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Lilly Reports Solid Second-Quarter Results
Date:7/24/2008

2007. Reported net income and earnings per share were $2.023 billion and $1.85, respectively.

Year-to-Date Significant Items Affecting Net Income

In addition to the second-quarter 2008 and 2007 significant items previously mentioned, net income for the first six months of 2008 and the first six months of 2007 were also affected by significant items occurring in the first quarter of the respective years that are reflected in the company's financial results and are summarized below and included in the table that follows:

2008

-- The company recognized a discrete income tax benefit of $210.3 million as a result of the resolution of a substantial portion of the IRS audit of its federal income tax returns for years 2001 through 2004, which increased earnings per share by $.19.

-- The company recognized asset impairments, restructuring (exit costs), and other special charges of $145.7 million, primarily associated with certain impairment, termination, and wind-down costs resulting from the termination of the AIR(R) Insulin program, which decreased earnings per share by $.09.

-- The company incurred IPR&D charges associated with the licensing arrangement with BioMS Medical Corp. of $87.0 million, which decreased earnings per share by $.05.

2007

-- The company incurred IPR&D charges associated with the acquisition of ICOS of $303.5 million and the licensing arrangement with OSI Pharmaceuticals of $25.0 million, which decreased earnings per share by $.29.

-- The company recognized asset impairments, restructuring, and other special charges associated with previously announced decisions affecting manufacturing and research facilities of $123.0 million, which decreased earnings per share by $.08.

Year-to-date % Growth

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SOURCE Eli Lilly and Company
Copyright©2008 PR Newswire.
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