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Page title (without namespace) (page_title) | 'Newer Drugs Help Eli Lilly Top Wall Street Quarterly Profit Estimate' |
Full page title (page_prefixedtitle) | 'Newer Drugs Help Eli Lilly Top Wall Street Quarterly Profit Estimate' |
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New page wikitext, after the edit (new_wikitext) | '<br>By Saumya Joseph<br> <br>July 30 (Reuters) - Eli Lilly and Co reported a second-quarter profit that topped Wall Street estimates and raised its 2019 earnings forecast on Tuesday, as higher demand for newer drugs offset increased discounts for the U.S.<br><br>Medicare program and sales declines of medicines that lost patent protection.<br> <br>The drugmaker has been working to retain its position as a leader in diabetes care with newer drugs like Trulicity, Jardiance and Basaglar, as its top-selling insulin product Humalog faces increased competition and political pressure over the soaring cost of life-sustaining insulin.<br> <br>Lilly is counting on new drugs in other [http://www.dict.cc/?s=therapeutic therapeutic] areas to drive growth, such as Taltz for psoriasis and migraine treatment Emgality, which won U.S.<br><br>approval last year.<br> <br>Emgality, which competes with similar new drugs from Amgen and Teva, had sales of $34.3 million in the quarter, short of analysts' estimate of $42.3 million, as many new patients get the drug at little or no cost.<br> <br>Emgality is expected to meaningfully contribute to sales in the second half of the year, Chief Financial Officer Joshua Smiley told analysts on a conference call.<br> <br>Revenue rose 0.9% to $5.64 billion, above Wall Street estimates of $5.59 billion. However, U.S.<br><br>revenue was nearly flat at $3.25 billion, as net prices fell for Trulicity, Humalog and other drugs due to changes in Medicare Part D, the part of the government program for older Americans related to self-administered prescription drugs.<br> <br>Still, Trulicity sales rose 32% to $1.03 billion in the quarter.<br> <br>The Trump administration and other lawmakers have introduced several proposals aimed at lowering healthcare costs for U.S.<br>consumers, some of which have already been scrapped.<br> <br>While it is unclear what impact any of these will actually have on drugmakers, Lilly Chief Executive David Ricks said the industry will continue "shaping the debate."<br> <br>Humalog sales fell 12% to $677.6 million amid increased competition and as Lilly, bowing to political pressure, offered a half-priced version called Insulin Lispro.<br> <br>Sales of erectile dysfunction drug [https://cialisahc.com/ cialis 20mg sale] plunged 63% to $200.2 million due to market entry of cheaper generic versions.<br> <br>Lilly raised both ends of its 2019 adjusted earnings forecast range by 7 cents and now expects $5.67 to $5.77 per share.<br> <br>Excluding items, Lilly earned $1.50 per share, beating analysts' estimates by 5 cents, according to IBES data from Refinitiv.<br> <br>The company said Verzenio in a late-stage combination trial helped women with certain types of advanced breast cancer live longer.<br><br>Verzenio had sales $133.9 million.<br> <br>Eli Lilly shares were up 0.3% at $109.04.<br> <br>(Reporting by Saumya Sibi Joseph in Bengaluru; additional reporting by Julie Steenhuysen in Chicago; Editing by Anil D'Silva and Bill Berkrot)<br>' |
