Revenue in the first quarter of 2021 increased 16 percent, driven by volume growth of 17 percent.
- First-quarter 2021 revenue grew 7 percent excluding revenue of $810.1 million from COVID-19 antibodies and also excluding first-quarter 2020 revenue of approximately $250 million from increased customer buying patterns and patient prescription trends.
- Key growth products, consisting of Trulicity, Verzenio, Olumiant, Tyvyt, Emgality, Jardiance, Retevmo, Cyramza and Taltz, contributed 8 percentage points of revenue growth and represented approximately 46 percent of total revenue in the first quarter of 2021, or 52 percent of total revenue excluding revenue from COVID-19 antibodies.
- First-quarter 2021 operating expenses increased 11 percent, driven primarily by higher research and development investments, including expenses of $220 million to develop COVID-19 therapies. Excluding investment in COVID-19 therapies, total operating expense growth was less than 3 percent.
- Notable pipeline events included Emergency Use Authorization from the FDA for bamlanivimab and etesevimab together for the treatment of COVID-19, as well as positive data readouts for tirzepatide for type 2 diabetes, donanemab for Alzheimer's disease, mirikizumab for ulcerative colitis and baricitinib for alopecia areata.
- First-quarter 2021 earnings per share (EPS) decreased to $1.49 on a reported basis and increased to $1.87 on a non-GAAP basis.
- 2021 EPS guidance lowered to be in the range of $7.03 to $7.23 on a reported basis and adjusted to be in the range of $7.80 to $8.00 on a non-GAAP basis.
Investors and the general public can access a live webcast of the first-quarter 2021 financial results conference call through a link on Lilly's website at www.lilly.com. The conference call will begin at 9:00 a.m. Eastern time (ET) today and will be available for replay via the website.
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