Top executives from Indianapolis-based Eli Lilly and Co. (NYSE: LLY) say the company’s rebound from major patent expirations is continuing. In a conference call Tuesday morning with investors, Chief Financial Officer Derica Rice said Lilly is optimistic about several ongoing and future developments with treatments for gastric, colorectal and lung cancer in its growing pipeline. The market initially responded favorably to Lilly’s second quarter earnings report, but shares soon leveled off.
The company is emphasizing its long-term portfolio, which Rice says is the "natural next step" for one of the state’s most high-profile employers. Rice says, of the company’s 8 percent volume growth, 6 percent was driven by recently-launched products. "Strong momentum behind our innovation-based strategy continues," Rice said, noting progress on key potential treatments including Japanese regulatory approval for Taltz, U.S. priority review status for olaratumab, a positive U.S. FDA Advisory Committee vote for Jardiance and encouraging Phase 2 data for abemaciclib.
Vice President of Investor Relations Phil Johnson added that the loss of exclusivity in recent years for Zyprexa, Cymbalta and Avista continued to drag down some of the company’s performance. He said even though the expirations are "largely in the rear-view mirror, the treatments reduced volume growth by 1.7 percent.
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The company is emphasizing its long-term portfolio, which Rice says is the “natural next step” for one of the state’s most high-profile employers.