Eli Lilly has reported increased net income of 32 percent in the 2010 third quarter, compared with the previous year’s third quarter.
The net income for the 2010 third quarter was $1.3 billion, representing a 38 percent increase over the $941.8 million in the 2009 third quarter.
In the third quarter of 2010, worldwide total revenue was $5.66 billion, an increase of 2 percent compared with the third quarter of 2009. Total revenue in the U.S. was essentially flat at $3.15 billion, due to higher prices, offset by decreased volume due primarily to wholesaler buying patterns, Lilly said. Total revenue outside the U.S. increased 4 percent to $2.5 billion.
“Third quarter 2010 total revenue would have been reduced by approximately $65 million due to the impact of U.S. healthcare reform, but was only reduced by approximately $25 million, due primarily to the issuance of guidelines that clarified the implementation of certain aspects of healthcare reform legislation, resulting in a reduction of a prior accrual,” the company reported. This is the third quarter in a row in which Lilly has pointed to the impact of the healthcare reform legislation as partly to blame for weaker returns.
Its worldwide prasugrel (Effient) sales were $36.3 million in the third quarter of 2010, up from $22.9 million in the second quarter of 2010, according to the Indianapolis-based company. U.S. prasugrel sales were $28.1 million, and sales outside the U.S. were $8.2 million.
Lilly recognized in revenue its 50 percent share of exenatide's (Byetta) gross margin in the U.S., 100 percent of its diabetes drug exenatide sales outside the U.S., and its sales of exenatide pen delivery devices to its partner, Amylin Pharmaceuticals.
For the third quarter of 2010, Lilly recognized total revenue of $102.7 million for exenatide, a decrease of 11 percent. Worldwide sales of exenatide were $168.8 million in the third quarter of 2010, an 18 percent decrease compared with the third quarter of 2009, due to competitive pressures in the U.S. and German markets.
U.S. sales of exenatide decreased 23 percent to $132.4 million compared with the third quarter of 2009, while sales of exenatide outside the U.S. grew 5 percent to $36.4 million.