Ricks at White House; Lilly Reports Results

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Dave Ricks was named the next CEO of Eli Lilly and Co. in June 2016. Dave Ricks was named the next CEO of Eli Lilly and Co. in June 2016.
INDIANAPOLIS -

Eli Lilly and Co. (NYSE: LLY) Chief Executive Officer Dave Ricks spent Tuesday morning at the White House. Ricks and six other pharma executives met with President Donald Trump. Meantime, Lilly says growth from its new treatment pipeline helped drive quarterly and annual profit higher. The company is reporting a 2016 net income of $2.7 billion, compared to $2.4 billion one year earlier.

In the fourth quarter, profit jumped 61 percent to nearly $772 million.

Lilly says operating expenses were flat. Ricks credits newly-launched products like Trulicity, Cyramza, Jardiance and Taltz. "Pipeline progress also continued with approvals of new products and new indications for existing products in our core therapeutic areas of diabetes, oncology and immunology. We expect this momentum to continue in 2017 and remain focused on launching new products, improving productivity and advancing our pipeline as we work to bring life-changing medicines to patients."

Inside INdiana Business has learned Ricks will be among six pharmaceutical company leaders meeting at 9 a.m. with the president.

Less than two weeks ago, the company announced a $960 million deal with a Massachusetts-based company to boost its pain management portfolio.

Last year was not all positive news for the company, as it announced the discontinuation of pursuing approval of a high-profile potential Alzheimer's disease treatment, solanezumab. The move resulted in cuts that include around 485 workers, many of which in Indiana.

You can connect to more about the company's fourth quarter and full-year results by clicking here.

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