Eli Lilly and Company has reported net profit growth of 17 per cent during the year ended December 2010 to $5,070 million from $4,329 million in the previous year. Its total revenue increased by 6 per cent to $23,076 million from $21,836 million. Its earnings per share improved to $4.58 as against $3.94 in the last period. Its revenue in US increased by 7 per cent to $10,210 million.
The sales of Zyprexa improved by 2 per cent to $5,026 million from $4,916 million in the previous year. The sales of Alimta and Cymbalta went up strongly by 29 per cent and 13 per cent to $2,209 million and $3,481 million respectively during 2010. Whereas the sales of Gemzar declined by 16 per cent to $1,149 million.
"Lilly's fourth quarter results capped a year of solid financial performance in which we achieved volume-driven revenue growth along with good expense control. These results allowed us to deliver attractive earnings growth and a healthy dividend for our shareholders, while still investing in the research and development and business development activities that will enable us to bring the next generation of new medicines to patients," said John C Lechleiter Ph.D., Lilly's chairman and chief executive officer. "As we begin 2011, we remain committed to our strategy of accelerating the flow of potential new medicines through our pipeline and are prepared to meet the challenges of patent expiration for several of our products."
The company expects total revenue growth will be flat to slightly increasing on account of the impact of US health care reform. It will reduce revenue by $400 million to $500 million in 2011. Excluding the anticipated decline in Zyprexa and Gemzar sales outside of Japan, and the incremental impact of US healthcare reform, the company would expect 2011 revenue to grow in the mid-to-high-single digits. The earnings per share are expected to decline and be in the range of $3.92 to $4.07.
The company announced a global agreement with Boehringer Ingelheim to jointly develop and commercialize a portfolio of diabetes compounds currently in mid- and late-stage development. Included are Boehringer Ingelheim's two oral diabetes agents--linagliptin and BI 10773--as well as Lilly's two basal insulin analogues - LY2605541 and LY2963016 - along with an option to co-develop and co-commercialize Lilly's anti-TGF-beta monoclonal antibody.
The company completed the acquisition of Avid Radiopharmaceuticals, Inc., a company developing novel molecular imaging compounds intended for the detection and monitoring of chronic human diseases.