Lilly Details Revenue Growth, Cuts

Posted: Updated:
Lilly says it is expecting 2017 revenue between $21.8 billion and $22.3 billion. Lilly says it is expecting 2017 revenue between $21.8 billion and $22.3 billion.

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reaffirming previously-announced financial expectations through the remainder of the decade, including at least 5 percent average annual revenue growth. Despite shelving a once-promising potential Alzheimer's disease treatment because of disappointing late-stage clinical trial results, the company says it still has the potential to launch 20 new products in the period between 2014 and 2023. Inside INdiana Business has learned that dropping the development of solanezumab will result in 500-550 job cuts.

IIB has learned most of those cuts will be sales positions added in anticipation of positive results for the treatment.

Lilly says it is expecting 2017 revenue between $21.8 billion and $22.3 billion, with growth driven by recently-launched products. The company says it has launched seven products since 2014, with one under regulatory review. New products include Trulicity (diabetes), Cyramza (oncology), Taltz (psoriasis) and Lartruvo (oncology). Diabetes treatment Basaglar is expected to launch in December 2017.

While Lilly will no longer seek regulatory approval for solanezumab, the company says it remains committed to Alzheimer's care and has multiple assets in clinical development. Last week, Lilly announced a codevelopment agreement with AstraZeneca PLC (NYSE: AZN) involving an antibody currently in Phase 1 trials.

In July, Lilly Chief Executive Officer John Lechleiter announced plans to retire in January. Longtime Lilly executive Dave Ricks will become CEO on January 1 and chairman of the board on June 1. Lechleiter will be a guest this weekend on Inside INdiana Business Television.

  • Perspectives

    • (photo courtesy of Conexus)

      Getting the Word Out About Manufacturing & Logistics

      As the epicenter of the nation’s advanced manufacturing and logistics industries, Indiana has a compelling story to tell about how Hoosier companies make and move the goods people depend on every day. Our goal is to ensure everyone hears these stories – many of which share a common theme focused on cutting-edge technologies that are transforming the way products are made and moved around the world and the people who use them. Conexus Indiana launched an...



  • Most Popular Stories

    • (photo courtesy of The Times of Northwest Indiana)

      Historic Hospital to be Torn Down in Gary

      A building that once represented the racial divide in the city of Gary, but long provided health care to the African American community, will soon fall to a wrecking ball. The city says it intends to raze the long-abandoned St. John’s Hospital. 

    • Photo courtesy of Indianapolis Motor Speedway

      Red Bull to Discontinue Air Race World Championship

      The Red Bull Air Race at the Indianapolis Motor Speedway, originally scheduled for October, has been canceled as a result of Red Bull's decision to discontinue the Air Race World Championship following the 2019 season. The company says the races scheduled between June and September in Russia, Hungary and Japan will run as planned. 

    • On-Air

      Find out when and where you can watch and listen to our reports.

    • The Honda Greensburg plant opened in 2008.

      Honda to Invest $4M, Add Jobs at Greensburg Plant

      The American Honda Motor Co. continues to invest in its Greensburg, Indiana plant as it has announced the factory will be producing the company’s first electrified sport utility vehicle in the U.S. The company says it will invest more than $4 million and add 34 new jobs in the plant to support production of the CR-V Hybrid.  

    • Eleven Fifty was previously headquartered at Launch Fishers.

      Eleven Fifty to Cut Ribbon on New Location

      Eleven Fifty Academy will cut the ribbon on its new downtown location September 23. The nonprofit coding academy says it will host a grand opening ceremony November 6.