Eli Lily exceeds 2Q expectations thanks to new drug sales

Eli Lilly reported better-than-expected sales for the second quarter, driven by sales of the Indianapolis-based company's new drugs, according to Reuters.

The drugmaker's revenue hit $5.4 billion in the second quarter, marking a 9 percent increase from last year and exceeding Wall Street's prediction of $5.15 billion.

Eli Lilly's earnings growth returned last year after the company struggled through three years of declining sales due to generic drug competition.

While older drugs like Cialis and Forteo recorded strong sales, Eli Lilly's newer drugs also performed well this quarter.

Trulicity — an injectable diabetes treatment that competes with Denmark-based Novo Nordisk's popular drug Victoza — hit sales of $201 million. Sales of the two-year-old drug Cyramza, used to treat stomach and lung cancer, jumped 68 percent from the second quarter of 2015 to $147 million.

Eli Lilly's net income saw a 24.5 percent increase to reach $747.7 million by the end of the second quarter on June 30. The company predicts its large drug portfolio will ensure average annual revenue growth of at least 5 percent through 2020.

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