Eli Lilly (LLY) Reports Mix Q2 Financial Results

Eli Lilly and Co. (NYSE:LLY) was founded by a pharmacist named Colonel Eli Lilly way back in 1876. The company, known for its quality drugs, is often recognized for developing the first commercial insulin to treat diabetes. Over the years, Eli Lilly expanded into areas such as oncology and cardiac medications while keeping its dominant position in the global diabetes drug market. Today, it is one of the biggest pharmaceutical companies responsible for developing several critical medicines.

The Indianapolis, Indiana-based pharmaceutical company recently announced mixed financial results for the second quarter. Eli Lilly reported earnings of $1.53 per share for the three months ended June 30, marginally down from $1.55 per share in the comparable period of 2020. On an adjusted basis, earnings rose to $1.87 per share but fell slightly short of $1.89 per share estimated by analysts.

Revenue for the quarter climbed 23 percent on a year-over-year basis to $6.74 billion, ahead of the consensus forecast of $6.60 billion. Revenue from its type 2 diabetes medication Trulicity rose 25 percent to $1.54 billion. Overall, revenue from the U.S. advanced 18 percent to $3.704 billion, while revenue outside the U.S. climbed 29 percent to $3.036 billion.

Speaking on the results, CEO David A. Ricks said, “We delivered strong performance this quarter, with volume-driven growth across our core business and most major geographies. We accelerated use of our newest medicines around the world with solid sequential growth versus first-quarter 2021. We had another robust period of pipeline milestones, as we announced plans to submit tirzepatide in type 2 diabetes and donanemab in Alzheimer’s disease to regulatory authorities later this year, as well as positive results for Jardiance in patients with heart failure with preserved ejection fraction. We continue to increase investment in our future and look forward to several additional pipeline events in the second half of the year, along with the continued strengthening of our business.”

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