Eli Lilly and Company has reported a net income of $1.31 billion, or $1.20 per share, for the first quarter of 2009, an increase of 23%, compared to $1.06 billion, or $0.97 per share, for the first quarter of 2008.
The company has reported worldwide total revenue of $5.05 billion for the first quarter of 2009, an increase of 5%, compared to $4.81 billion for the first quarter of 2008. This 5% revenue growth was comprised of a 7% increase due to higher volume and a 3% increase due to higher prices, partially offset by a 6% decline due to the impact of foreign exchange rates, said Eli Lilly.
Marketing, selling and administrative expenses decreased 1%, to $1.529 billion. This decrease was due to the impact of foreign exchange rates and a reduction in expenses related to U.S. marketing programs, partially offset by the impact of the ImClone acquisition and increased prasugrel pre-launch activities. Research and development expenses were $947.3m, or 19% of revenue.
John Lechleiter, Lilly’s chairman and CEO, said: Despite the downturn in the economy, in the first quarter of 2009, Lilly delivered strong financial results, with good underlying operational performance, aided in part by movements in exchange rates.
Our revenue growth included solid volume-based gains, while our gross margin percentage benefited from a stronger US dollar. These results, in combination with prudent expense management, helped us to achieve operating leverage and robust earnings per share growth.