TIDMLEL
Date: July 21, 2011
For Release: Immediately
Refer to: (317) 276-5795 - Mark E. Taylor (Media)
(317) 655-6874 - Philip Johnson (Investors)
Lilly Reports Second-Quarter 2011 Results
Second-quarter 2011 revenue grew 9 percent to $6.253 billion due to increased
demand and favorable exchange rates.
Q2 expense growth driven primarily by marketing efforts to support new
launches, restructuring charge and exchange rates.
R&D investments support clinical pipeline of 70 potential new medicines.
Company delivered second quarter earnings per share of $1.07 (reported), or
$1.18 (non-GAAP).
2011 earnings per share guidance range revised to $3.85 - $3.95 (reported), or
$4.25 - $4.35 (non-GAAP).
Eli Lilly and Company (NYSE: LLY) today announced financial results for the
second quarter of 2011.
$ in millions, except per share Second Quarter %
data
2011 2010 Growth
Total Revenue - Reported $6,252.8 $5,748.7 9%
Net Income - Reported 1,197.3 1,348.9 (11)%
EPS - Reported 1.07 1.22 (12)%
Net Income - non-GAAP 1,315.9 1,366.9 (4)%
EPS - non-GAAP 1.18 1.24 (5)%
Financial results for 2011 and 2010 are presented on both a reported and a
non-GAAP basis. Reported results were prepared in accordance with generally
accepted accounting principles (GAAP) and include all revenue and expenses
recognized during the period. Non-GAAP results exclude the items described in
the reconciliation tables. The non-GAAP results are presented in order to
provide additional insights into the underlying trends in the company's
business. The company's 2011 financial guidance is also being provided on both
a reported and a non-GAAP basis.
"In the second quarter, Lilly once again achieved solid volume-driven revenue
growth, despite the negative impact of generic versions of gemcitabine in the
United States. Our financial results reflect the solid performance of many of
our marketed products, as well as important investments we are making to expand
our commercial opportunities and deliver the next wave of potential new
medicines to patients," said John C. Lechleiter, Ph.D., Lilly's chairman,
president and chief executive officer. "Key Lilly products continue to perform
well, including Cymbalta, Cialis and our insulins. Exchange rates have also
contributed to favorable sales comparisons. At the same time, we are investing
for the company's future by supporting the launches of new medicines and new
indications, as well as funding our R&D pipeline, which now boasts 70 potential
new medicines in clinical development."
Key Events Over the Last Three Months
* The U.S. Food and Drug Administration (FDA) approved Tradjentatm
(linagliptin), a prescription medication used along with diet and exercise
to lower blood sugar in adults with type 2 diabetes. The company, along
with its partner Boehringer Ingelheim, recently launched Tradjenta in the
United States. Linagliptin was also approved in Japan, Mexico and Brazil
and received a positive opinion from the European Medicines Agency's
Committee for Medicinal Products for Human Use (CHMP).
* The European Commission granted marketing authorization to Bydureontm, the
first once-weekly treatment for type 2 diabetes. The company is developing
Bydureon along with its partners, Amylin Pharmaceuticals and Alkermes, Inc.
* The company filed for a new indication with the FDA for Erbitux® in
first-line non-small cell lung cancer.
* The U.S. District Court for the Southern District of Indiana issued an
order that prohibits the remaining defendants in the Cymbalta® patent
litigation from selling a generic duloxetine product in the United States
during the term of the Cymbalta compound patent. The patent provides
protection for Cymbalta until at least June of 2013.
* The company signed agreements with private investors Care Capital and
NovaQuest Capital to establish BioCritica Inc., a newly-formed and
privately-held biotechnology company. BioCritica, based in Indiana, will
focus initially on the continued development and commercialization of
Xigris® in the United States.
* The company completed the acquisition of the animal health business of
Janssen Pharmaceutica NV, a Johnson & Johnson Company, after gaining final
approval from the European Commission. Terms of the deal were not
disclosed.
