Lilly Quarterly Profits Rise by 35 Percent

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INDIANAPOLIS -

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting second quarter net income of more than $1 billion, compared to $748 million during the same quarter last year. Chief Executive Officer Dave Ricks calls revenue growth strong and says the second quarter results build on the momentum of new products in the company's portfolio including Trulicity and Taltz.

Ricks adds "to deliver on our mission and maximize our opportunity, we have four key priorities - launching with excellence, replenishing the pipeline, driving productivity, and building talent and capability in our core areas of focus."

The company has slightly revised its 2017 revenue guidance upward to between $22 billion and $22.5 billion. It also expects to invest more into research and development than previously anticipated.

Lilly also updated its strategy related to R&D, saying it will now focus on seven potential treatments in its pipeline that will be considered for "priority internal development" and three others awaiting trial results. Lilly adds it will also "seek external partners on the other molecules in clinical development as appropriate."

In a separate announcement prior to the release of its quarterly earnings statement, Lilly and Incyte detailed a delay in development of a potential rheumatoid arthritis treatment. It says the companies will re-evaluate "the path forward" for baricitnib, which could include more clinical study and further discussions with the U.S. Food and Drug Administration. All of which, Lilly says, would take at least 18 months.

You can connect to more about second quarter results by clicking here.

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