| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Eli Lilly & Co. > News item |
Eli Lilly says Q1 EPS up 13% to $0.77, sales boosted by Cymbalta growth
By Angela McDaniels
Seattle, April 20 - Eli Lilly and Co. said its net sales grew 6% to $3.715 billion for the first quarter ended March 31 from $3.497 billion for the first quarter of 2005 and attributed the increase primarily to the 118% growth of Cymbalta sales and increased sales of the company's other newer products.
Sales growth also benefited from $130 million of reductions in wholesaler inventory levels during the first quarter of 2005 as a result of Lilly restructuring arrangements with its U.S. wholesalers, according to a company news release.
The company predicted sales growth of between 7% and 9% for 2006 and that earnings per share will grow by 10% to 13% to between $0.74 and $0.76 for the second quarter of 2006 and grow by 8% to 11% to between $3.10 and $3.20 for the full year.
Net income grew 13% to $834.8 million, or $0.77 per share, for the first quarter from $736.6 million, or $0.68 per share, for the first quarter of 2005.
The company said the earnings growth was driven primarily by improved gross margins and sales growing at a faster rate than operating expenses, offset partially by decreased other income.
"Our strong bottom-line results in the first quarter reflect the execution on our commitment to grow sales at a faster rate than our expenses," chairman and chief executive officer Sidney Taurel said in the release.
"We also have been productive in advancing our pipeline, with one launch, one submission, three important data releases and the start of two potential registration trials. Our next submission to the Food and Drug Administration should occur by summer and is for the expanded use of Cymbalta in treating generalized anxiety disorder."
Eli Lilly is an Indianapolis pharmaceutical company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.