TIDMLEL
Date: October 20, 2011
For Release: Immediately
Refer to: (317) 276-5795 - Mark E. Taylor (Media)
(317) 655-6874 - Philip Johnson (Investors)
Lilly Reports Third-Quarter 2011 Results
Third-quarter 2011 revenue grew 9 percent to $6.148 billion due to increased
demand for several key brands and favorable exchange rates.
Revenue for Cymbalta, Humalog, Forteo, Strattera, Cialis and Alimta all grew
in double-digits, with strong growth also seen in animal health, Japan and
China.
Q3 operating expense growth was driven primarily by marketing efforts to
support new launches, investments in research and development, and exchange
rates.
Clinical pipeline now contains 66 potential new medicines, including 10 in
Phase III.
Company delivered third quarter earnings per share of $1.11 (reported), or
$1.13 (non-GAAP).
2011 earnings per share guidance range revised to $3.89 - $3.94 (reported), or
$4.30 - $4.35 (non-GAAP).
Eli Lilly and Company (NYSE: LLY) today announced financial results for the
third quarter of 2011.
$ in millions, except per share data Third Quarter %
2011 2010 Growth
Total Revenue - Reported $6,147.9 $5,654.8 9%
Net Income - Reported 1,236.3 1,302.9 (5)%
EPS - Reported 1.11 1.18 (6)%
Net Income - non-GAAP 1,253.8 1,341.4 (7)%
EPS - non-GAAP 1.13 1.21 (7)%
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 third quarter Lilly continued to drive revenue growth for many key
brands, including Cymbalta, Humalog, Forteo and Strattera, with strong growth
also seen in animal health, Japan and China. This growth offset the continued
erosion of Gemzar sales due to generic competition," said John C. Lechleiter,
Ph.D., Lilly's chairman, president and chief executive officer. "As we face
the loss of patent exclusivity for Zyprexa in most major markets, we are
well-prepared as a company to meet the challenges before us. We remain
committed to our innovation-based strategy and are focused on delivering the
next wave of new medicines to patients in the coming years."
Key Events Over the Last Three Months
The European Commission granted marketing authorization for Trajenta® for the
treatment of adults with type 2 diabetes. The company and its partner
Boehringer Ingelheim have recently begun launching Trajenta in the European
Union, beginning with the United Kingdom.
The U.S. Food and Drug Administration (FDA) approved Cialis® tablets for once
daily use for the treatment of men who have both erectile dysfunction and the
signs and symptoms of benign prostatic hyperplasia (ED+BPH). The FDA also
approved Cialis for once daily use for a separate indication for the treatment
of the signs and symptoms of BPH.
The European Medicines Agency's (EMA) Committee for Medicinal Products for
Human Use (CHMP) issued a positive opinion for the use of Alimta® as
continuation maintenance therapy in patients with advanced nonsquamous
non-small cell lung cancer (NSCLC).
The U.S. Court of Appeals for the Federal Circuit overturned a prior ruling by
the U.S. District Court for the District of New Jersey and upheld the validity
of the company's method-of-use patent on Strattera®. The method-of-use patent
provides protection for Strattera through May of 2017.
The company, along with its partners Amylin Pharmaceuticals, Inc. and
Alkermes, Inc., submitted a reply to a complete response letter issued in
October 2010 by FDA regarding Bydureontm, an investigational medication for
type 2 diabetes. The FDA has assigned a new Prescription Drug User Fee Act
(PDUFA) action date of January 28, 2012.
The company submitted its reply to a complete response letter by FDA regarding
Amyvidtm, a molecular Positron Emission Tomography (PET) imaging agent under
investigation for the detection of beta-amyloid plaque in the brains of living
patients.
The America Invents Act was signed into law, aligning new U.S. patent laws
more closely with those from other countries and improving the global
competiveness of U.S. innovator companies such as Lilly. The law will provide
new advantages for U.S. inventors by streamlining the application process and
addressing the backlog of current applications. This new law, which
transitions the U.S. from a "first-to-invent" to a "first-inventor-to-file"
system, is the most significant overhaul of the U.S. patent system in 175
years.
