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

ion, all sales and expenses associated with Cialis are included in their respective lines on Lilly's income statement.

The reported effective tax rate was 18.8 percent, down from 38.5 percent in the fourth quarter of 2006. The reported effective tax rate of 18.8 percent was favorably impacted by changes in estimates of the anticipated tax rate benefit from our international operations in the fourth quarter of 2007. The 38.5 percent effective tax rate in the fourth quarter of 2006 was negatively impacted by the lower tax benefit associated with a fourth-quarter 2006 Zyprexa product liability charge.

Reported net income and earnings per share increased to $854.4 million and $.78, respectively, compared with fourth-quarter 2006 net income of $132.3 million and earnings per share of $.12 due primarily to fourth-quarter 2006 asset impairment, restructuring and Zyprexa product liability charges. Fourth- quarter 2007 reported results include a $.07 per share charge for asset impairments, restructuring and other special charges described in footnote (a) of the attached pro forma adjusted income statement, as well as a $.05 per share charge related to acquired in-process research and development associated with the MacroGenics and Glenmark in-licensing transactions.

Fourth-Quarter Pro Forma Adjusted Results

Worldwide pro forma sales for the fourth quarter of 2007 were $5.190 billion, an increase of 16 percent compared with the fourth quarter of 2006. Worldwide pro forma sales volume increased 8 percent, while exchange rates and selling prices each contributed 4 percentage points of the sales growth. Gross margin as a percent of sales decreased by 0.6 percentage points, to 75.5 percent. Marketing, selling and administrative expenses and research and development expenses increased 23 percent and 7 percent, respectively. Total operating expenses grew 17 percent. Other income decreased $6.8 million. The effective tax rate was 20.4 percent.

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SOURCE Eli Lilly and Company
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