Lilly reports boost in Q1 earnings
INDIANAPOLIS Eli Lilly & Co. reported its first-quarter earnings Monday, citing a first-quarter profit boost of 23%.
Higher sales volume and increased prices helped boost revenue from many of Lilly’s drugs. Those factors helped offset a reduction in revenue caused by the stronger dollar, the company said.
Lilly also recorded $94.1 million in revenue from the cancer drug Erbitux, which was part of the company’s $6-billion-plus acquisition of ImClone Systems Inc. last fall.
While Lilly’s antidepressant medication Cymbalta grew 17% to $709 million, its best-selling drug, anti-psychotic Zyprexa, had flat sales of $1.12 billion.
The company said its overall costs remained flat, on a mix of lower marketing expenses and higher research and development expenses. Lilly’s cost of sales fell 27% to $816 million.
Looking ahead, the company backed full-year profit guidance between $4 and $4.25 per share. Analysts forecast $4.14 per share.
Vertex reports Q1 earnings
CAMBRIDGE, Mass. Vertex Pharmaceuticals ended first quarter 2009 with $869 million in cash, cash equivalents and marketable securities, the company announced Thursday.
The company is conducting a phase 3 study of telaprevir, a protease inhibitor for treating hepatitis C in patients who have not received treatment or for whom other treatments have failed. In March, Vertex started a phase 2a trial of VX-809, a compound designed to treat cystic fibrosis, and it also plans to start trials for the investigational CF drug VX-770 in the United States and Europe.
“With our strong performance in the first quarter, we are well-positioned to drive forward key programs in hepatitis C and cystic fibrosis and to deliver on our 2009 financial projections outlined earlier this year,” Vertex president Matt Emmens said. “Our top priority is to execute on the telaprevir phase 3 program and to prepare for [a new drug application] filing for telaprevir in the second half of 2010.”
Drug maker’s shares fall after HHS requests regulatory filing
NEW YORK A Department of Health and Human Services request that companies bidding on a government contract to provide anthrax vaccines give a regulatory plan to the Food and Drug Administration in 15 days caused shares of one of the companies to fall by 5.5% in afternoon trading on Friday, according to published reports.
The Associated Press reported Thursday that PharmAthene submitted a regulatory filing saying that HHS did not provide sufficient information. The HHS request caused PharmAthene’s shares to fall by 15 cents, to $2.56.
The Annapolis, Md.-based company makes the anthrax vaccine SparVax.