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

sales volume increased 7 percent, while exchange rates and selling prices contributed 3 and 4 percentage points of the sales growth, respectively. Gross margin as a percent of sales decreased by 0.1 percentage points, to 77.2 percent. Marketing, selling and administrative expenses and research and development expenses increased 16 percent and 7 percent, respectively. Total operating expenses grew 12 percent. Other income increased by $97.1 million. The effective tax rate was 21.4 percent.

As a result of pro forma sales growing faster than operating expenses and higher other income, 2007 pro forma adjusted net income and earnings per share both grew 17 percent, to $3.863 billion and $3.54, respectively. Pro forma adjusted results exclude the charges noted in the table below. For further detail, see the reconciliation below as well as the footnotes to the pro forma adjusted income statement later in this press release.

Earnings per Share Reconciliation Full Year % Growth

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

2007 2006

----- -----

E.P.S. (reported) $2.71 $2.45

Eliminate asset impairments,

restructuring and other special

charges .15 .73

Eliminate charge for a reduction in

expected insurance recoveries .06 -

Eliminate in-process research &

development charges associated

with ICOS, Hypnion, and Ivy

acquisitions and OSI, MacroGenics

and Glenmark in-licensing

transactions .63 -

Include pro forma as if the ICOS

acquisition was completed on

January 1, 2006 (.01) (.15)

----- -
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SOURCE Eli Lilly and Company
Copyright©2008 PR Newswire.
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