Eli Lilly Q2 2016 results surpass estimates
pharmafile | July 27, 2016 | News story | Research and Development, Sales and Marketing | Eli Lilly, financial report
Eli Lilly has released its financial report for the second quarter of 2016, noting a number of promising results. The company reported that annual revenue had increased 9% to $5.4 billion, surpassing Wall Street estimates of $5.15 billion.
“Lilly is in the midst of one of the most productive periods of new product launches in our company’s history, with new medicines making a substantial contribution to our revenue growth for the first half of the year,” said John C. Lechleiter, Lilly’s chairman, president and chief executive officer.
The company’s net income rose 24.5% to $747.7 million, or $.071 per share, with a confirmed 2016 EPS of $2.68 to $2.78.
The results were driven by 10% pharmaceutical volume growth primarily as a result of new product launches, including injectable diabetes treatment Trulicity which posted sales of £201 million and stomach and lung cancer drug Cyramza, whose sales rose 68% to $147 million.
SGLT-2 inhibitor Jardiance (empagliflozin) posted a disappointing $40.1 million in quarterly sales, though an FDA advisory committee did judge the drug to be effective in reducing cardiovascular (CV) death in adults with type 2 diabetes and established CV disease.
These results mean a more ambitious outlook for the company: “We’ve made great progress building an R&D engine that has the potential to launch 20 new products in 10 years beginning in 2014 and extending through 2023”, Lechleiter continued. “Because of our confidence in our future growth prospects, we are providing updated financial expectations through the balance of the decade, including at least 5 percent average annual revenue growth driven by volume and an increase in gross margin as a percent of revenue. We are also returning to annual dividend increases for shareholders and reaffirming our commitment to achieve an OPEX-to-revenue ratio of 50 percent or less in 2018.”
See the full report here.
Matt Fellows
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