Lilly Q1 Revenues, Pipeline Shine
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting first quarter net income of $440.1 million, compared to $529.5 million during the same quarter last year. Despite the earnings drop, Chief Executive Officer John Lechleiter says the results reflect "substantial progress" in the launch of several high-profile products. The company also announced an increase in full-year revenue guidance. Lechleiter highlighted several potential treatments making strides, including Trulicity, Cyramza, Jardiance, Basaglar and Portrazza.
"In addition, we recently launched Taltz in the U.S., following its FDA approval last month. Several other potential products are currently under regulatory review, including olaratumab and baricitinib. Clearly, our innovation strategy is paying off, for the benefit of patients as well as shareholders."
The company has raised its previous annual revenue guidance from a range of $20.2 billion to $20.7 billion, to a new range of $20.6 billion to $21.1 billion.
Lilly says it repurchased $300 million of stock during the quarter. It adds that a revised earnings per share figure reflects the impact of the ongoing financial crisis in Venezuela, which includes "significant" deterioration of its currency, the bolivar. Lilly says the situation led to charges totaling nearly $204 million during Q1.
Lilly says worldwide revenue rose in the first quarter to $4.87 billion, 5 percent higher than a year earlier. The progress on new potential blockbusters is welcome news for the pharmaceutical manufacturer, which is still experiencing some effects from the loss of patent rights on multiple treatments like Cyramza in recent years.