On Tuesday, Eli Lilly and Co. exceeded the Wall Street estimates for quarterly revenue for the higher sales of its best-selling diabetes drug, Trulicity (dulaglutide).
Trulicity is a type 2 diabetes medication, which comes in an easy-to-use, single-dose pen, helping the body to release its own insulin. The drug is taken once a week.
The increase in sales has helped offset the impact of generic competition on the company’s erectile dysfunction drug, Cialis (tadalafil).
In the quarter that ended on June 30, Eli Lilly and Co. posted net income of $1.33 billion ($1.44 per share) compared with the last year’s loss of $259.9 million (25 cents per share).
The pharma company had recorded an acquisition-related charge of $1.62 billion in the prior-year quarter. Its revenue increased from $5.59 billion to $5.64 billion, which crossed the Wall Street estimates of $5.59 billion.