* On June 30, 2011 the company held a meeting with the investment community
where it outlined its corporate strategy, reviewed its operational
performance, discussed potential medicines in its clinical pipeline and
reaffirmed its mid-term financial outlook. A press release summarizing the
highlights of the meeting can be found on the company's website,
www.lilly.com, or at the following link.
Second-Quarter Reported Results
In the second quarter of 2011, worldwide total revenue was $6.253 billion, an
increase of 9 percent compared with the second quarter of 2010. This 9 percent
revenue growth was comprised of increases of 5 percent in volume and 4 percent
due to the impact of foreign exchange rates. Reflecting the loss of U.S. patent
exclusivity for Gemzar® in November 2010, price had a negligible impact on
revenue growth. Total revenue in the U.S. increased 3 percent to $3.346 billion
primarily due to increased volume, and, to a lesser extent, higher prices.
Total revenue outside the U.S. increased 17 percent to $2.906 billion due to
increased volume and the positive impact of foreign exchange rates.
Second-quarter 2011 total revenue was reduced by approximately $110 million due
to the impact of U.S. health care reform.
Gross margin increased 6 percent in the second quarter of 2011. Gross margin as
a percent of total revenue was 80.4 percent, reflecting a decrease of 1.8
percentage points compared with the second quarter of 2010. The decrease in
gross margin percent was due to the impact of changes in foreign currencies
compared to the U.S. dollar on international inventories sold during the
quarter.
Total operating expense, defined as the sum of research and development,
marketing, selling and administrative expenses, increased 12 percent compared
with the second quarter of 2010. Marketing, selling and administrative expenses
increased 16 percent to $2.043 billion. Research and development expenses
increased 6 percent to $1.261 billion, or 20.2 percent of total revenue. Total
operating expense growth was driven by the recently-announced diabetes
collaboration with Boehringer Ingelheim, including late-stage clinical trial
costs, as well as the effect of foreign exchange rates and marketing efforts to
support launches of new products and new indications. In addition,
approximately $45 million of the increase in operating expense was due to the
mandatory pharmaceutical manufacturers fee associated with U.S. health care
reform.
In the second quarter of 2011, the company recognized a charge of $132.3
million for restructuring related to severance costs from previously announced
strategic actions that the company is taking to reduce its cost structure and
global workforce. In the second quarter of 2010, the company recognized
restructuring charges of $27.3 million, primarily related to the previously
announced strategic actions.
Operating income in the second quarter of 2011 was $1.589 billion, a decrease
of 9 percent compared to the second quarter of 2010, due primarily to increased
marketing, selling and administrative expenses, lower gross margin percent and
higher restructuring charges.
Other income (expense) was a net expense of $57.6 million, compared to net
expense of $18.4 million in the second quarter of 2010. The increase in second
quarter 2011 expense was driven by the partial impairment of the acquired
in-process research and development asset related to liprotamase, partially
offset by gains on the disposition of investment securities.
The effective tax rate was 21.8 percent in the second quarter of 2011, compared
with an effective tax rate of 22.3 percent in the second quarter of 2010. This
decrease was driven primarily by the lapse of the U.S. R&D tax credit, which
resulted in an increase in the 2010 effective tax rate. The lower tax rate for
the second quarter of 2011 reflects reinstatement of the U.S. R&D tax credit
for 2010 and 2011 during the fourth quarter of 2010.
Net income and earnings per share decreased to $1.197 billion and $1.07,
respectively, compared with second-quarter 2010 net income of $1.349 billion
and earnings per share of $1.22. The decreases in net income and earnings per
share were primarily driven by lower operating income, partially offset by a
lower effective tax rate.
Second-Quarter 2011 non-GAAP Results
Operating income decreased 3 percent to $1.721 billion, due to increased
marketing, selling and administrative expenses and a lower gross margin
percent. Net income decreased 4 percent to $1.316 billion, while earnings per
share decreased 5 percent to $1.18. These decreases were primarily driven by
lower operating income, partially offset by a lower net effective tax rate.
