Company news: Eli Lilly and GlaxoSmithKline
GlaxoSmithKline's CEO Andrew Witty said Wednesday that the $10.5 billion in sales his firm earned for the first quarter of 2012, a 2% bump over the same period last year, is a sign that the company's progress is on track. US vaccine and pharmaceutical sales were $2.3 billion, up 9%, compared with the same period last year, in contrast to Europe where sales wilted, bringing in $2 billion, a 6% drop from the first quarter in 2011. The company saw major increases in its cardiovascular segment – up 34% compared to last year – and a considerable loss in its metabolic category, down 60% compared with the same period last year. The company revved up its R&D focus during the quarter, investing $1.4 billion, 4% more than the same period last year when it spent $1.3 billion. Bernstein analyst Tim Anderson said in a research note that GSK looks good for the long term, and the pipeline appears to be improving.