Eli Lilly & Co. reports jump in revenue, net income for Q2

7/22/2009

INDIANAPOLIS Drug maker Eli Lilly & Co. saw total revenue grow by 3% and net income grow by 21% for second quarter 2009, the company announced in an earnings statement Wednesday.

Reported total revenue for the quarter was $5.29 billion, up from $5.15 billion in second quarter 2008. Net income increased from $959 million to $1.16 billion during the same period. Meanwhile, earnings per share increased from 88 cents to $1.06.

“Lilly continues to deliver solid financial results notwithstanding the challenging global economic environment,” Lilly chairman and CEO John Lechleiter said in a statement. “Our business remained strong in the second quarter, with volume-driven revenue growth, good operating leverage and double-digit [earnings-per-share] growth.”

During the quarter, the Food and Drug Administration approved the cardiovascular drug Effient (prasugrel) and gave Alimta (pemetrexed) an additional approval as a maintenance therapy for advanced non-small cell lung cancer.

Sales of the Lilly’s top-selling drugs, however, were mixed, with declines ranging from 2% for the osteoporosis drug Forteo (teriparatide) and 3% for the antipsychotic Zyprexa (olanzapine) to 20% for the chemotherapy drug Gemzar (gemcitabine hydrochloride), compared to second quarter 2008. At the same time, Alimta sales increased by 40%, while sales of the erectile dysfunction drug Cialis (tadalafil) remained flat.

Click here for the full financial results.

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