Eli Lilly & Co has reported sharp fall in sales and net profit during the third quarter ended September 2014 due to US patent expirations for Cymbalta and Evista. The net profit declined by 58.4 per cent to $501 million from $1,203 million in the similar period of last year. Its net sales also declined by 16 per cent to $4,876 million from $5,773 million. Its revenues in US declined by 33 per cent to $2,218 million. However, total revenue outside the US increased by 8 per cent to $2,658 million.
Dr John C Lechleiter, chairman, president and CEO, said, “While Lilly's third-quarter financial results continue to reflect the impact of recent patent expiration, our clinical pipeline is now producing strong momentum to drive future growth. In the past quarter alone, three new medicines were approved by the US FDA and several others had positive data readouts. We are focused on successfully launching this new wave of innovative medicines while still sustaining a steady flow of promising assets in our pipeline.”
The company received US FDA approval for Jardiance (empaglifilozin) tablets as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes. Jardiance is part of the company's strategic diabetes collaboration with Boehringer Ingelheim. The companies have launched Jardiance in the US and certain European countries. Further, US FDA also approved Trulicity as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes.
For the first nine months of 2014, worldwide total revenue declined by 16 per cent to $14,494 million from $17,304 million. Its net profit declined by 50 per cent to $1,962 million from $3,957 million in the corresponding period of last year. R&D expenditure moved down by 13 per cent to $3,548 million from $4,056 million.