Third-Quarter Reported Results
In the third quarter of 2011, worldwide total revenue was $6.148 billion, an
increase of 9 percent compared with the third quarter of 2010. This 9 percent
revenue growth was comprised of increases of 4 percent in volume and 4 percent
due to the impact of foreign exchange rates. Price had a negligible impact on
revenue growth, reflecting the loss of U.S. patent exclusivity for Gemzar® in
November 2010. Total revenue in the U.S. increased 4 percent to $3.273 billion
due to higher prices and increased volume. Total revenue outside the U.S.
increased 15 percent to $2.874 billion due to the positive impact of foreign
exchange rates and increased volume. Third-quarter 2011 total revenue was
reduced by approximately $130 million due to the impact of U.S. health care
reform.
Gross margin increased 3.1 percent to $4.810 billion in the third quarter of
2011. Gross margin as a percent of total revenue was 78.2 percent, reflecting
a decrease of 4.3 percentage points compared with the third quarter of 2010.
The decrease in gross margin percent was due primarily to the impact of
foreign exchange rates on inventories sold during the quarter.
Total operating expense, defined as the sum of research and development,
marketing, selling and administrative expenses, increased 10 percent compared
with the third quarter of 2010. Marketing, selling and administrative expenses
increased 13 percent to $1.918 billion. Research and development expenses
increased 5 percent to $1.281 billion, or 20.8 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. 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 third quarter of 2011, the company recognized a charge of $25.2 million
for restructuring primarily related to severance costs from previously
announced strategic actions that the company is taking to reduce its cost
structure and global workforce. In the third quarter of 2010, the company
recognized restructuring charges of $59.5 million, primarily related to the
previously announced strategic actions.
Operating income in the third quarter of 2011 was $1.586 billion, a decrease
of 6 percent compared to the third quarter of 2010, due primarily to lower
gross margin percent and increased marketing, selling and administrative
expenses.
Other income (expense) was a net expense of $83.4 million, compared to net
expense of $21.7 million in the third quarter of 2010. The increase in third
quarter 2011 expense was driven primarily by the partial impairment of an
acquired in-process research and development asset related to Amyvid.
The effective tax rate was 17.7 percent in the third quarter of 2011, compared
with an effective tax rate of 22.0 percent in the third quarter of 2010. The
largest driver of the decrease in the effective tax rate was the recognition
of a $45.4 million discrete benefit primarily as a result of the resolution of
the IRS audit of the company's 2007 federal income tax return. For the full
year 2011, the company expects the effective tax rate to be approximately 19.5
percent.
Net income and earnings per share decreased to $1.236 billion and $1.11,
respectively, compared with third-quarter 2010 net income of $1.303 billion
and earnings per share of $1.18. The decreases in net income and earnings per
share were primarily driven by lower operating income and higher other
expense, partially offset by a lower effective tax rate.
Third-Quarter 2011 non-GAAP Results
Operating income decreased 8 percent to $1.611 billion, due to lower gross
margin percent and increased marketing, selling and administrative expenses.
Net income decreased 7 percent to $1.254 billion, while earnings per share
decreased 7 percent to $1.13. These decreases were primarily driven by lower
operating income and higher other expense, 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 1 percent.
For purposes of non-GAAP reporting, items totaling $.02 and $.03 per share in
the third 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.
Third Quarter
2011 2010 % Growth
Earnings per share (reported) $1.11 $1.18 (6)%
Restructuring charges .02 .03
Earnings per share (non-GAAP) $1.13 $1.21 (7)%
Year-to-Date Results
For the first nine months of 2011, worldwide total revenue was $18.240
billion, an increase of 8 percent compared with the same period in 2010.
Reported net income and earnings per share were $3.489 billion and $3.13,
respectively. Net income and earnings per share, on a non-GAAP basis, were
$3.945 billion and $3.54, respectively.
