Lilly posts 24% uptick in Q1

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Eli Lilly has released its financial results for the first quarter of 2009, posting a 24 percent increase in net income of $1.31 billion, compared with $961.9 million from the same period last year.

In the first quarter, worldwide total revenue was $5.05 billion, an increase of 5 percent compared with the first quarter of 2008. This 5 percent revenue growth was comprised of a 7 percent increase due to higher volume and a 3 percent increase due to higher prices, partially offset by a 6 percent decline due to the impact of foreign exchange rates, according to the Indianapolis-based company.

Marketing, selling and administrative expenses decreased 1 percent to $1.529 billion due to the impact of foreign exchange rates and a reduction in expenses related to U.S. marketing programs, partially offset by the impact of the ImClone acquisition and increased prasugrel (Efient) pre-launch activities, the company said.

Lilly reported 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.

For the first quarter, Lilly recognized total revenue of $97.5 million for Byetta, an increase of 18 percent, comprised of collaboration revenue of $70.2 million and product sales of $27.3 million. Worldwide sales of Byetta were $181.4 million in the first quarter of 2009, a 7 percent increase compared with the first quarter of 2008 driven by growth in international markets. U.S. sales of Byetta of $157.7 million were essentially flat compared with the first quarter of 2008 while sales of Byetta outside the U.S. were $23.7 million.