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Financial Report: Lilly 3Q

Revenues down 11% in the quarter, post-Zyprexa

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Lilly

3Q Revenues: $5.4 billion (-11%)

3Q Earnings: $1.3 billion (+7%)

YTD Revenues: $16.6 billion (-9%)

YTD Earnings: $3.3 billion (-7%)

Comments: Revenue drop in the quarter was driven by Zyprexa patent expirations (sales down 68% to $374.5 million) and a 3% unfavorable effect of foreign exchange. Earnings would have been flat without Amylin’s $1.3 billion early payment of its exenatide revenue-sharing obligation. Total revenue in the U.S. was down 9% to $3.0 billion, primarily due to Zyprexa losses. Cymbalta revenue increased 16% to $1.2 billion. Forteo sales were up 20% to $288.7 million. Effient sales were up 31% to $109.7 million. R&D expenses were $1.3 billion, up 5%. In the quarter, the company recognized a charge of $53.3 million related to asset impairments associated with stopping the development of a delivery device platform.

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