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Eli Lilly & Co. (LLY) John C. Lechleiter on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 9:00 am ET

Executives

John C. Lechleiter - Chairman, President & Chief Executive Officer

Philip Johnson - Vice President, Investor Relations, Eli Lilly and Company

Derica W. Rice - Chief Financial Officer & EVP-Global Services

David A. Ricks - President-Bio Medicines & Senior Vice President

Jan M. Lundberg - Executive Vice President, Science and Technology; President, Lilly Research Laboratories

Susan Mahony - Senior Vice President & President, Lilly Oncology

Enrique A. Conterno - Senior Vice President & President, Lilly Diabetes

Analysts

Gregg Gilbert - Deutsche Bank Securities, Inc.

Jami Rubin - Goldman Sachs & Co.

Timothy Minton Anderson - Sanford C. Bernstein & Co. LLC

Andrew S. Baum - Citigroup Global Markets Ltd.

Mark J. Schoenebaum - Evercore ISI

Steve Scala - Cowen & Co. LLC

Seamus Fernandez - Leerink Partners LLC

John T. Boris - SunTrust Robinson Humphrey, Inc.

Christopher Schott - JPMorgan Securities LLC

Vamil K. Divan - Credit Suisse Securities (NYSE:USA) LLC (Broker)

David R. Risinger - Morgan Stanley & Co. LLC

Geoffrey Meacham - Barclays Capital, Inc.

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Q1 2016 Earnings Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session, and instructions will be given at that time. As a reminder, this conference is being recorded.

I'd now like to turn the call over to John Lechleiter. Please go ahead.

John C. Lechleiter - Chairman, President & Chief Executive Officer

Good morning everyone, and thanks for joining us for Eli Lilly's & Co. first quarter 2016 earnings call. I'm John Lechleiter, Lilly's Chairman, President and CEO. Joining me on today's call, and some from remote locations, are Derica Rice, our CFO; Dr. Jan Lundberg, President of Lilly Research Labs; Dr. Sue Mahony, President of Lilly Oncology; Enrique Conterno, President of Lilly Diabetes; Dave Ricks, who is President of Lilly Bio-Medicines; Chito Zulueta, President of Emerging Markets; Jeff Simmons, President of Elanco Animal Health; and Ilissa Rassner, Brad Robling and Phil Johnson of the Investor Relations team.

During this conference call we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to a number of factors, including those listed on slide three and those outlined in our latest Forms 10-K and 10-Q filed with the SEC. The information we provide about our products and pipeline is for the benefit of the investment community. It is not intended to be promotional, and it's not sufficient for prescribing decisions.

Successful execution of our innovation-based strategy has put Lilly on a positive trajectory that became most evident in 2014 and 2015, particularly with regard to sustaining the flow of innovation. Building on that positive momentum, 2016 is off to a good start.

Let me begin our call today by recapping progress we've made on our strategic objectives since our last earnings call in January. Slide four should be familiar to you, depicting the four strategic objectives for our post-patent expiration period that we first laid out in January of 2015.

On our first strategic objective, grow revenue, in the first quarter we grew revenue 8% on a constant currency for-performance basis. Nearly all of this performance growth was driven by volume. And in total, our new products, Trulicity, Cyramza, Jardiance, Basaglar and Portrazza drove five percentage points of this volume growth.

Starting with today's call, we'll include in our earnings calls an update on the performance of new products for their first three years on the market. In addition, you'll see that we've included additional product information in our supplementary slides. Course, we welcome your feedback on this approach.