Eli Lilly swings into profits for Q3
Eli Lilly managed to overcome net losses in the third quarter of 2008 to swing into strong earnings for this year’s third quarter, due to solid sales.
In the third quarter of 2009, the Indianapolis-based company said its worldwide total revenue was $5.56 billion, an increase of 7 percent compared with the previous-year third quarter. The worldwide total revenue was comprised of product sales of $5.39 billion, an increase of 6 percent, and collaboration and other revenue of $176.5 million, an increase of 51 percent. U.S. total revenue increased 14 percent to $3.14 billion due to higher volume, higher prices, and the inclusion of Erbitux revenue due to Imclone acquisition. Total revenue outside the U.S. decreased 1 percent to $2.41 billion due to the negative impact of foreign exchange rates and, to a lesser extent, lower prices, partially offset by increased demand.
According to Lilly, its net income increased to $941.8 million, compared with a third quarter 2008 net loss of $465.6 million.
Worldwide sales for the anti-platelet drug Effient (prasugrel) were $22.6 million in the third quarter of 2009, Lilly and its partner, Daiichi Sankyo, posted. U.S. Effient sales were $21.1 million, driven by wholesaler stocking and initial demand. Sales outside the U.S. were $1.5 million. The product is in the early phases of launch in both the U.S. and Europe.
For the third quarter, Lilly recognized total revenue of $115.8 million for diabetes agent Byetta (exenatide)—an increase of 6 percent, comprised of collaboration revenue of $77.8 million and product sales of $38 million. Worldwide sales of Byetta were $205.7 million in the third quarter of 2009, a 2 percent increase compared with the third quarter of 2008, driven by growth in international markets. U.S. sales of Byetta declined 5 percent to $171.1 million compared with the third quarter of 2008, while sales of Byetta outside the U.S. were $34.6 million. Lilly reports in collaboration revenue its 50 percent share of Byetta's gross margin in the U.S., and in product sales 100 percent of Byetta sales outside the U.S., and its sales of Byetta pen delivery devices to its partner, Amylin Pharmaceuticals.
In the third quarter of 2009, the Indianapolis-based company said its worldwide total revenue was $5.56 billion, an increase of 7 percent compared with the previous-year third quarter. The worldwide total revenue was comprised of product sales of $5.39 billion, an increase of 6 percent, and collaboration and other revenue of $176.5 million, an increase of 51 percent. U.S. total revenue increased 14 percent to $3.14 billion due to higher volume, higher prices, and the inclusion of Erbitux revenue due to Imclone acquisition. Total revenue outside the U.S. decreased 1 percent to $2.41 billion due to the negative impact of foreign exchange rates and, to a lesser extent, lower prices, partially offset by increased demand.
According to Lilly, its net income increased to $941.8 million, compared with a third quarter 2008 net loss of $465.6 million.
Worldwide sales for the anti-platelet drug Effient (prasugrel) were $22.6 million in the third quarter of 2009, Lilly and its partner, Daiichi Sankyo, posted. U.S. Effient sales were $21.1 million, driven by wholesaler stocking and initial demand. Sales outside the U.S. were $1.5 million. The product is in the early phases of launch in both the U.S. and Europe.
For the third quarter, Lilly recognized total revenue of $115.8 million for diabetes agent Byetta (exenatide)—an increase of 6 percent, comprised of collaboration revenue of $77.8 million and product sales of $38 million. Worldwide sales of Byetta were $205.7 million in the third quarter of 2009, a 2 percent increase compared with the third quarter of 2008, driven by growth in international markets. U.S. sales of Byetta declined 5 percent to $171.1 million compared with the third quarter of 2008, while sales of Byetta outside the U.S. were $34.6 million. Lilly reports in collaboration revenue its 50 percent share of Byetta's gross margin in the U.S., and in product sales 100 percent of Byetta sales outside the U.S., and its sales of Byetta pen delivery devices to its partner, Amylin Pharmaceuticals.