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Lilly Reports First-Quarter 2013 Results
Date:4/24/2013

I program for systemic lupus erythematosus is ongoing and will continue as planned.
  • The company initiated a significant reduction in its U.S. Bio-Medicines sales force to adapt to changing customer requirements, evolutions in the U.S. health care environment and the upcoming loss of exclusivity for Cymbalta and Evista. Substantially all of the severance costs associated with this action were recognized in the fourth quarter of 2012. The company will also implement a small increase in its diabetes sales force to prepare for the planned launches of late-stage pipeline products. 
  • The commercial rights to exenatide outside of the U.S. were transferred to Amylin Pharmaceuticals.
  • The company agreed to end its U.S. co-promotion of Livalo® and return the rights back to its partner, Kowa Pharmaceuticals America, Inc.
  • The Elanco animal health business announced that it will invest approximately $100 million USD to purchase a minority equity stake in China Animal Healthcare Ltd., one of the leading players in the animal health industry in the People's Republic of China. The parties have also agreed to a framework to allow for future commercial collaboration activities.
  • The company completed its previously-announced $1.5 billion share repurchase program.
  • First-Quarter Reported Results
    In the first quarter of 2013, worldwide total revenue was $5.602 billion, which was flat compared with the first quarter of 2012. An increase of 4 percent due to higher prices was offset by decreases of 3 percent due to lower volume and 1 percent due to the unfavorable impact of foreign exchange rates. The decrease in volume was driven primarily by the loss of patent exclusivity for Zyprexa® in most major markets, partially offset by volume gains for certain other products. Total revenue in the U.S. increased 2 percent to $3.137 billion due primarily to increased prices, partially offset by lower volu
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    SOURCE Eli Lilly and Company
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