Excluding the impact of changes in foreign exchange rates, earnings per share
would have decreased approximately 4 percent.
For purposes of non-GAAP reporting, items totaling $.11 and $.02 per share in
the second quarters of 2011 and 2010, respectively, have been excluded. For
further detail, see the reconciliation below as well as the footnotes to the
non-GAAP income statement later in this press release.
Second Quarter
2011 2010 % Growth
Earnings per share (reported) $1.07 $1.22 (12)%
Restructuring charges .11 .02
Earnings per share (non-GAAP) $1.18 $1.24 (5)%
Year-to-Date Results
For the first six months of 2011, worldwide total revenue was $12.092 billion,
an increase of 8 percent compared with the same period in 2010. Reported net
income and earnings per share were $2.253 billion and $2.02, respectively. Net
income and earnings per share, on a non-GAAP basis, were $2.691 billion and
$2.42, respectively.
For purposes of non-GAAP reporting, items totaling $.40 per share for the first
six months of 2011 and $.06 per share for the first six months of 2010 have
been excluded. For further detail, see the reconciliation below as well as the
footnotes to the non-GAAP income statement later in this press release.
Year-to-date % Growth
2011 2010
Earnings per share (reported) $2.02 $2.35 (14)%
In-process research and development charges
associated with Boehringer Ingelheim collaboration
(2011) and Acrux licensing agreement (2010)
.23 .03
Restructuring charges .17 .03
Earnings per share (non-GAAP) $2.42 $2.41 0%
U.S. Health Care Reform Impact
U.S. health care reform reduced earnings per share in the second quarters of
2011 and 2010 by approximately $.12 and $.05 per share, respectively, on both a
reported and non-GAAP basis. U.S. health care reform reduced earnings per share
in the first six months of 2011 and 2010 byapproximately $.22 and $.17 per
share, respectively, on both a reported and non-GAAP basis. For the first six
months of 2011, U.S. health care reform reduced revenue by approximately $200
million due to higher rebates and subsidies, and increased administrative
expenses by approximately $90 million related to the mandatory pharmaceutical
manufacturers fee.For the first six months of 2010, U.S. health care reform
reduced revenue by approximately $130 million due to higher rebates, and
increased tax expense by $85 million due to the imposition of tax on the
prescription drug subsidy of the company's retiree health plan.
Revenue Highlights - Reported
% Change Over/ % Change Over/
(Dollars in Second (Under) Year-to-Date (Under)
millions) Quarter
2011 2010 2010 2011 2010 2010
Zyprexa® $1,408.3 $1,262.9 12% $2,690.1 $2,477.9 9%
Cymbalta 1,003.4 867.7 16% 1,912.1 1,670.9 14%
Alimta® 613.4 551.8 11% 1,193.3 1,079.2 11%
Humalog® 586.9 504.6 16% 1,112.3 1,011.0 10%
Cialis® 477.2 418.7 14% 911.6 827.0 10%
Humulin® 311.8 265.2 18% 601.7 523.0 15%
Evista® 263.5 259.5 2% 529.6 501.1 6%
Forteo® 231.0 209.6 10% 447.0 404.1 11%
Strattera® 157.7 147.1 7% 296.4 293.5 1%
Gemzar 112.4 293.4 (62)% 268.5 581.2 (54)%
Animal Health 389.5 324.2 20% 759.3 613.8 24%
Total Revenue $6,252.8 $5,748.7 9% $12,092.0 $11,234.2 8%
Zyprexa
In the second quarter of 2011, Zyprexa sales totaled $1.408 billion, an
increase of 12 percent compared with the second quarter of 2010. U.S. sales of
Zyprexa increased 11 percent to $711.2 million, driven by higher prices.
Zyprexa sales in international markets increased 12 percent, to $697.1 million,
driven primarily by the favorable impact of foreign exchange rates. The company
will lose patent exclusivity for Zyprexa in the U.S. in October 2011 and in
most of Europe in September 2011. While it is difficult to predict the precise
timing and magnitude of the impact on Zyprexa sales, the company expects the
introduction of generics to result in a rapid and severe decline in Zyprexa
sales.
