Financial Report: Lilly 2Q

Lilly 2Q

2Q Revenues: $5.3 billion (+3%)

2Q Earnings: $1.2 billion (+21%)

YTD Revenues: $10.3 billion (+2%)

YTD Earnings: $2.5 billion (+28%)

Comments: Product sales were up 2% to $5.1 billion, while alliance revenue rose 54% to $179.5 million, primarily due to Erbitux revenues through the ImClone acquisition. Zyprexa sales were $1.2 billion (-3%). Cymbalta sales were $744.4 million(+14%). Humalog sales were $477.5 million (+9%). Cialis sales were flat at $363.6 million. Gemzar sales were down 20% to $353.2 million. Alimta sales were $385.3 million (+40%). R&D expenses were $1.0 billion, or 20% of total revenue, up 9% in part because of the ImClone acquisition and increased late-stage trial and discovery research costs. In 2Q08, results included a charge of $35.0 million for acquired in-process R&D associated with the in-licensing transaction with TransPharma Medical and a charge of $88.9 million for restructuring and other charges associated with exiting manufacturing operations. In the quarter, the company received FDA approval of Effient (prasugrel) tablets for the reduction of thrombotic cardiovascular events and an expanded indication for Alimta in non-small cell lung cancer (NSCLC).

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