Eli Lilly & Co. (NYSE: LLY) reported Thursday that its second quarter profit declined to $1.2 billion, or $1.07 a share, from $1.35 billion, or $1.22 a share, in the year-quarter. On an adjusted basis, the company earned $1.18 per share in the share in the latest quarter. Revenue rose 8.8% to $6.25 billion. Analysts, on average, expected earnings of $1.18 on revenue of $6.03 billion.
"In the second quarter, Lilly once again achieved solid volume-driven revenue growth, despite the negative impact of generic versions of gemcitabine in the United States. Our financial results reflect the solid performance of many of our marketed products, as well as important investments we are making to expand our commercial opportunities and deliver the next wave of potential new medicines to patients," said John C. Lechleiter, Ph.D., Lilly's chairman, president and chief executive officer. "Key Lilly products continue to perform well, including Cymbalta, Cialis and our insulins. Exchange rates have also contributed to favorable sales comparisons. At the same time, we are investing for the company's future by supporting the launches of new medicines and new indications, as well as funding our R&D pipeline, which now boasts 70 potential new medicines in clinical development."
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