Cymbalta
For the second quarter of 2011, Cymbalta generated $1.003 billion in revenue,
an increase of 16 percent compared with the second quarter of 2010. U.S. sales
of Cymbalta increased 7 percent, to $758.4 million, driven by increased demand,
and to a lesser extent, higher net effective selling prices. Sales outside the
U.S. were $245.0 million, an increase of 53 percent, driven primarily by higher
demand in international markets, the 2010 launch in Japan, and, to a lesser
extent, the favorable impact of foreign exchange rates.
Alimta
For the second quarter of 2011, Alimta generated sales of $613.4 million, an
increase of 11 percent compared with the second quarter of 2010. U.S. sales of
Alimta decreased 1 percent, to $251.9 million, driven by decreased volume.
Sales outside the U.S. increased 21 percent, to $361.5 million, due to
increased demand, as well as the favorable impact of foreign exchange rates.
Humalog
For the second quarter of 2011, worldwide Humalog sales increased 16 percent,
to $586.9 million. Sales in the U.S. increased 14 percent to $341.6 million,
driven by increased demand and higher prices. Sales outside the U.S. increased
20 percent to $245.3 million, driven by higher demand and the favorable impact
of foreign exchange rates.
Cialis
Cialis sales for the second quarter of 2011 increased 14 percent to $477.2
million. U.S. sales of Cialis were $180.3 million in the second quarter, a 9
percent increase compared with the second quarter of 2010, driven by increased
demand and higher prices, partially offset by wholesaler buying patterns. Sales
of Cialis outside the U.S. increased 17 percent, to $297.0 million, driven by
the favorable impact of foreign exchange rates and increased demand.
Humulin
Worldwide Humulin sales increased 18 percent in the second quarter of 2011, to
$311.8 million. U.S. sales increased 27 percent to $146.0 million, driven by
increased demand for Humulin® ReliOn®, as well as higher prices for Humulin.
Sales outside the U.S. increased 11 percent, to $165.8 million, driven by the
favorable impact of foreign exchange rates and increased demand.
Evista
Evista sales were $263.5 million in the second quarter of 2011, a 2 percent
increase compared with the second quarter of 2010. U.S. sales of Evista
decreased 1 percent to $174.5 million, as a result of decreased demand,
partially offset by higher prices. Sales outside the U.S. increased 6 percent
to $89.0 million, driven by the favorable impact of foreign exchange rates.
Forteo
Second-quarter sales of Forteo were $231.0 million, a 10 percent increase
compared with the second quarter of 2010. U.S. sales of Forteo decreased 16
percent to $110.2 million due to decreased demand. Sales outside the U.S.
increased 55 percent, to $120.8 million, due primarily to increased demand
resulting from the recent launch in Japan, and, to a lesser extent, the
favorable impact of foreign exchange rates.
Strattera
During the second quarter of 2011, Strattera generated $157.7 million of sales,
an increase of 7 percent compared with the second quarter of 2010. U.S. sales
decreased 2 percent to $98.0 million, due to decreased demand. Sales outside
the U.S. increased 28 percent, to $59.6 million, driven primarily by strong
demand in international markets including Japan and, to a lesser extent the
favorable impact of foreign exchange rates, partially offset by lower prices.
Gemzar
Gemzar sales totaled $112.4 million in the second quarter of 2011, a decrease
of 62 percent from the second quarter of 2010. Sales in the U.S. decreased 91
percent, to $17.2 million, due to the impact of generic competition following
the patent expiry in November 2010. Sales outside the U.S. decreased 8 percent,
to $95.3 million, due to generic competition in most major markets.
Erbitux
Lilly recognizes net royalties received from its Erbitux collaboration partners
and revenue from manufactured product sold to these partners. For the second
quarter of 2011, Lilly recognized total revenue of $100.1 million for Erbitux,
a decrease of 4 percent from the second quarter of 2010.
