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

3,837.5 3,805.2

Retained earnings* 12,800.4 11,806.7

Employee benefit trust (2,635.0) (2,635.0)

Deferred costs - ESOP (91.0) (95.2)

Accumulated other comprehensive

income (loss) 214.1 13.2

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

14,837.2 13,604.4

Less cost of common stock

in treasury 99.2 100.5

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

14,738.0 13,503.9

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

$ 27,752.0 $ 26,874.8

=============== ==============

*Restatement of Prior Period Financial Statements

During the second quarter of 2008, the company determined that its methodology for calculating its return reserve for future product returns in accordance with SFAS 48, Revenue Recognition When Right of Return Exists, needed to be modified. Using the new methodology, the company's return reserve was understated by $247.5 million as of December 31, 2007, 2006 and 2005.

The income statement was not adjusted for any of the years or quarters because the company concluded that the amount of the adjustment calculated using the new methodology was not material in any period. The amount of the annual adjustment for 2005, 2006, or 2007 would have been $.01 per share or less. The aggregate income statement impact from December 31, 2004 to December 31, 2007 would have been an additional expense of approximately $35 million on a pre-tax basis (approxi
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SOURCE Eli Lilly and Company
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