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

he management of chronic pain.

-- The company submitted a complete response to the FDA's not-approvable decision for Zyprexa long-acting injection.

-- The FDA approved Strattera for maintenance treatment of attention- deficit hyperactivity disorder (ADHD) in children and adolescents.

"Lilly continued to deliver solid financial results in the second quarter, including double-digit growth in sales and earnings," commented John Lechleiter, Ph.D., Lilly president and chief executive officer. "Our newer products, including Cymbalta, Cialis, and Alimta, continued to perform exceptionally well, while our diabetes care franchise has made good progress. During the quarter, we also remained engaged in business development activities designed to strengthen our R&D capabilities, resulting in both the in-licensing deal with TransPharma and the announced acquisition of SGX Pharmaceuticals."

Second-Quarter Results

Worldwide sales for the quarter were $5.150 billion, an increase of 11 percent compared with the second quarter of 2007. Exchange rates contributed 6 percent of worldwide sales growth, while sales volume increased 5 percent. Changes in selling prices did not impact overall sales growth.

Gross margin as a percent of sales decreased by 1.7 percentage points, to 76.7 percent. This decrease was primarily due to the impact of foreign exchange rates and the inclusion in cost of sales of asset impairments at certain manufacturing facilities of $57.1 million in the second quarter of 2008, offset in part by manufacturing expenses growing at a slower rate than sales. Without the asset impairments, gross margin as a percent of sales would have decreased by 0.6 percentage points to 77.8 percent.

Marketing, selling and administrative expenses rose 12 percent, to $1.700 billion. This increase was due to the impact of foreign exchange rates, increased marketing expenses (including those for Evista's new indication for invasive breast can
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SOURCE Eli Lilly and Company
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