Byetta®
Lilly recognizes in revenue its 50 percent share of Byetta's gross margin in
the U.S., 100 percent of Byetta sales outside the U.S., and its sales of Byetta
pen delivery devices to its partner, Amylin Pharmaceuticals. For the second
quarter of 2011, Lilly recognized total revenue of $103.9 million for Byetta, a
decrease of 3 percent.
Worldwide sales of Byetta were $171.2 million in the second quarter of 2011, a
4 percent decrease compared with the second quarter of 2010, due to competitive
pressures in the U.S. and European markets. U.S. sales of Byetta decreased 8
percent to $129.0 million compared with the second quarter of 2010, while sales
of Byetta outside the U.S. increased 11 percent to $42.2 million.
Effient®
Effient sales were $71.7 million in the second quarter of 2011, up from $56.3
million in the first quarter of 2011. U.S. Effient sales were $52.0 million.
Sales outside the U.S. were $19.8 million.
Animal Health
Worldwide sales of animal health products in the second quarter of 2011 were
$389.5 million, an increase of 20 percent compared with the second quarter of
2010. U.S. sales grew 18 percent, to $218.3 million, due to increased demand
for food animal products and the recent U.S. launch of TrifexisTM. Sales
outside the U.S. increased 23 percent, to $171.2 million, driven by the impact
of the acquisition of certain Pfizer animal health assets in Europe in the
second quarter of 2010, increased demand, and the favorable impact of foreign
exchange rates.
2011 Financial Guidance
The company has updated its 2011 financial guidance to reflect a number of
factors, including continued strong volume growth in revenue, the appreciation
of several foreign currencies versus the U.S. dollar, the prompt approvals of
linagliptin in multiple markets and the partial impairment of the acquired
in-process research and development asset related to liprotamase. As a result,
the company has raised and narrowed its full-year 2011 non-GAAP earnings per
share guidance to a range of $4.25 to $4.35 per share. On a reported basis, the
company now expects full-year 2011 earnings per share to be in the range of
$3.85 to $3.95. Earnings per share guidance excludes potential future
restructuring charges.
2011 Earnings Per Share Expectations:
2011 2010
Expectations Results %
Growth
Earnings per share (reported) $3.85 to $4.58 (14)%
$3.95 to
(16)%
In-process research and development charges
associated with Boehringer Ingelheim collaboration
(2011) and Acrux licensing agreement (2010)
.23 .03
Asset impairments and restructuring charges .17 .13
Earnings per share (non-GAAP) $4.25 to $4.74 (8)%
$4.35 to
(10)%
The company now expects total revenue to grow in the mid-single digits, an
increase from the prior guidance of low-single digit growth. The company still
anticipates that the impact of U.S. health care reform will lower 2011 revenue
by $400 million to $500 million. 2011 revenue guidance assumes the company
maintains its patent exclusivity for U.S. Strattera sales, and also assumes
rapid and severe erosion of global Zyprexa sales after patent expirations in
major markets, including the U.S. starting in October 2011, and the continued
severe erosion of U.S. Gemzar sales. The company expects these reductions in
revenue to be offset by sales growth of Alimta, Cialis, Cymbalta, Effient,
Humalog and animal health products.
The company now anticipates that gross margin as a percent of revenue will
decline between 2 and 3 percentage points.
Marketing, selling and administrative expenses are now projected to grow in the
high-single digits and still include an estimated $150 million to $200 million
in non-tax deductible expense for the mandatory pharmaceutical manufacturers
fee associated with U.S. health care reform. Research and development expense
growth is now projected to be in the low single digits.
Other income is now expected to be a net expense of between $100 million and
$175 million.
The tax rate is still expected to be approximately 21 percent on a non-GAAP
basis and approximately 20 percent on a reported basis.
Cash flows are still expected to be sufficient to fund capital expenditures
that are now expected to be between $700 million and $800 million, as well as
anticipated business development activity and the company's dividend.
