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

cer risk reduction, marketing costs associated with Cymbalta, and prelaunch expenses for prasugrel), and increased litigation- related expenses. Research and development expenses were $951.5 million, or 18 percent of sales. Compared with the second quarter of 2007, research and development expenses grew 11 percent. This increase was primarily due to a $47.0 million expense for a milestone payment made to MacroGenics, Inc. related to progress in the clinical trials of teplizumab, increased discovery research and late-stage clinical trial costs, offset by lower prasugrel clinical trial costs.

The company recognized a charge of $35.0 million in the second quarter of 2008 for acquired in-process research and development associated with the in- licensing transaction with TransPharma Medical. In the second quarter of 2007, the company recognized a charge of $328.1 million for acquired in-process research and development associated with the acquisitions of Hypnion, Inc. and Ivy Animal Health.

The company recognized restructuring (exit costs) and other special charges of $88.9 million in the second quarter of 2008, primarily associated with previously-announced strategic exit activities related to manufacturing operations.

Other income increased by $30.5 million, to $32.3 million, primarily due to lower interest expense and gains from the sale of securities, offset by lower out-licensing income.

The effective tax rate was 20.5 percent, down from 28.4 percent in the second quarter of 2007. The decline in the effective tax rate is due to the nondeductibility of the in-process research and development charge for the Hypnion acquisition in the second quarter of 2007, and the deductibility of the asset impairment and restructuring charges in the second quarter of 2008.

Net income and earnings per share increased to $958.8 million and $.88, respectively, compared with second-quarter 2007 net income of $663.6 million and earnings per share of $.6
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SOURCE Eli Lilly and Company
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