Lilly Swings to Quarterly Profit

Lilly last month detailed plans to invest $850 million into its U.S. operations this year.

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting second quarter net income of $1.3 billion, compared to a net loss of $260 million during the same period last year. The company says the results were driven, in part, by several U.S. Food and Drug Administration approvals.

Lilly says the results also "reflect Elanco Animal Health as discontinued operations." The company spun off Elanco as its own, independent publicly-traded company last year.

"Lilly’s portfolio of newer medicines reached more patients in the second quarter, allowing the company to grow revenue despite headwinds, including the expiration of the U.S. patent for Cialis," said Lilly Chief Executive Officer David Ricks. "We are continuing to make significant investments in our business to ensure the success of our recent product launches. At the same time, we are expanding investment in our pipeline in order to develop new medicines that have the potential to more effectively treat patients that have diabetes, cancer, autoimmune disorders and other serious conditions."

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