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Highlights:
- Eli Lilly and Company (LLY) reported a 15% revenue growth in the first quarter.
- Eli Lilly’s Covid-19 vaccine revenue grew to US$660 million.
- Its key growth products are Tirzepatide, Trulicity, Verzenio, Jardiance, and Taltz.
US drugmaker Eli Lilly and Company (LLY) on Thursday reported a 15% revenue growth in the first quarter of fiscal 2022, beating Wall Street estimates.
Its first-quarter revenue was US$7,810.0 million against US$6,805.6 million a year ago.
One of the key drivers of Q1 revenue growth was Lilly’s obesity drug Tirzepatide. The drug is also treated as an elixir for type 2 diabetes.
Eli Lilly’s earnings per share surged 41% to US$2.10. On a non-GAAP basis, it rose 63% to US$2.62.
Commenting on the results, Eli Lilly chairman and CEO David A. Ricks said, "Lilly delivered another quarter of volume-driven revenue growth led by key products.” He added that the company expects a slew of potential approvals and new pipeline events this year.
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Tirzepatide, the wonder drug
Eli Lilly said that its obesity drug Tirzepatide has not only helped generate revenue but also benefited patients. According to the company, overweight individuals who used Tirzepatide saw up to 22.5% weight loss during a 72-week Phase 3 Surmount-1 study.
The study participants shed up to 52 pounds of body weight, while 63% of the participants who took 15 mg of Tirzepatide lost at least 20% of their body weight.
The company is also set to launch the Lilly Institute for Genetic Medicine and a new facility in Boston Seaport for US$700 million.
Eli Lilly’s US revenue grew 31% to US$5.17 billion, precipitated by a 32% increase in volume.
On the other hand, overseas revenue slid 8% to US$2.64 billion due to lower realized prices and the impact of adverse foreign exchange rates.
Bottom line:
The company’s R&D spending decreased 4% to US$1.61 billion, which is 21% of revenue. It was primarily due to lower development costs for Covid-19 antibodies.
Marketing, selling, and administrative expenses fell by 1% to US$1.56 billion in the quarter.