Eli Lilly sees double-digit growth in Q2

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Eli Lilly reported that its net income grew to $958.8 million in the second quarter of 2008, compared with a second quarter 2007 net income of $663.6 million.

Worldwide sales for the quarter were $5.15 billion, an increase of 11 percent compared with the second quarter of 2007, according to the company. However, as a percent of sales, the gross margin decreased by 1.7 percentage points to 76.7 percent. Eli attributed the decrease “to the impact of foreign exchange rates and the inclusion in cost of sales of asset impairments at certain manufacturing facilities of $57.1 million in the second quarter of 2008, offset in part by manufacturing expenses growing at a slower rate than sales.”

The Indianapolis-based Eli said its marketing, selling and administrative expenses rose 12 percent to $1.7 billion.

Additionally, the company, along with its partner Daiichi Sankyo, noted that the FDA extended the review period for the prasugrel new drug application based on supplemental information provided during the review period. The three-month extension allows the FDA time to complete its review, and the scheduled action date for prasugrel is Sept. 26.