Lilly to Promote Pipeline to Investors
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. (NYSE: LLY) says the company is "in the midst of the most prolific period of new launches" in its history. Chief Executive Officer John Lechleiter and other Lilly leaders will deliver that message to a group of about 150 investors Tuesday in New York City. The drugmaker has launched 6 new products since 2014, and says there is potential for 14 more through 2023. Lilly marks its 140th anniversary this month.
Since 2014, Lilly has launched cancer treatments Cyramza and Portrazza, diabetes treatments Jardiance, Trulicity and Basaglar and Taltz, which is used to treat moderate-to-severe plaque psoriasis. In addition to new products, the company says it could launch an average of two new indications or line extensions for previously-approved products through 2023.
Last month, Lilly reported first quarter net income of $440.1 million, compared to $529.5 million during the same period the last year. Despite the decrease, Lechleiter pointed out "substantial progress" in the launch of several high-profile products. The company also rose its previous annual revenue guidance.
Lilly returned to revenue growth in 2015 after several years of losing exclusive rights to multiple blockbusters. The company released a report last month detailing business, financial and corporate highlights from last year. In the report, Lilly said nine potential treatments made advancements in 2015 that have already led to late-stage testing or regulatory review this year.
Eli Lilly officially marked its 140th anniversary May 10. The company was established in downtown Indianapolis in 1876 by Colonel Eli Lilly. It has grown to include around 41,000 workers producing and marketing pharmaceuticals in 120 countries. In a corporate video marking the milestone, Lechleiter suggested that "the best is yet to come" for the pharmaceutical giant.
Sagebiel says Lilly will continue to push efforts to attract and retain top talent in Indianapolis.