The financial maladies of late seem to be improving for Eli Lilly and Co. The Indianapolis-based company named after Civil War veteran Colonel Eli Lilly is marching through tough times and helping others along the way.
Indeed, worldwide revenue totaled $5.293 billion in the second quarter, an increase of 3% compared with the like quarter in 2008.
"Lilly continues to deliver solid financial results notwithstanding the challenging global economic environment," says John C. Lechleiter, Lilly's chairman and chief executive officer. "Our business remained strong in the second quarter, with volume-driven revenue growth, good operating leverage and double-digit EPS [earnings per share] growth. Sales of Cymbalta and Alimta were particularly noteworthy this quarter, while movements in foreign exchange rates led to an improved gross margin percent. In addition, we continued to advance molecules into and through our pipeline, and now have 66 molecules in clinical development. We also received several important regulatory approvals, most notably Effient in the U.S. Based on these results, and our outlook for the remainder of the year, we have raised our full-year 2009 pro forma non-GAAP [Generally Accepted Accounting Principles] earnings per share guidance."
Lilly also has upbeat news for some users of its pharmaceuticals. The company recently announced it has broadened income eligibility for patient assistance programs.
The adjustment will allow enrollment of eligible patients with incomes at or less than 300% of the U.S. Federal Poverty Level. As an example, the new yearly eligible income limit for a family of two corresponds to approximately $44,000.
"By making these changes, we are addressing a real concern for patients we have heard from in recent months. Many have lost their jobs and insurance coverage and need our help to stay on their medications," says Lechleiter. "Patients are our first priority. By relaxing the income guidelines for Lilly's patient assistance programs, more patients will qualify for Lilly's patient assistance programs."
In other corporate citizenship news, Eli Lilly recently received the Corporate Circle Partners award from the Washington, D.C.-based National Medical Association (NMA).
According to the NMA, Lilly has developed a long-standing, productive partnership with the association to advance specific issues facing patients and to address health-care disparities.
"We can't do this alone," says Mohammad N. Akhter, executive director, NMA. "As strong as the NMA and Lilly are separately, together we have greater impact in this country for the betterment of all of us."
Signature NMA programs such as the Global Health Initiative and policy shaping consensus panel are examples of the collaboration with Lilly. To download the latest consensus panel report, visit: http://www.nmanet.org/index.php/convention_sub/Cancer_booklet.pdf.
"We are honored and humbled by this noteworthy acknowledgment," says Jack Harris, vice president of the U.S. medical division at Lilly. "Lilly shares a common interest with the NMA — to come together to share knowledge that goes beyond medicine to improve individual patient outcomes."