As Eli Lilly outlined an annual loss for the company due to its acquisition of ImClone Systems, company officials also pointed to major progress in cutting R&D costs. Lilly officials say they are halfway to meeting their goal of cutting the cost of getting a new drug to market from the $1.2 billion average it recorded in 2007 to $800 million in 2010.
As the ImClone acquisition made clear, Lilly sees a big future for itself in biotechnology. And just as Merck announced days ago, part of that future is likely to include the development of follow-on biologics.
"If anyone could move down the path pretty quickly and efficiently, it could be Lilly." said Lilly research chief Steven Paul.
- read the report from the Wall Street Journal