Eli Lilly and Company has reported 31% increase in net income to $1.21bn, or $1.11 per diluted share, for the second quarter ended on 30 July 2013, compared to $923.6m, or $0.83, for the same period last year.
Increase in net income and earnings per share were driven by higher operating income, and to a lesser extent, higher other income and a lower effective tax rate.
Total revenue for the second quarter ended 30 July 2013 was $5.93bn, a 6% increase, compared to $5.60bn in 2012. The growth in revenue was comprised of 6% due to higher prices and 2% due to higher volume, partially offset by a decrease of 2% due to the unfavorable impact of foreign exchange rates.
Net income for the first half of 2013 was $2.75bn, or $2.53 per diluted share, compared to $1.93bn, or $1.73 during the same period a year ago, while total revenue for the first six months of 2013 was $11.53bn compared to $11.20bn in 2012.
Lilly chairman, president and chief executive officer John Lechleiter said, "Continued operating and financial discipline, along with a maturing pipeline of potential new medicines, gives me great confidence in the company's ability to meet the challenges we face from upcoming patent expirations and to resume growth after 2014."
The company has raised its 2013 earnings per share guidance and expects full-year 2013 earnings per share to be in the range of $4.28 to $4.38 on a reported basis, or $4.05 to $4.15 on a non-GAAP basis.