For purposes of non-GAAP reporting, items totaling $.41 per share for the
first nine months of 2011 and $.10 per share for the first nine 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
2011 2010 % Growth
Earnings per share (reported) $3.13 $3.53 (11)%
In-process research and development
charges associated with Boehringer
Ingelheim collaboration (2011) and
Acrux licensing agreement (2010)
.23 .03
Restructuring charges .18 .07
Earnings per share (non-GAAP) $3.54 $3.63 (2)%
U.S. Health Care Reform Impact
U.S. health care reform reduced earnings per share in the third quarters of
2011 and 2010 by approximately $.13 and $.02 per share, respectively, on both
a reported and non-GAAP basis. U.S. health care reform reduced earnings per
share in the first nine months of 2011 and 2010 by approximately $.35 and $.19
per share, respectively, on both a reported and non-GAAP basis. For the first
nine months of 2011, U.S. health care reform reduced revenue by approximately
$330 million due to higher rebates and subsidies, and increased administrative
expenses by approximately $135 million related to the mandatory pharmaceutical
manufacturers fee. For the first nine months of 2010, U.S. health care reform
reduced revenue by approximately $160 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
(Dollars in % Change % Change
millions) Third Quarter Ove/(Under) Year-to-Date Over/(Under)
2011 2010 2010 2011 2010 2010
Zyprexa® $1,182.3 $1,212.7 (3)% $3,872.4 $3,690.6 5%
Cymbalta® 1,068.6 825.3 29% 2,980.8 2,496.2 19%
Alimta 629.7 560.3 12% 1,823.0 1,639.5 11%
Humalog® 593.2 494.0 20% 1,705.5 1,505.1 13%
Cialis 469.8 406.5 16% 1,381.4 1,233.5 12%
Humulin® 301.5 278.0 8% 903.2 801.0 13%
Evista® 270.1 256.8 5% 799.7 757.9 6%
Forteo® 240.3 199.7 20% 687.3 603.8 14%
Strattera 153.2 127.9 20% 449.5 421.3 7%
Gemzar 91.0 324.6 (72)% 359.5 905.8 (60)%
Animal Health 451.0 353.2 28% 1,210.4 967.0 25%
Total Revenue $6,147.9 $5,654.8 9% $18,239.9 $16,889.0 8%
Zyprexa
In the third quarter of 2011, Zyprexa sales totaled $1.182 billion, a decrease
of 3 percent compared with the third quarter of 2010. U.S. sales of Zyprexa
decreased 7 percent to $563.2 million, driven by lower volume, partially
offset by higher net effective selling prices. Zyprexa sales in international
markets increased 2 percent, to $619.1 million, driven primarily by the
favorable impact of foreign exchange rates, partially offset by lower prices
and lower volume. The company lost patent exclusivity for Zyprexa in most of
Europe in September 2011 and will lose exclusivity in the U.S. on October 23,
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 third quarter of 2011, Cymbalta generated $1.069 billion in revenue,
an increase of 29 percent compared with the third quarter of 2010. U.S. sales
of Cymbalta increased 26 percent, to $809.5 million, driven by increased
prices and higher demand. Revenue outside the U.S. was $259.1 million, an
increase of 42 percent, driven primarily by higher demand in international
markets and, to a lesser extent, the favorable impact of foreign exchange
rates.
Alimta
For the third quarter of 2011, Alimta generated sales of $629.7 million, an
increase of 12 percent compared with the third quarter of 2010. U.S. sales of
Alimta increased 5 percent, to $258.9 million, driven by increased demand.
Sales outside the U.S. increased 18 percent, to $370.8 million, due to the
favorable impact of foreign exchange rates, as well as increased demand.
Humalog
For the third quarter of 2011, worldwide Humalog sales increased 20 percent,
to $593.2 million. Sales in the U.S. increased 20 percent to $345.5 million,
driven by increased demand and, to a lesser extent higher prices. Sales
outside the U.S. increased 21 percent to $247.7 million, due to the favorable
impact of foreign exchange rates, as well as increased demand.
Cialis
Cialis sales for the third quarter of 2011 increased 16 percent to $469.8
million. U.S. sales of Cialis were $168.2 million in the third quarter, a 10
percent increase compared with the third quarter of 2010, driven primarily by
higher prices. Sales of Cialis outside the U.S. increased 19 percent, to
$301.6 million, driven by the favorable impact of foreign exchange rates and,
to a lesser extent higher prices and increased demand.
Humulin
Worldwide Humulin sales increased 8 percent in the third quarter of 2011, to
$301.5 million. U.S. sales increased 18 percent to $142.6 million, driven
primarily by higher prices for Humulin, as well as increased demand for
Humulin® ReliOn®. Sales outside the U.S. increased 1 percent, to $158.9
million, driven by the favorable impact of foreign exchange rates, offset by
lower prices.
