Lilly Announces Termination of AIR Insul...(resident science and technologyfor Lilly...)

Date:3/7/2008

resident, science and technology for Lilly, added "While we are confident in our decision, we also recognize the disappointment of those patients who saw the potential benefit of AIR Insulin. As a leader in diabetes care, we remain committed to our mission to develop innovative, beneficial and cost-effective treatments for diabetic patients. It is also important to emphasize that our decision is not due to any safety concerns observed by Lilly or raised by the independent data safety monitoring board during our development of AIR Insulin."

Lilly is in the process of contacting the clinical investigators conducting the current AIR Insulin clinical trials. Subject to protocols, the trials will be halted and the patients currently enrolled will be moved to other insulin therapy under the supervision of their physicians. In the U.S., Lilly will implement a patient assistance program to provide current clinical trial patients with appropriate financial support to fund their medications and diagnostic supplies through the end of 2008. Based upon further analysis, the company may also pursue a similar program in other regions.

As a result of the decision to terminate the development of AIR Insulin, Lilly will recognize a first-quarter 2008 charge to earnings related to the impairment of Lilly assets, as well as wind-down costs associated with the termination of clinical trials and certain development activities, and costs associated with the patient assistance program. The exact amount of the charge has not yet been determined, but is estimated to be in the range of $90 million to $120 million, or $0.05 to $0.07 per share. Lilly's pro forma adjusted earnings per share guidance remains unchanged at $3.85 to $4.00. On a reported basis, including the charge related to the termination of the AIR Insulin program, as well as the previously announced charge related to the BioMS in-licensing, Lilly now expects 2008 earnings per share to be in the range of $3.73 to $3
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