Lilly hails ‘solid results’ for first quarter of 2011

Lilly has expressed satisfaction with its first-quarter financial results for 2011 after reporting a six percent year-on-year growth in total revenue.

The company generated $5.84 billion (3.53 billion pounds) in revenue during the three-month period, with growth attributed to the performance of the drugs Cymbalta and Alimta, as well as its Elanco animal health business.

Over the course of the period, Lilly has received a recommendation for European approval of the diabetes drug Bydureon, launched the testosterone treatment Axiron in the US and made an offer to purchase Janssen's animal health unit.

It also agreed a major new research collaboration with Boehringer Ingelheim that will see them jointly developing and commercialising a number of diabetes drug compounds created by both companies.

Dr John Lechleiter, Lilly's chairman, president and chief executive officer, said the company has been able to make research investments that will help it to meet its 2011 business goals.

"Lilly started the year by delivering solid financial results as we continue to advance the next wave of potential new medicines in our pipeline," he added.