At its annual meeting with the investors community, Eli Lilly and Company, highlighted progress on its expanding pipeline of innovative molecules and marketed medicines, provided investors with sales and earnings guidance for 2009, and reviewed the transformation efforts that the company is making to excel in an increasingly challenging healthcare environment.
"Lilly continues to deliver strong financial results to our shareholders through an attractive combination of volume-based sales growth for key marketed products and an ongoing commitment to productivity and cost containment," commented John C Lechleiter, PhD, Lilly's president and chief executive officer.
"Our scientists are dedicated to maximising the potential of our pipeline, which now boasts an unprecedented 59 molecules in clinical development, 40 percent of which are biotech-based. Lilly's success depends on innovation, and the promising molecules we are discussing at today's meeting bode well for the future of our company and the patients we serve."
The company's commercial performance, focusing on the five key medicines that are driving top-line growth (Cymbalta, Byetta, Humalog, Cialis, and Alimta), as well as the company's largest-selling product, Zyprexa, and Elanco, the company's animal health division.
Eli Lilly concentrates on five therapy areas: neurosciences, endocrinology, oncology, cardiovascular medicine and anti-infectives.
The neurosciences division accounts for nearly half of the company's revenues. It primarily relies on the sales of Zyprexa, Prozac, Strattera, Cymbalta, Permax, Symbyax, and Yentreve.
Eli Lilly has a strong diabetes portfolio. The company's most successful endocrine product is Humulin, or human insulin, produced through recombinant DNA technology. Similar to this is Humalog, a rapid-acting injectable human insulin analog of recombinant DNA origin. Also of note is Evista, a selective estrogen receptor modulator product for the prevention and treatment of osteoporosis in post-menopausal women.
Through the first nine months of 2008, the company's sales have grown 12 per cent on a pro forma basis, with fully half of that growth, or 6 percent, resulting from volume gains in most major geographic areas. According to rankings published by IMS, Lilly has moved into the top 10 pharmaceutical companies in worldwide sales. Among the top ten, Lilly was the fastest growing company in the U.S., the fourth fastest growing company in Europe and in the emerging markets, and the fifth fastest growing company in Japan.
Eli Lilly and Co has unveiled a 2009 earnings forecast of between $4 and $4.25 per share. That includes an ImClone impact of between 30 and 35 cents per share due to factors like added research and development costs and interest expense from debt issued for the deal.
Lilly's range falls short of analyst 2009 profit expectations of $4.26 per share.
In Octomber this year, Eli Lilly and Co acquired ImClone Systems Inc for $6.5 billion, outbidding Bristol-Myers Squibb Co.
The acquisition would give Lilly ImClone's cancer drug Erbitux and five experimental products that, if successful, could help offset the impact of generic competition to Lilly's blockbuster schizophrenia drug Zyprexa.