Evista
Evista sales were $270.1 million in the third quarter of 2011, a 5 percent
increase compared with the third quarter of 2010. U.S. sales of Evista
increased 6 percent to $176.8 million, driven by higher prices, partially
offset by lower volume. Sales outside the U.S. increased 3 percent to $93.3
million, driven by the favorable impact of foreign exchange rates, partially
offset by lower prices.
Forteo
Third-quarter sales of Forteo were $240.3 million, a 20 percent increase
compared with the third quarter of 2010. U.S. sales of Forteo decreased 7
percent to $110.4 million due to decreased demand. Sales outside the U.S.
increased 60 percent, to $129.9 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 third quarter of 2011, Strattera generated $153.2 million of sales,
an increase of 20 percent compared with the third quarter of 2010. U.S. sales
increased 13 percent to $96.3 million, due to higher prices and increased
volume. Sales outside the U.S. increased 33 percent, to $56.8 million, driven
primarily by higher demand in international markets including Japan and, to a
lesser extent the favorable impact of foreign exchange rates.
Gemzar
Gemzar sales totaled $91.0 million in the third quarter of 2011, a decrease of
72 percent from the third quarter of 2010 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
third quarter of 2011, Lilly recognized total revenue of $97.2 million for
Erbitux, an increase of 2 percent from the third quarter of 2010.
Exenatide (Byetta® and Bydureon)
Lilly recognizes in revenue its 50 percent share of Byetta's gross margin in
the U.S., 100 percent of Byetta and Bydureon sales outside the U.S., and its
sales of Byetta pen delivery devices to its partner, Amylin Pharmaceuticals.
For the third quarter of 2011, Lilly recognized total exenatide revenue of
$106.7 million, an increase of 4 percent.
Worldwide exenatide sales were $171.0 million in the third quarter of 2011, a
1 percent increase compared with the third quarter of 2010. U.S. sales of
Byetta decreased 3 percent to $128.1 million compared with the third quarter
of 2010 due to competitive pressures, while sales of Byetta and Bydureon
outside the U.S. increased 18 percent to $42.9 million.
Effient®
Effient sales were $83.5 million in the third quarter of 2011, up from $71.7
million in the second quarter of 2011 due to increased demand. U.S. Effient
sales were $61.4 million. Sales outside the U.S. were $22.1 million.
Animal Health
Worldwide sales of animal health products in the third quarter of 2011 were
$451.0 million, an increase of 28 percent compared with the third quarter of
2010. U.S. sales grew 20 percent, to $237.9 million, due to increased demand
for food animal products and the recent U.S. launch of TrifexisTM. Sales
outside the U.S. increased 37 percent, to $213.2 million, driven by the impact
of the acquisition of certain Janssen and Pfizer animal health assets in
Europe, and to a lesser extent the favorable impact of foreign exchange rates
and increased demand.
2011 Financial Guidance
The company has updated certain elements of its 2011 financial guidance. The
company has narrowed its full-year 2011 non-GAAP earnings per share guidance
to a range of $4.30 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 $3.89 to
$3.94. Earnings per share guidance excludes potential future restructuring
charges.
2011 Earnings Per Share Expectations:
2011 2010
Expectations Results % Growth
Earnings per share (reported) $3.89 to $3.94 $4.58 (14)% to (15)%
In-process research and development
charges associated with Boehringer
Ingelheim collaboration (2011) and
Acrux licensing agreement (2010)
.23 .03
Asset impairments and restructuring charges .18 .13
Earnings per share (non-GAAP) $4.30 to $4.35 $4.74 (8)% to (9)%
The company still expects total revenue to grow in the mid-single digits. 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 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 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 still anticipates that gross margin as a percent of revenue will
decline between 2 and 3 percentage points.
Marketing, selling and administrative expenses are still 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 still projected to be in the low single digits.
Other income is now expected to be a net expense of between $175 million and
$225 million.
The tax rate is now expected to be approximately 20 percent on a non-GAAP
basis and approximately 19.5 percent on a reported basis.
