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

71 40% to 45%

Asset impairments and

restructuring charges (included

in asset impairments restructuring

and other special charges) .14 .15

Asset impairments (included in .04 -

cost of sales)

Charge for a reduction in expected

insurance recoveries - .06

In-process research and development

charges associated with ICOS,

Hypnion, and Ivy acquisitions

(2007) and in-licensing

transactions with BioMS and

TransPharma (2008) and OSI,

MacroGenics and Glenmark (2007) .07 .63

Benefit from resolution of IRS

audit (.19) -

Pro forma as if the ICOS acquisition

was completed on January 1, 2007 - (.01)

-------------- -----

Totals $3.85 to $4.00 $3.54 9% to 13%

-------------- -----

The company has also revised other aspects of its previously-issued 2008 full-year financial guidance. These revisions are primarily driven by the continued strength of foreign currencies relative to the U.S. dollar. Stronger foreign currencies result in higher growth rates for the company's sales, for its marketing, selling and administrative expenses and, to a lesser extent, for its research and development expenses. In addition, in the short-term, stronger foreign currencies result in a decrease to the company's gross margin as a percent of sales.

Pro forma sales are now expected to grow in the high-single to low-double digits, an increase from the previous guidance of growth in the mid- to high- single digits. Excluding the impact of the second-quarter 2008 asset impairment charges, the company still expects modest improvement in gross margin as a percent of
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SOURCE Eli Lilly and Company
Copyright©2008 PR Newswire.
All rights reserved

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