Lilly reports further strong growth in Q2 2016

Lilly has announced its financial results for the second quarter of 2016, reporting a three-month revenue total of $5.4 billion (4.1 billion pounds).

This represents a year-on-year increase of nine percent, driven by a ten percent rise in pharmaceutical volumes thanks in large part to the success of its recent product launches.

Significant pipeline progress also continued throughout the quarter with the receipt of regulatory approval of Taltz in Japan and priority review designation for olaratumab in the US, as well as encouraging phase II data readings for abemaciclib.

Full-year 2016 earnings per share are still expected to be in the range of $2.68 to $2.78 on a reported basis, while at least five percent average annual revenue growth is anticipated for the remainder of the decade.

It believes that its research and development activities will help to support the launch of around 20 new products in the ten years from 2014 to 2023.

Dr John Lechleiter, Lilly's chairman, president and chief executive officer, said: "Lilly is in the midst of one of the most productive periods of new product launches in our company's history."