Eli Lilly has posted a decent set of financials declines for the fourth quarter, despite being hit hard by patent expiries on the antipsychotic Zyprexa.
Net income fell 4% to $827.2 million, helped by a 7% fall in marketing and administrative costs, while turnover inched down 1% to $5.96 billion. The best performer was the antidepressant/fibromyalgia blockbuster Cymbalta (duloxetine), which rose 20% to $1.42 billion, while the lung cancer drug Alimta (pemetrexed) increased 7% to $684.3 million. The insulin products Humalog and Humulin decreased 7% and 1% respectively, to $616.0 million and $343.0 million.
Zyprexa (olanzapine) had turnover of $384.8 million, a fall of 49%. The osteoporosis drug Evista (raloxifene), which is also approved for the prevention of breast cancer for certain postmenopausal women, decreased 10% to $241.0 million, while sales of Lilly’s other osteoporosis drug Forteo (teriparatide) increased 20% to $314.6 million. The erectile dysfunction drug Cialis (tadalafil) rose 4% to $513.4 million, while the attention-deficit hyperactivity disorder drug Strattera (atomoxetine) generated $153.0 million of sales, down 4%.
The cancer agent Erbitux (cetuximab) brought in $87.0 million, down 19%, while sales of the bloodthinner Effient (prasugrel) which is partnered with Daiichi Sankyo, shot up 33% to $120.6 million. Sales at Lilly's Elanco animal health unit climbed 18% to $554.1 million.
John Lechleiter, Lilly's chief executive, said the firm delivered solid financials "as we successfully offset a large part of the revenue decline from the Zyprexa patent expiration". At the same time, he added "we continued to control costs while investing in R&D in order to replenish and advance our pipeline"; Lilly has 13 medicines in Phase III.
Lilly also noted that Bristol-Myers Squibb has decided to terminate the companies' collaboration for necitumumab in North America and Japan. The former will assume sole worldwide rights to the drug which is currently in Phase III as a potential treatment for squamous non-small cell lung cancer.