Eli Lilly announces ‘strong’ first-quarter results

Eli Lilly has announced its results for the first quarter of the 2007 financial year. In this quarter, the company saw sales increase by 14 per cent to $4.226 billion (2.123 billion pounds).

Reported net income for the quarter was $508.7 million, with earnings per share (EPS) of $0.47, compared to $834.8 million and $0.77 for the same quarter in 2006.

Following the publication of these results, Lilly has raised its guidance for full-year sale in addition to increasing its forecast for adjusted EPS in 2007, predicting a low double-digit rise in revenues and EPS of $3.30 to $3.40.

Sydney Taurel, chairman and chief executive officer of the firm, said: “We have started the year with very solid financial results, delivering double-digit sales growth and better-than-expected EPS for the first quarter.”

He added that the company was encouraged by the strong growth of sales in pharmaceuticals launched in the past ten years, while the company was confident in its ability to maintain this strong financial start for the rest of 2007.

This week, the board of directors of Lilly announced a $0.425 per share dividend on outstanding common stock for the second quarter of 2007, the same level as the first quarter and in line with the indicated rate for the year of $1.70 per share.