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Lilly Delivers Strong Third-Quarter Results
Date:10/18/2007

quarter of 2006.

Reported net income and earnings per share both increased 6 percent to $926.3 million and $.85, respectively, compared with third-quarter 2006 net income of $873.6 million and earnings per share of $.80. Third-quarter 2007 reported results include a $.06 per share charge for a reduction in expected insurance recoveries.

Third-Quarter Pro Forma Adjusted Results

Worldwide pro forma sales for the third quarter of 2007 were $4.587 billion, an increase of 13 percent compared with the third quarter of 2006. Worldwide pro forma sales volume increased 8 percent, while exchange rates and selling prices contributed 3 and 2 percentage points of the sales growth, respectively. Gross margin as a percent of sales decreased by 0.7 percentage points, to 77.0 percent. Marketing and administrative expenses and research and development expenses increased 13 percent and 7 percent, respectively. Total operating expenses grew 11 percent. Other income increased $54.6 million, driven by lower net interest expense and increased business development income resulting from out-licensing of legacy and development- stage products. The effective tax rate was 20.9 percent.

As a result of sales growing faster than operating expenses and higher other income, pro forma adjusted net income and earnings per share grew 20 percent and 18 percent, to $996.4 million and $.91, respectively. 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

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Third Quarter % Growth

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2007 2006

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E.P.S. (reported) $.85 $.80 6 %<
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SOURCE Eli Lilly and Company
Copyright©2007 PR Newswire.
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