However, earnings per share for the period dropped 29% from $1.08 to $1.53. The company said that key drugs such as Cymbalta and Alimta had boosted sales in the second quarter, but results for the first six months of 2007 were affected by the acquisitions of ICOS, Hypnion, and Ivy.
Eli Lilly now expects reported earnings per share to be in the range of $2.75 to $2.85 for the full year, representing growth of 12 to 16% compared with full-year 2006 reported results.
For the second quarter, the US drug maker reported a sales increase of 20%, to $4.631 billion. Cymbalta, approved in the US for major depressive disorder, generalized anxiety disorder and for the management of diabetic peripheral neuropathic pain, generated $519.5 million in sales, a rise of 67% compared with the second quarter of 2006. The company said that the increase was driven by a higher demand for the drug.
Eli Lilly’s lung cancer drug Alimta also benefited from an increased demand in the quarter, generating sales of $207.1 million, an increase of 35% compared with the second quarter of 2006.
Sidney Taurel, chairman and chief executive officer, said: “Our accelerated, double-digit sales growth in this quarter was fueled by increased volume, driven by several products launched this decade, most notably Cymbalta. We are encouraged by our outlook for the remainder of the year, and we feel confident in again raising our full-year 2007 sales and earnings guidance.”