New diabetes and cancer drugs deliver for Eli Lilly

Eli Lilly reported better-than-expected quarterly sales, driven by demand for its newer treatments for diabetes and cancer.

Revenue rose 8.6 per cent to $5.4 billion in the second quarter, topping Wall Street estimates of $5.15 billion, as demand increased for its drugs including Trulicity, Cyramza and Humalog.

Lilly resumed earnings growth last year after three years of tumbling sales due to weak demand for its key products amid competition from generic products.

The 140-year-old US drugmaker said profits rose 24.5 per cent to $747.7 million, or 71 US cents per share, in the quarter June 30th.

Excluding special items, Lilly earned 86 cents per share, in line with the average analyst estimate.

The company, which first arrived in Ireland in 1981, has doubled its Irish staff numbers to about 1,000 in the past five years. – (Reuters)