Eli Lilly Announces Strong Q3 2013
Eli Lilly have revealed a positive set of financials for their third quarter of 2013, which was aided by cost-cutting and continued strong sales of Cymbalta.
Net income dropped by 9% to $1.20 billion, although it is worth noting that Eli Lilly’s results from Q3 of 2012 included an early payment of $787 million from Amylin relating to the diabetes treatment, Byetta/Bydureon (exenatide). In comparison, turnover for the quarter was up by 6% to $5.77 billion.
The top performer for the quarter was Eli Lilly’s antidepressant/fibromyalgia blockbuster Cymbalta, which had increased sales of 11% to $1.38 billion, while the lung cancer drug Alimta (pemetrexed) grew by 7% to $690.5 million. Insulin products, Humalog and Humulin, rose by 7% and 8% respectively, to $616.0 million and $307.0 million.
Patent losses hit Zyprexa, which had turnover of $278.7 million, a decrease of 26%. The osteoporosis drug Evista (raloxifene), which is also approved for the prevention of breast cancer for certain postmenopausal women, increased by 3% to $255.3 million, while sales of Eli Lilly’s other osteoporosis drug Forteo (teriparatide) was up 6% to $306.7 million.
The erectile dysfunction drug Cialis (tadalafil) grew to $526.7 million, while the ADHD drug Strattera (atomoxetine) generated $173.2 million of sales, an increase of 19%. The bloodthinner Effient (prasugrel) which is partnered with Daiichi Sankyo, climbed 14% to $124.9 million.
Eli Lilly’s chief executive, John Lechleiter, commented that “as we navigate through a period of expiring patents for some of our largest products, Lilly continues to deliver solid financial results and to advance our late-stage pipeline, with four regulatory filings completed this year alone.”
Eli Lilly has recently been restructuring, and the pharmaceutical company is preparing for patent expiries on Cymbalta and Evista in the US next year, with the company planning to return to growth after 2014. Key to the return to growth will be ramucirumab, which the US Food and Drug Administration (FDA) has just granted priority review.