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Lilly Reports Fourth-Quarter and Full-Year 2008 Results

t of $210.3 million as a result of the resolution of a substantial portion of the IRS audit of its federal income tax returns for years 2001 through 2004, which increased earnings per share by $.19.


-- The company recorded a charge of $81.3 million, or $.06 per share, related to the reduction in expected insurance recoveries.

-- The company recognized asset impairments, restructuring, and other special charges associated with previously announced decisions affecting manufacturing and research facilities of $123.0 million, which decreased earnings per share by $.08.

-- The company incurred in-process research and development charges associated with the acquisitions of ICOS ($303.5 million), Hypnion ($291.1 million) and Ivy Animal Health ($37.0 million), as well as the licensing arrangement with OSI Pharmaceuticals ($25.0 million), which decreased earnings per share by $.58 in total.

                                                       Full Year
                                                     2008    2007  % Growth
                                                    ------  ------   --------
     Earnings (Loss) per share (reported)          ($1.89)  $2.71      NM
     Net impact associated with ImClone
      acquisition                                    4.46       -
     Charges related to Zyprexa investigations
      (net of $0.13 tax benefit)                     1.20       -
     Asset impairments and restructuring
      charges (included in asset impairments,
      restructuring and other special charges)        .30     .15
     Asset impairments (included in cost of sales)    .04       -
     In-process research and development charges
      associated with SGX acquisition (2008),
      ICOS, Hypnion, and Ivy acquisitions (2007)
      and in-licensing transactions with BioMS
SOURCE Eli Lilly and Company
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