Pipeline Fuels Lilly Revenue Increase
Lilly plans to present trial results at scientific meetings and publications this year and in 2016.
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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) is reporting third quarter net income of $778 million, compared with $799.7 million during the same period last year. Despite missing Wall Street estimates, the company says revenue increased five percent, fueled in part by recently-approved diabetes, cancer and psoriasis medicines.
The new products helping drive the company’s revenue growth include Trulicity, Cyramza, Taltz and Jardiance. Lilly says it expects "top-line" news in the fourth quarter concerning solanezumab, which is being evaluated as a mild Alzheimer’s disease treatment.
The report comes three months after Chief Executive Officer John Lechleiter announced plans to retire after 37 years leading the company. Senior Vice President Dave Ricks will become CEO January 1 and board chair June 1.
In a release, Lechleiter said, "Our pipeline also continues to advance with a wide array of promising treatments for conditions from Alzheimer’s disease to diabetes and cancer. Our focus on innovation and bringing important new medicines to the people who need them is leading Lilly into a new era of growth for the benefit of patients and shareholders alike."
Lilly’s pipeline continues to rebound coming off of a period of patent expirations. Last week, the U.S. Food and Drug Administration approved cancer treatment drug Lartruvo. The drugmaker says Lartruvo is the first FDA-approved drug for the treatment of soft tissue sarcoma in 40 years. It says the treatment received accelerated approval after successful trials.
Also last week, Lilly announced a $90 million investment aimed a bringing greater access to health care to 30 million underserved people globally by 2030. Lilly 30×30 will focus on widening the availability of diabetes, cancer and tuberculosis treatments.