It's earnings time again, and a whole slew of drugmakers are reporting their second-quarter results. Eli Lilly beat forecasts while Elan posted a bigger net loss; Roche profits grew 58 percent on lower restructuring costs as Genzyme barely managed to stay in the black. Here are more details on a sampling of the numbers.
- Eli Lilly (NYSE: LLY) reported better-than-expected second quarter earnings, helped by cost controls as well as higher prices for many of its biggest medicines. The drugmaker earned $1.35 billion, or $1.22 per share, on a 9 percent increase in revenues to $5.75 billion, ahead of Wall Street expectations of $5.58 billion. Report | Report
- Elan reported a wider second-quarter loss after it set aside $206.3 million to settle U.S. government charges linked to the sale and marketing of the Zonegran epilepsy treatment. Meanwhile, a big shareholder wrote to Elan's board complaining of "ineptitude and mismanagement" at the company. Report | Report
- Roche reported a 58 percent increase in first-half profit to $5.2 billion, helped by lower costs associated with the integration of Genentech. But the numbers fell short of expectations, and a drop in pharma sales of 2.3 percent had analysts moaning. "The results are not really that positive," Rahn & Bodmer's Birgit Kulhoff tells Bloomberg. Report | Report
- Bristol-Myers Squibb's (NYSE:BMY) second-quarter sales grew slightly but profit dropped by 5.7 percent to $927 million, slightly beating analyst expectations. Report
- Genzyme (NASDAQ: GENZ) barely reported a second-quarter profit, plunging from a year ago, as manufacturing-related shortages of its top-selling products continued to hit operations. Report