Eli Lilly & Co (NYSE:LLY) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Eli Lilly & Co (NYSE:LLY) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q2 2020 Earnings Call. [Operator Instructions]

I will now turn the call over to your host, VP, Investor Relations, Kevin Hern. Please go ahead, sir.

Kevin Hern

Thank you. Good morning, and thank you for joining us for Eli Lilly and Company's Q2 2020 Earnings Call. I'm Kevin Hern, Vice President of Investor Relations. Joining me on today's call are: Dave Ricks, Lilly's Chairman and CEO; Josh Smiley, Chief Financial Officer; Dr. Dan Skovronsky, Chief Scientific Officer; Anne White, President of Lilly Oncology; Patrik Jonsson, President of Lilly Bio-Medicines; and Mike Mason, President of Lilly Diabetes. We're also joined by Sarah Smith and Mike Czapar 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 the extent and duration of the effects of the COVID-19 pandemic as well as other factors listed on slide three and those outlined in our latest forms 10-K, 10-Q and any 8-Ks filed with the Securities and Exchange Commission. 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 is not sufficient for prescribing decisions. As we transition to our prepared remarks, a reminder that our commentary will focus on non-GAAP financial measures, which exclude the financial contribution from Elanco during 2019 and present earnings per share as though the full disposition via the exchange offer was complete on January 1, 2019.

Now I'll turn the call over to Dave for some opening comments.

David A. Ricks

Thanks, Kevin. A lot has changed in the world since our last earnings call. Science has continued to advance our understanding of COVID-19, and efforts across the industry to develop treatments and vaccines are progressing rapidly. While some regions and countries have begun to reopen, COVID-19 cases and deaths are climbing in other places. Despite these challenges, Lilly continues to demonstrate resilience and resourcefulness to progress our mission of making medicines for the millions of patients we serve. I've never been more proud of the company and my 35,000 teammates. This past quarter was unlike any other during my tenure as CEO, concurrently combating social, economic and public health crises. Economic uncertainty remains as high unemployment persists in many countries. As expected, our business experienced headwinds this quarter with patients unable to see doctors or access health care during periods when the economies were shut down to prevent the spread of COVID-19 and by the dwindling or the and by the unwinding of forward buying into Q1 that occurred. Overall, our year-to-date results are strong and indicate indicative of the underlying trends. I'm proud of Lilly's efforts to ensure patients have access to their medicines, to find creative ways to ensure we advance critical research and to advance our ongoing efforts to develop treatments for COVID-19. We continue to staff our manufacturing