Webcast of Conference Call
As previously announced, investors and the general public can access a live
webcast of the second-quarter 2011 financial results conference call through a
link on Lilly's website at www.investor.lilly.com. The conference call will be
held today from 9:00 a.m. to 10:00 a.m. Eastern Daylight Time (EDT) and will be
available for replay via the website through August 19, 2011.
Lilly, a leading innovation-driven corporation, is developing a growing
portfolio of pharmaceutical products by applying the latest research from its
own worldwide laboratories and from collaborations with eminent scientific
organizations. Headquartered in Indianapolis, Ind., Lilly provides answers -
through medicines and information - for some of the world's most urgent medical
needs. Additional information about Lilly is available at www.lilly.com;
Lilly's clinical trial registry is available at www.lillytrials.com.
F-LLY
This press release contains forward-looking statements that are based on
management's current expectations, but actual results may differ materially due
to various factors. There are significant risks and uncertainties in
pharmaceutical research and development. There can be no guarantees with
respect to pipeline products that the products will receive the necessary
clinical and manufacturing regulatory approvals or that they will prove to be
commercially successful. Pharmaceutical products can develop unexpected safety
or efficacy concerns. The company's results may also be affected by such
factors as competitive developments affecting current products; market uptake
of recently-launched products; the timing of anticipated regulatory approvals
and launches of new products; regulatory actions regarding currently marketed
products; issues with product supply; regulatory changes or other developments;
regulatory compliance problems or government investigations; patent disputes;
changes in patent law or regulations related to data-package exclusivity; other
litigation involving current or future products; the impact of governmental
actions regarding pricing, importation, and reimbursement for pharmaceuticals,
including U.S. health care reform; changes in tax law; asset impairments and
restructuring charges; acquisitions and business development transactions; and
the impact of exchange rates and global macroeconomic conditions. For
additional information about the factors that affect the company's business,
please see the company's latest Form 10-Q and Form 10-K filed with the U.S.
Securities and Exchange Commission. The company undertakes no duty to update
forward-looking statements.
# # #
Alimta® (pemetrexed, Lilly)
Byetta® (exenatide injection, Amylin Pharmaceuticals)
Bydureontm (exenatide for extended-release injectable suspension, Amylin
Pharmaceuticals)
Cialis® (tadalafil, Lilly)
Cymbalta® (duloxetine hydrochloride, Lilly)
Effient® (prasugrel, Lilly)
Erbitux® (cetuximab, ImClone Systems, Lilly)
Evista® (raloxifene hydrochloride, Lilly)
Forteo® (teriparatide of recombinant DNA origin injection, Lilly)
Gemzar® (gemcitabine hydrochloride, Lilly)
Humalog® (insulin lispro injection of recombinant DNA origin, Lilly)
Humulin® (human insulin of recombinant DNA origin, Lilly)
Strattera® (atomoxetine hydrochloride, Lilly)
TradjentaTM (linagliptin, Boehringer Ingelheim)
Trifexistm (spinosad + milbemycin oxime, Lilly)
Xigris® (drotrecogin alfa (activated)), Lilly)
Zyprexa® (olanzapine, Lilly)
Eli Lilly and Company Employment Information
June 30, 2011 December 31, 2010
Worldwide Employees 38,065 38,350
Eli Lilly and Company
Operating Results (Unaudited) - REPORTED
(Dollars in millions, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2011 2010 % 2011 2010 %
Chg. Chg.
