Eli Lilly and Company (NYSE: LLY) today announced financial results for the fourth quarter and full year of 2017.
$ in millions, except Fourth Quarter % Full Year %
per share data
2017 2016 Change 2017 2016 Change
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Revenue $6,160.7 $5,760.5 7% $22,871.3 $21,222.1 8%
Net Income (Loss) - Reported (1,656.9) 771.8 NM (204.1) 2,737.6 NM
Earnings (Loss) Per Share - Reported (1.58) 0.73 NM (0.19) 2.58 NM
Net Income - Non-GAAP 1,206.7 1,013.4 19% 4,530.4 3,735.6 21%
EPS - Non-GAAP 1.14 0.95 20% 4.28 3.52 22%
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Certain financial information for 2017 and 2016 is presented on both a reported and a non-GAAP basis. Some numbers in this press release may not add due to rounding. Reported results were prepared in accordance with generally accepted accounting principles (GAAP) and include all revenue and expenses recognized during the periods. Non-GAAP measures exclude the items described in the reconciliation tables later in the release. The company's 2018 financial guidance is also being provided on both a reported and a non-GAAP basis. The non-GAAP measures are presented to provide additional insights into the underlying trends in the company's business.
"Lilly's new products, including Trulicity, Taltz and Jardiance, continued to drive solid revenue growth in the fourth quarter of 2017, while we maintained flat operating expenses," said David A. Ricks, Lilly's chairman and CEO. "Momentum continues for our innovation-based strategy. We recently received approval for Taltz in the U.S. and European Union for active psoriatic arthritis, are encouraged by early use of Verzenio for breast cancer and expect further pipeline progress in 2018 in areas of significant patient need, including cancer, immunologic disorders, diabetes, neurodegeneration and pain."
Key Events Over the Last Three Months
Regulatory
- Regarding Taltz® (ixekizumab), for the treatment of adults with active psoriatic arthritis:
- The U.S. Food and Drug Administration (FDA) issued its approval and the company launched in the U.S.
- The European Commission issued its approval.
Clinical
- The company announced top-line results from its Phase 3 study of Cyramza® (ramucirumab) in combination with cisplatin and capecitabine or 5-FU (5-fluorouracil) in the first-line treatment of patients with HER2-negative metastatic gastric or gastroesophageal junction adenocarcinoma. The trial met its primary endpoint of progression-free survival but did not improve overall survival, a secondary endpoint. The company does not intend to seek regulatory approval based on the results of this study.
- The company initiated a clinical trial to evaluate the functionality and safety of its automated insulin delivery system in Type 1 diabetes, which is a hybrid closed-loop platform that uses connected devices -- an insulin pump with a dedicated controller, dosing algorithm and continuous glucose monitor -- to automate insulin dosing. This system is part of the Connected Diabetes Ecosystem, which is being designed to make diabetes management easier by enabling people to use insulin more effectively.
Fourth-Quarter Reported Results
In the fourth quarter of 2017, worldwide revenue was $6.161 billion, an increase of 7 percent compared with the fourth ...
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