24 October 2014 - Eli Lilley, a US-based pharmaceutical company yesterday reported its financial results for the third quarter of 2014.

Net income for the quarter was USD500.6m, compared with USD1.203bn for the same period last year. Third-quarter 2014 revenue declined 16%, driven by the impact of U.S. patent expiration's for Cymbalta and Evista, partially offset by volume growth in most other products. Reported operating expenses declined 4% as ongoing cost containment initiatives were partially offset by expense associated with the U.S. Branded Prescription Drug Fee and costs related with the termination of development for tabalumab. Non-GAAP operating expenses declined by 8%.

Third-quarter 2014 earnings per share were USD0.47 on a reported basis and USD0.66 on a non-GAAP basis. Clinical pipeline advancements during the third quarter included three FDA approvals and several positive Phase III data readouts. 'While Lilly's third-quarter financial results continue to reflect the impact of recent patent expirations, our clinical pipeline is now producing strong momentum to drive future growth,' said John C. Lechleiter, Ph.D., Lilly's chairman, president and chief executive officer. 'In the past quarter alone, three new medicines were approved by the U.S. FDA and several others had positive data readouts. We are focused on successfully launching this new wave of innovative medicines while still sustaining a steady flow of promising assets in our pipeline.'