Lilly highlights strategic goals and forthcoming product launches

Lilly has addressed the investment community at a special meeting to provide an update on its business and product development strategy.

With the aim of returning the company to revenue growth and expanding margins after 2014, the firm expects to launch several new medicines beginning next year, which will help to offset the impact of recent patent expiries on key products.

Currently, it has 13 potential medicines in phase III testing or in regulatory review, with a further 26 in the phase II stage, representing a total number of products in mid-to-late-stage development five times greater than the comparable amount in 2004.

Lilly also reaffirmed its near-term goals of generating at least $20 billion (12.44 billion pounds) in revenue, $3 billion in net income and $4 billion in operating cash flow through to 2014, while a new share repurchase programme will return an additional $5 billion to shareholders over time.

Dr John Lechleiter, Lilly's chairman, president and chief executive officer, said: "We're determined to seize the tremendous opportunities before us and drive a new era of growth for Lilly and its shareholders, while delivering on our mission of improving the lives of patients."

The event took place at Lilly's global research and corporate headquarters in Indianapolis earlier this week and was attended by the company's leading executives.