analyst for the consulting firm Focused Results. "But Anthem is really the one to watch."
TODAY'S BUSINESS HEADLINES
Firms hunt for Viagra for women
P&G testing testosterone patch
War fears bite into growth, spending
February U.S. auto sales flag
What's the Buzz?
Morning Memo: Hot tips & news to start your business day
Theater chains hope moviegoers will sit for ads
ImClone founder pleads guilty
Anthem bucks trend, grows as others shrink
Anthem largest Indiana company
Airline performance improves