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Lilly Caps Successful Year with Strong Fourth-Quarter Results
Date:1/29/2008

stments in research and development, resulting in an unprecedented 16 new candidates entering the clinic in 2007 and the execution of several strategic in- licensing transactions. Looking ahead to 2008, Lilly is intent on building upon the success of the past year, while driving change, continuing productivity initiatives and achieving superior results under the leadership of John Lechleiter."

Fourth-Quarter Reported Results

Worldwide reported sales for the quarter were $5.190 billion, an increase of 22 percent compared with the fourth quarter of 2006. Worldwide sales volume increased 15 percent, while exchange rates and selling prices contributed 4 and 3 percentage points of sales growth, respectively.

Gross margin as a percent of sales decreased by 0.5 percentage points, to 75.5 percent. This decrease was primarily due to the impact of foreign exchange rates and the expense resulting from the amortization of the intangible assets acquired in the ICOS acquisition, offset in part by manufacturing expenses growing at a slower rate than sales.

Overall, marketing, selling and administrative expenses rose 34 percent, to $1.756 billion. This increase was largely due to the impact of the ICOS acquisition, as well as increased marketing and selling expenses in support of key products, primarily Cymbalta and the diabetes care products, and the impact of foreign exchange rates. Research and development expenses were $953.6 million, or 18 percent of sales. Compared with the fourth quarter of 2006, research and development expenses grew 11 percent. In addition to the acquisition of ICOS, this growth was due to increases in discovery research and late-stage clinical trial costs.

Other income decreased by $70.6 million, to $32.1 million, primarily due to the acquisition of ICOS and higher net interest expense. Prior to the acquisition of ICOS, the results of the Lilly ICOS joint venture were presented in other income. Subsequent to the acquisit
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SOURCE Eli Lilly and Company
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