Lilly beats estimates with solid Q2 performance
pharmafile | July 26, 2013 | News story | Sales and Marketing | Q2, cymbalta, lilly, zyprexa
Lilly posted a healthy set of financials at the end of July as the company looks to keep its growth projections despite the patent loss of one of its big sellers.
The US firm’s worldwide revenue was $5.9 billion, an increase of 6% compared with the second quarter of 2012.
This beats the company’s flat sales reported in the first quarter, where the loss of antipsychotic Zyprexa hit Lilly the hardest. The drug was once Lilly’s biggest selling product, bringing in $5 billion in 2010.
In order to help offset this loss, the company also announced a raft of cost containment plans for research, marketing and other expenses, due to take place in the second half of this year.
Lilly raised its 2013 profit view on plans for more streamlining, and also beat analysts’ estimated with a strong showing in its pharma unit.
Lilly’s biggest selling drug, the antidepressant Cymbalta, was its biggest growth driver, rising 22% to $1.5 billion compared to last year.
Erectile dysfunction treatment Cialis also did well, with growth of 13% to $529 million. There was more modest growth for lung cancer drug Alimta, up just 2% and insulin Humalog, again up just 2% to $629 million.
But Zyprexa continued to succumb to generic erosion, falling by a quarter compared to last year, with sales at $283 million.
Total revenue in the US increased a healthy 13% to $3.4 billion, driven by increased prices, primarily for Cymbalta.
But sales outside the US decreased by 2% to $2.5 billion, driven by weak foreign exchange rates – primarily the Japanese yen which has hit a number of firms – and the loss of market exclusivity for Zyprexa in most markets.
In a statement the company said it still anticipates 2013 revenue of between $22.6 billion and $23.4 billion. Despite the initial impact of the US Cymbalta patent expiration in the fourth quarter of 2013 and other losses, Lilly said it still expects overall revenue growth to continue this year.
This will be driven by its portfolio of products, including Humalog and Cymbalta, as well as the ‘significant revenue growth’ it expects from emerging markets, particularly China.
Ben Adams
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