Eli Lilly has posted a strong set of financials for the second quarter, helped by cost-cutting and strong sales of Cymbalta.
Net income jumped 36% to $1.25 billion, while turnover was up 6% to $5.93 billion. The best performer was the antidepressant/fibromyalgia blockbuster Cymbalta (duloxetine), which rose 22% to just under $1.50 billion, while the lung cancer drug Alimta (pemetrexed) increased 2% to $669.4 million. The insulin products Humalog and Humulin rose 2% and 8% respectively, to $628.6 million and $327.5 million.
Patent losses hit the antipsychotic Zyprexa (olanzapine), which had turnover of $283.2 million, down 25%. The osteoporosis drug Evista (raloxifene), which is also approved for the prevention of breast cancer for certain postmenopausal women, increased 5% to $278.7 million, while sales of Lilly’s other osteoporosis drug Forteo (teriparatide) was up 7% to $296.9 million.
The erectile dysfunction drug Cialis (tadalafil) rose 13% to $529.4 million, while the attention-deficit hyperactivity disorder drug Strattera (atomoxetine) generated $168.3 million of sales, up 10%. The bloodthinner Effient (prasugrel) which is partnered with Daiichi Sankyo, shot up 24% to $137.4 million.
John Lechleiter, Lilly’s chief executive, said “operating and financial discipline, along with a maturing pipeline of potential new medicines, gives me great confidence in the company’s ability to meet the challenges we face from upcoming patent expirations and to resume growth after 2014”.
As well as the Zyprexa decline, Lilly will see sales take a bashing next year due to patent expiries on Cymbalta and Evista in the USA.
