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[Pharmaceutical Network Industry News] The task of the US Securities Regulatory Commission (SEC) is to protect investors and maintain a fair, orderly and efficient securities market
.
Recently, Eli Lilly's development milestone payment of up to 165 million US dollars has been accused and questioned by the US Securities and Exchange Commission (SEC), which has attracted the attention of the industry
.
It is reported that these payments are from several research and development projects that the company obtained in addition to the business combination
.
The SEC noted that none of the payments were in compliance with generally accepted GAAP standards of accounting issued by the Financial Accounting Standards Board, and stated in the notification letter that the charges would have an impact of approximately $0.
15 on Eli Lilly's earnings per share, therefore, the actual amount may differ from The company's current expectations are different
.
The notification letter requires Lilly to provide unaudited historical financial information about the acquisition and to post the information on the investor page of its website
.
In response, Eli Lilly also responded that the company is making necessary changes to the representation of financial indicators that do not conform to generally accepted accounting principles in accordance with the guidance of the US SEC
.
In recent years, Lilly’s business has been adjusted frequently.
For example, on November 9, 2020, Lilly China announced a strategic transformation of its business in China.
The osteoporosis team no longer has independent full-time representatives and marketing teams; in March 2021, Eli Lilly China revealed that it will establish a sales and regional marketing team for Ou Tangjing, as well as Cymbalta, Cialis, and Forte’s mixed lines.
The sales team (ie the CCO mixed line team) will adjust; on July 22, 2021, Menarini Asia Pacific, a subsidiary of the Menarini Group, announced the completion of the acquisition of Eli Lilly and Company Cialis in China; in the second half of 2021, Lilly also announced that it will split the Bio-Medicines business into two business units: Lilly Neuroscience and Lilly Immunology.
Lilly said these changes will enhance Lilly's focus on breakthroughs.
The ability to bring new drugs to market
.
While gradually divesting mature products, Eli Lilly has also successively acquired many new assets, such as the acquisition of dermatology biopharmaceutical company Dermira in 2020, SARM1 inhibitor development company Disarm Therapeutics, and the development of neurodegenerative disease gene therapy.
Prevail Therapeutics; another $1 billion acquisition of biotech company Protomer Technologies in July 2021
.
From the perspective of the general environment, the supervision faced by pharmaceutical companies is becoming more and more stringent
.
It is understood that the former CFO of Eli Lilly was accused of improper relationships with Eli Lilly employees in 2021.
Although the behavior of the executive has nothing to do with financial data, Eli Lilly still needs to file with the US SEC at that time
.
An investigation later found that the executive had improper personal communications with multiple employees
.
Eli Lilly said in its announcement that Eli Lilly holds all employees accountable for its core values and believes that its executive officers bear a greater burden in ensuring that these values are adhered to
.
Affected by this incident, Eli Lilly's former CFO lost $1 million in 2020 annual bonuses and approximately $3 million in 2018-2020 shareholder value awards, in addition, Eli Lilly also canceled "all other Current and Future Equity Incentives”
.
After the release of this news, the industry believed that it means that the violation of the pharmaceutical giant may be severely cracked down
.
It is reported that not long ago, the United States also proposed new legislation to strengthen competition and stimulate the innovation of pharmaceutical companies
.
And the bill was able to pass mainly on the basis of the investigation of several large pharmaceutical companies, which found that these companies may deliberately hinder the entry of generic drugs and biosimilars into the market
.
Among them, there are many large pharmaceutical companies named Lilly, Sanofi, Novo Nordisk, AbbVie and so on
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
.
Recently, Eli Lilly's development milestone payment of up to 165 million US dollars has been accused and questioned by the US Securities and Exchange Commission (SEC), which has attracted the attention of the industry
.
It is reported that these payments are from several research and development projects that the company obtained in addition to the business combination
.
The SEC noted that none of the payments were in compliance with generally accepted GAAP standards of accounting issued by the Financial Accounting Standards Board, and stated in the notification letter that the charges would have an impact of approximately $0.
15 on Eli Lilly's earnings per share, therefore, the actual amount may differ from The company's current expectations are different
.
The notification letter requires Lilly to provide unaudited historical financial information about the acquisition and to post the information on the investor page of its website
.
In response, Eli Lilly also responded that the company is making necessary changes to the representation of financial indicators that do not conform to generally accepted accounting principles in accordance with the guidance of the US SEC
.
In recent years, Lilly’s business has been adjusted frequently.
For example, on November 9, 2020, Lilly China announced a strategic transformation of its business in China.
The osteoporosis team no longer has independent full-time representatives and marketing teams; in March 2021, Eli Lilly China revealed that it will establish a sales and regional marketing team for Ou Tangjing, as well as Cymbalta, Cialis, and Forte’s mixed lines.
The sales team (ie the CCO mixed line team) will adjust; on July 22, 2021, Menarini Asia Pacific, a subsidiary of the Menarini Group, announced the completion of the acquisition of Eli Lilly and Company Cialis in China; in the second half of 2021, Lilly also announced that it will split the Bio-Medicines business into two business units: Lilly Neuroscience and Lilly Immunology.
Lilly said these changes will enhance Lilly's focus on breakthroughs.
The ability to bring new drugs to market
.
While gradually divesting mature products, Eli Lilly has also successively acquired many new assets, such as the acquisition of dermatology biopharmaceutical company Dermira in 2020, SARM1 inhibitor development company Disarm Therapeutics, and the development of neurodegenerative disease gene therapy.
Prevail Therapeutics; another $1 billion acquisition of biotech company Protomer Technologies in July 2021
.
From the perspective of the general environment, the supervision faced by pharmaceutical companies is becoming more and more stringent
.
It is understood that the former CFO of Eli Lilly was accused of improper relationships with Eli Lilly employees in 2021.
Although the behavior of the executive has nothing to do with financial data, Eli Lilly still needs to file with the US SEC at that time
.
An investigation later found that the executive had improper personal communications with multiple employees
.
Eli Lilly said in its announcement that Eli Lilly holds all employees accountable for its core values and believes that its executive officers bear a greater burden in ensuring that these values are adhered to
.
Affected by this incident, Eli Lilly's former CFO lost $1 million in 2020 annual bonuses and approximately $3 million in 2018-2020 shareholder value awards, in addition, Eli Lilly also canceled "all other Current and Future Equity Incentives”
.
After the release of this news, the industry believed that it means that the violation of the pharmaceutical giant may be severely cracked down
.
It is reported that not long ago, the United States also proposed new legislation to strengthen competition and stimulate the innovation of pharmaceutical companies
.
And the bill was able to pass mainly on the basis of the investigation of several large pharmaceutical companies, which found that these companies may deliberately hinder the entry of generic drugs and biosimilars into the market
.
Among them, there are many large pharmaceutical companies named Lilly, Sanofi, Novo Nordisk, AbbVie and so on
.
Disclaimer: Under no circumstances does the information or opinions expressed in this article constitute investment advice to anyone
.
