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

1.

Second-Quarter Significant Items Affecting Net Income

Net income was affected by significant items totaling $.11 and $.29 for the second quarter of 2008 and the second quarter of 2007, respectively, which are reflected in the company's financial results and are summarized below and in the table that follows:

2008

-- The company recognized restructuring and other special charges of $88.9 million, primarily associated with previously-announced strategic exit activities related to manufacturing operations, which decreased earnings per share by $.05.

-- The company recognized asset impairments associated with certain manufacturing operations (included in cost of sales) of $57.1 million, which decreased earnings per share by $.04.

-- The company incurred in-process research and development (IPR&D) charges associated with the licensing arrangement with TransPharma Medical Ltd. of $35.0 million, which decreased earnings per share by $.02.

2007

-- The company incurred IPR&D charges associated with the acquisition of Hypnion of $291.1 million and the acquisition of Ivy of $37.0 million, which decreased earnings per share by $.29.

Second Quarter % Growth

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

2008 2007

---- ----

E.P.S. (reported) $.88 $.61 44 %

Restructuring charges (included in

asset impairments, restructuring

and other special charges) .05

Asset impairments (included

in cost of sales) .04 -

In-process research and development

charges associated with in-licensing

transaction with TransPharma (2008)

and acquisitions of Hypnion and

Ivy (2007)
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SOURCE Eli Lilly and Company
Copyright©2008 PR Newswire.
All rights reserved

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