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Lilly Reports Strong First-Quarter 2009 Results
Date:4/20/2009

INDIANAPOLIS, April 20 /PRNewswire-FirstCall/ --

  • Q1 Revenue Increases 5% on a Reported Basis, Driven by Higher Volume.
  • Foreign Exchange Rates Lead to Improved Gross Margin Percentage.
  • Company Achieves Operating Leverage by Growing Revenue Faster Than Cost of Sales and Operating Expenses.
  • Earnings Rise 24% (reported) or 36% (pro forma non-GAAP) to $1.20 per share.

Eli Lilly and Company (NYSE: LLY) today announced financial results for the first quarter of 2009.

Due to significant strategic actions taken by the company in 2008, financial results for 2008 are presented on both a reported basis and a pro forma non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles (GAAP) and include all revenue and expenses recognized by the company during the period. Pro forma non-GAAP results exclude significant items described in the reconciliation tables and also assume the ImClone acquisition was completed January 1, 2008. The pro forma non-GAAP results are presented in order to provide additional insights into the underlying trends in the company's business. The company's 2009 financial guidance is also being provided on both a reported and a pro forma non-GAAP basis.

First-Quarter Highlights

  • Total revenue of $5.047 billion increased 5 percent on a reported basis and 3 percent on a pro forma basis, compared with the first quarter of 2008.
  • The movement of foreign exchange rates led to an improved gross margin percentage.
  • On a reported basis, net income and earnings per share grew to $1.313 billion and $1.20, respectively, compared with first-quarter 2008 net inc
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SOURCE Eli Lilly and Company
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