EC approves Jentadueto

Eli Lilly and Co. (NYSE:LLY) and partner Boehringer Ingelheim GmbH (Ingelheim, Germany) said the European Commission approved Jentadueto linagliptin/metformin to treat Type II diabetes. The product combines the partners' Tradjenta linagliptin, a xanthine-based dipeptidyl peptidase-4 (DPP-4) inhibitor, and metformin. Last year, the companies partnered to co-develop and co-commercialize a portfolio of diabetes candidates, including Boehringer's linagliptin (see BioCentury, Jan. 31, 2011).

Separately, Lilly reported 2Q12 financial results. Total revenue fell 10% to $5.6 billion compared to 2Q11 but matched the Street's estimate. The pharma said the decrease was primarily due to the loss of patent protection late last year for antipsychotic drug Zyprexa olanzapine. Lilly reported non-GAAP EPS of $0.83, beating by $0.06 the Street's estimate of $0.77, but off 30% from $1.18 in 2Q11. The pharma raised its full-year non-GAAP EPS guidance to $3.30-$3.40 from $3.15-$3.30. Lilly reiterated expectations for 2012 revenues of $21.8-$22.8 billion. ...