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What Drove Eli Lilly in 3Q17?

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Part 3
What Drove Eli Lilly in 3Q17? PART 3 OF 12

How Eli Lilly’s Forteo and Jardiance Are Performing

Forteo revenue trends

In 3Q17, Eli Lilly’s (LLY) Forteo generated revenues of $441.7 million, ~13% growth on a year-over-year (or YoY) basis and a 1% decline on a quarter-over-quarter basis. In 3Q17, in the US and international markets, Forteo reported revenues of $234.1 million and $207.6 million, respectively, compared to $206.7 and $184.5 million in 3Q16. Forteo reported revenues of $1.2 billion in the first nine months of 2017.

How Eli Lilly’s Forteo and Jardiance Are Performing

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In November 2017, Eli Lilly presented new data that showed that Forteo therapy for 24 months led to significantly fewer vertebral and clinical fractures compared to risedronate in postmenstrual women with severe osteoporosis. The results from the VERO clinical trial showed that 5.4% of patients receiving Forteo had vertebral fractures compared to 12% of patients who were on risedronate.

In the VERO trial, 6% of patients on Forteo showed new and worsened fractures compared to 12.9% patients in the risedronate treatment group. In the trial, at 12 months treatment itself, patients on Forteo demonstrated a decrease in new vertebral fractures compared to patients on risedronate.

Jardiance revenue trends

In 3Q17, Jardiance reported revenues of $127.2 million compared to $47.5 million in 3Q16. In 3Q17, Jardiance witnessed a 23% increase on a quarter-over-quarter basis. In 3Q17, in the US and international markets, Jardiance generated revenues of $83.8 million and $43.4 million, respectively, compared to $32.9 million and $14.6 million in 3Q16.

During 3Q17, Jardiance received approval in China as an adjunct to diet and exercise to improve blood sugar control in individuals with type two diabetes. The geographical penetration of the drug is expected to further boost the revenue growth of Jardiance.

Jardiance’s peers in the diabetes drug market include AstraZeneca’s (AZN) Onglyza, Merck’s (MRK) Januvia, and Novo Nordisk’s (NVO) Victoza. In 3Q17, Januvia and Victoza reported revenues of $1.0 billion and 5.3 billion Danish krone, respectively. The growth in sales of Forteo and Jardiance could boost the Vanguard Value ETF (VTV). Eli Lilly makes up about ~0.61% of VTV’s total portfolio holding.

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