Zyprexa

Profitability, though, was a bit more mixed, depending upon which numbers you choose to include or exclude.

For example, adding back impairment and acquired R&D charges results in virtually no operating income growth, while adding back an unusual tax item and an accounting change leads to adjusted EPS growth of about 7%.

Go one step further, adding pro forma options expense in the year-ago period, and the EPS growth jumps to 16%.

Financial gymnastics aside, it was a mediocre result for what I consider a mediocre pharmaceutical investment option.

Sure, inhaled insulin (in partnership with Alkermes(Nasdaq: ALKS)) has potential, and maybe the pipeline can outperform expectations.

Maybe Cymbalta sales will really accelerate.

And maybe the company will buy its partner Amylin(Nasdaq: AMLN) and/or other biotech or small pharmaceutical companies.

There are hundreds of "maybes" that you can play in the investment game.

I'd rather spend my time finding better, less maybe-reliant ideas.

For more pharmaceutical Foolishness: Pfizer: Less Bad Is Good Enough Novartis Marches On Lilly Steady As She Goes Fool contributor Stephen Simpson owns shares of Amylin Pharmaceuticals, but has no financial ...

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