Lilly revenues increase in second quarter of 2010

Lilly has published its financial breakdown for the second quarter of 2010, reporting a nine per cent year-on-year rise in revenue.

The company’s reported total revenue figure increased to $5.7 billion (3.7 billion pounds) in the last three months, with Lilly underlining the success of recent product launches, as well as its own cost reduction initiatives.

Among the achievements highlighted by Lilly during the last quarter was the agreement of a merger deal to acquire Alnara Pharmaceuticals, while it was also able to licence a new hypoglycaemia treatment from Marcadia Biotech.

The firm has also invested 21 per cent of its second quarter revenues to support the research and development of nearly 70 new compounds in its clinical pipeline.

Dr John Lechleiter, Lilly’s chairman and chief executive officer, said: “Lilly continued to deliver solid financial results in the second quarter, driven by volume-based revenue gains and ongoing cost-containment efforts that resulted in double-digit earnings growth.”

Last month, the company was honoured with the Community Investment prize at the Global Business Coalition Awards for Excellence in Business Action, in recognition of its anti-tuberculosis initiatives in China.