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Lilly Reports Solid First-Quarter Results
Date:4/21/2008

. For the first quarter, Lilly recognized revenue totaling $82.7 million, representing a 16 percent increase compared with the first quarter of 2007.

Animal Health

Worldwide sales of animal health products in the first quarter of 2008 were $235.3 million, an increase of 9 percent compared with the first quarter of 2007. U.S. sales grew 16 percent, to $107.6 million, driven by the acquisition of Ivy Animal Health, Inc. and the launch of Comfortis(TM), a new companion animal product. Sales outside the U.S. grew 4 percent, to $127.7 million, driven primarily by the favorable impact of exchange rates.

2008 Financial Guidance

The company's full-year 2008 earnings guidance is now $3.90 to $4.05 per share. As noted in the table below, the change from earlier guidance results from the tax benefit of $.19 per share resulting from the resolution of the IRS tax audit, a $.09 per share charge related to asset impairments and restructuring (exit costs) primarily related to the termination of the AIR Insulin program, and a $.05 per share charge related to the in-licensing transaction with BioMS Medical. Absent these items, the company's expected 2008 earnings per share would have remained in the range of $3.85 to $4.00. See the table below for further detail. The company's full-year 2008 guidance does not reflect potential charges related to the recently-announced voluntary exit program.

Excluding the effect of the resolution of the IRS tax audit, the estimated effective tax rate has been revised to approximately 22 percent from the previously stated 23 percent. This reduction is the result of a more favorable forecast of the mix of income between the company's domestic and international operations and the alignment of the company's practices with the conclusions of the most recent IRS audit. No other elements of the company's previously issued line item guidance have been changed.

2008 Earnings Per Share Expectations:

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SOURCE Eli Lilly and Company
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