Cash flows are still expected to be sufficient to fund capital expenditures
that are now expected to be approximately $700 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 third-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 November 18, 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)
AmyvidTM (florbetapir, 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)
Trajenta® (linagliptin, Boehringer Ingelheim)
Trifexistm (spinosad + milbemycin oxime, Lilly)
Zyprexa® (olanzapine, Lilly)
Eli Lilly and Company Employment Information
September 30, 2011 December 31, 2010
Worldwide Employees 38,380 38,350
Eli Lilly and Company
Operating Results (Unaudited) - REPORTED
(Dollars in millions, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2011 2010 % Chg. 2011 2010 % Chg.
Total Revenue $ 6,147.9 $ 5,654.8 9% $ 18,239.9 $ 16,889.0 8%
Cost of sales 1,338.1 987.6 35% 3,746.2 3,134.0 20%
Research and development 1,280.9 1,219.8 5% 3,665.5 3,446.1 6%
Marketing, selling and administrative 1,917.8 1,694.9 13% 5,746.5 5,064.7 13%
Acquired in-process research and development
- - NM 388.0 50.0 NM
Asset impairments, restructuring and other
special charges 25.2 59.5 (58)% 233.8 113.0 NM
Operating income 1,585.9 1,693.0 (6)% 4,459.9 5,081.2 (12)%
Net interest income (expense) (22.9) (30.9) (80.5) (104.4)
Net other income (expense) (60.5) 9.2 (71.7) 138.8
Other income (expense) (83.4) (21.7) NM (152.2) 34.4 NM
Income before income taxes 1,502.5 1,671.3 (10)% 4,307.7 5,115.6 (16)%
Income taxes 266.2 368.4 (28)% 818.2 1,215.7 (33)%
Net income $ 1,236.3 $ 1,302.9 (5)% $ 3,489.5 $ 3,899.9 (11)%
Earnings per share - basic and diluted $ 1.11 $ 1.18 (6)% $ 3.13 $ 3.53 (11)%
Dividends paid per share $ .49 $ .49 0% $ 1.47 $ 1.47 0%
Weighted-average shares outstanding
(thousands) - basic 1,113,820 1,105,173 1,113,324 1,104,265
Weighted-average shares outstanding
(thousands) - diluted 1,113,841 1,105,198 1,113,347 1,104,290
Eli Lilly and Company
Operating Results (Unaudited) - Non-GAAP
(Dollars in millions, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2011(a) 2010(b) % Chg. 2011(a) 2010(b) % Chg.
Total Revenue $ 6,147.9 $ 5,654.8 9% $ 18,239.9 $ 16,889.0 8%
Cost of sales 1,338.1 987.6 35% 3,746.2 3,134.0 20%
Research and development 1,280.9 1,219.8 5% 3,665.5 3,446.1 6%
Marketing, selling and administrative 1,917.8 1,694.9 13% 5,746.5 5,064.7 13%
Operating income 1,611.1 1,752.5 (8)% 5,081.7 5,244.2 (3)%
Net interest income (expense) (22.9) (30.9) (80.5) (104.4)
Net other income (expense) (60.5) 9.2 (71.7) 138.8
Other income (expense) (83.4) (21.7) NM (152.2) 34.4 NM
Income before income taxes 1,527.7 1,730.8 (12)% 4,929.5 5,278.6 (7)%
Income taxes 273.9 389.4 (30)% 984.9 1,272.7 (23)%
Net income $ 1,253.8 $ 1,341.4 (7)% $ 3,944.6 $ 4,005.9 (2)%
Earnings per share - basic and diluted $ 1.13 $ 1.21 (7)% $ 3.54 $ 3.63 (2)%
Dividends paid per share $ .49 $ .49 0% $ 1.47 $ 1.47 0%
Weighted-average shares outstanding
(thousands) - basic 1,113,820 1,105,173 1,113,324 1,104,265
Weighted-average shares outstanding
(thousands) - diluted 1,113,841 1,105,198 1,113,347 1,104,290
The third quarter 2011 has been adjusted to eliminate a restructuring charge
of $25.2 million (pretax), or $0.02 (after-tax). The year-to-date 2011
financial statements have been adjusted to eliminate total restructuring
charges of $233.8 million (pretax), or $0.18 (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 year-to-date 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 third quarter 2010 has been adjusted to eliminate a restructuring charge
of $59.5 million (pretax), or $0.03 (after-tax). The year-to-date 2010
financial statements have been adjusted to eliminate total restructuring
charges of $113.0 million (pretax), or $0.07 (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 year-to-date 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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