In its Q2 earnings release Thursday morning, Eli Lilly reported declines in revenue and net income.
The company disclosed that revenue declined 4% in the second quarter of the year, while net income dropped 31%. In a press release accompanying the earnings report, Lilly noted that, excluding revenue from Alimta (which declined), the sale of rights to Cialis in China and COVID-19 antibodies, total revenue grew by 6%.
The company also reported growth across several product lines, including Trulicity, Jardiance, Emgality and Olumiant. During the quarter, Lilly launched an online education program to market Olumiant, its alopecia drug.
Major developments included the Food and Drug Administration’s approval of Mounjaro to treat type 2 diabetes and the launch of the drug in the U.S.
For the full year, Lilly said it expects its revenue to be between $28.8 billion and $29.3 billion. It added that its outlook for gross margin, marketing, selling and administrative expenses remains unchanged.
“We had an exciting quarter with the highly anticipated U.S. launch of Mounjaro, the first of potentially five new medicines we intend to launch by the end of 2023,” Eli Lilly CEO David Ricks said in a statement. “We are pleased with the underlying strength of our core business, and we expect our new medicines will add to our growth through the rest of the decade. We are entering a compelling era in our company’s history, as we continue our efforts to expand the number of people our medicines can help.”
Lilly also announced that the FDA will review donanemab for Alzheimer’s disease and awarded it a Priority Review designation.
Numerous other pharma companies released their earnings Thursday, including Royalty Pharma, Concert Pharmaceuticals, Karyopharm Therapeutics, Autolus Therapeutics, Jounce Therapeutics, Intellia Therapeutics, Arbutus Biopharma and Agios Pharmaceuticals.