Total Revenue $ 6,252.8 $ 5,748.7 9% $ 12,092.0 $ 11,234.2 8%
Cost of sales 1,228.0 1,023.9 20% 2,408.1 2,146.4 12%
Research and development 1,260.6 1,187.2 6% 2,384.6 2,226.3 7%
Marketing, selling and 2,043.0 1,755.4 16% 3,828.7 3,369.8 14%
administrative
Acquired in-process
research and - - NM 388.0 50.0 NM
development
Asset impairments,
restructuring and other 132.3 27.3 NM 208.6 53.5 NM
special charges
Operating income 1,588.9 1,754.9 (9)% 2,874.0 3,388.2 (15)%
Net interest income (27.3) (36.5) (57.6) (73.5)
(expense)
Net other income (30.3) 18.1 (11.2) 129.6
(expense)
Other income (expense) (57.6) (18.4) NM (68.8) 56.1 NM
Income before income 1,531.3 1,736.5 (12) 2,805.2 3,444.3 (19)%
taxes %
Income taxes 334.0 387.6 (14) 552.0 847.3 (35)%
%
Net income $ 1,197.3 $ 1,348.9 (11) $ 2,253.2 $ 2,597.0 (13)%
%
Earnings per share - $ 1.07 $ 1.22 (12) $ 2.02 $ 2.35 (14)%
basic and diluted %
Dividends paid per share $ .49 $ .49 0% $ .98 $ .98 0%
Weighted-average shares
outstanding (thousands) 1,113,933 1,103,782 1,112,960 1,103,817
- basic
Weighted-average shares
outstanding (thousands) 1,113,957 1,103,807 1,112,983 1,103,843
- diluted
Eli Lilly and Company
Operating Results (Unaudited) - Non-GAAP
(Dollars in millions, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
2011(a) 2010(b) % Chg. 2011(a) 2010(b) % Chg.
Total Revenue $ 6,252.8 $ 5,748.7 9% $ 12,092.0 $ 11,234.2 8%
Cost of sales 1,228.0 1,023.9 20% 2,408.1 2,146.4 12%
Research and development 1,260.6 1,187.2 6% 2,384.6 2,226.3 7%
Marketing, selling and 2,043.0 1,755.4 16% 3,828.7 3,369.8 14%
administrative
Operating income 1,721.2 1,782.2 (3)% 3,470.6 3,491.7 (1)%
Net interest income (27.3) (36.5) (57.6) (73.5)
(expense)
Net other income (expense) (30.3) 18.1 (11.2) 129.6
Other income (expense) (57.6) (18.4) NM (68.8) 56.1 NM
Income before income taxes 1,663.6 1,763.8 (6)% 3,401.8 3,547.8 (4)%
Income taxes 347.7 396.9 (12) 711.0 883.3 (20)
% %
Net income $ 1,315.9 $ 1,366.9 (4)% $ 2,690.8 $ 2,664.5 1%
Earnings per share - basic $ 1.18 $ 1.24 (5)% $ 2.42 $ 2.41 0%
and diluted
Dividends paid per share $ .49 $ .49 0% $ .98 $ .98 0%
Weighted-average
shares 1,113,933 1,103,782 1,112,960 1,103,817
outstanding (thousands) -
basic
Weighted-average
shares 1,113,957 1,103,807 1,112,983 1,103,843
outstanding (thousands) -
diluted
The second quarter 2011 has been adjusted to eliminate a restructuring charge
of $132.3 million (pretax), or $0.11 (after-tax). The year-to-date 2011
financial statements have been adjusted to eliminate total restructuring
charges of $208.6 million (pretax), or $0.17 (after-tax). These charges are
related to severance costs from previously announced strategic actions that the
company is taking to reduce its cost structure and global workforce. In
addition, the first quarter 2011 financial statements have been adjusted to
eliminate a charge of $388.0 million (pretax), or $0.23 per share (after-tax),
for acquired in-process research and development associated with the
collaboration with Boehringer Ingelheim.
The second quarter 2010 has been adjusted to eliminate a restructuring charge
of $27.3 million (pretax), or $0.02 (after-tax). The year-to-date 2010
financial statements have been adjusted to eliminate total restructuring
charges of $53.5 million (pretax), or $0.03 (after-tax). These charges are
primarily related to severance costs from previously announced strategic
actions that the company is taking to reduce its cost structure and global
workforce. In addition, the first quarter 2010 financial statements have been
adjusted to eliminate a charge of $50.0 million (pretax), or $0.03 per share
(after-tax), for acquired in-process research and development associated with
the in-licensing agreement with Acrux Ltd.
END
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