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Lilly Reports Fourth-Quarter and Full-Year 2008 Results
Date:1/29/2009

Forteo(R), Strattera(R), Symbyax(R), Xigris(R) and Yentreve(R) -- collectively grew 10 percent, to $1.912 billion, and accounted for 37 percent of total sales, compared with 33 percent of total sales in the fourth quarter of 2007.

-- The company recorded pre-tax charges of $4.730 billion related to the acquisition of ImClone Systems.

-- Primarily as a result of the ImClone acquisition charges, the company reported a net loss of $3.629 billion and a loss per share of $3.31, compared with fourth-quarter 2007 net income of $854.4 million and earnings per share of $.78. On a pro forma non-GAAP basis, excluding significant items totaling $4.38 per share, earnings rose 19 percent to $1.07 per share.

2008 Highlights

-- Sales increased 9 percent, to $20.378 billion, with 8 products each exceeding $1 billion in annual sales.

-- Products launched this decade collectively grew 22 percent on a reported basis, to $7.310 billion, and accounted for 36 percent of total sales, compared with 32 percent of total sales in 2007.

-- As a result of the ImClone acquisition charges and the charges related to the resolution of Zyprexa investigations by the U.S. Attorney for the Eastern District of Pennsylvania (EDPA) and multiple states, the company reported a net loss of $2.072 billion and a loss per share of $1.89, compared with 2007 net income of $2.953 billion and earnings per share of $2.71. On a pro forma non-GAAP basis, excluding significant items totaling $5.91 per share, earnings rose 14 percent to $4.02 per share.

"2008 was a year of significant transformation for our company," commented John C. Lechleiter, chairman and chief executive officer. "Throughout the year, Lilly executed well on its operational and strategic priorities. Despite a tempering of sales growth in the fourth quarter due to unfavorable exchange rates, moderation in U.S. demand and some v
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SOURCE Eli Lilly and Company
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