Lilly Reports Higher Profit, Cuts Guidance
Lilly plans to present trial results at scientific meetings and publications this year and in 2016.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. (NYSE: LLY) is reporting net income of $4.2 billion in the first quarter of 2019, compared to $1.2 billion during the same quarter last year. The increase was driven by the spin-off of Elanco Animal Health. The drugmaker has also cut its 2019 revenue guidance to between $22 billion and $22.5 billion, due in part to expected lower revenue for Cialis and other products that have lost patent exclusivity as well as the withdrawal of cancer drug Lartruvo.
The company is reporting first quarter revenue of nearly $5.1 billion, up three percent compared to the first quarter of 2018. It says U.S. revenue growth was driven by products including Trulicity, Taltz, Verzenio and Basaglar, but offset by products that have lost patent exclusivity.
The results were driven by the completion of the previously-announced spin-off of Elanco Animal Health, which resulted in a $3.7 billion gain.
The company’s guidance is being heavily impacted by this month’s announcement that it is withdrawing advanced soft tissue sarcoma treatment Lartruvo from the market. That move followed a clinical trial in which the treatment did not improve patient survival.
You can see more on Eli Lilly’s first quarter earnings report by clicking here.