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

resulting from the amortization of the intangible assets acquired in the ICOS acquisition, the impact of foreign exchange rates and production volumes growing at a slower rate than sales, partially offset by manufacturing expenses growing at a slower rate than sales.

Overall, marketing, selling and administrative expenses rose 25 percent, to $6.095 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 $3.487 billion, or 19 percent of sales. Compared with 2006, research and development expenses increased 11 percent. In addition to the acquisition of ICOS, this increase was due to increases in discovery research and late-stage clinical trial costs.

Other income decreased by $115.8 million, to $122.0 million, primarily due to the acquisition of ICOS and higher net interest expense, offset in part by higher business development income resulting from out-licensing of development-stage products. Prior to the acquisition of ICOS, the results of the Lilly ICOS joint venture were presented in other income. Subsequent to the acquisition, all sales and expenses associated with Cialis are included in their respective lines on Lilly's income statement.

The reported effective tax rate was 23.8 percent, up from 22.1 percent in 2006.

Full-year 2007 reported net income and earnings per share both increased 11 percent to $2.953 billion and $2.71, respectively, compared with 2006 net income of $2.663 billion and earnings per share of $2.45. The 2007 and 2006 reported results include all charges listed in the reconciliation table below.

Full-Year 2007 Pro Forma Adjusted Results

Worldwide pro forma sales for the full-year 2007 were $18.706 billion, an increase of 14 percent compared with 2006. Worldwide pro forma
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SOURCE Eli Lilly and Company
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