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
|SOURCE Eli Lilly and Company|
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