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

  • The company recognized a charge of $87.0 million, or $.05 per share, for acquired in-process research and development associated with the BioMS in-licensing arrangement.
  • The company recognized a discrete income tax benefit 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.
  • Assuming the ImClone acquisition was completed on January 1, 2008, the pro forma impact of the acquisition would have decreased net income by $.04 per share in the first quarter of 2008.

  •                                                  First Quarter
                                                     -------------
                                                    2009      2008       % Growth
                                                    ----      ----       --------
        Earnings per share (reported)              $1.20      $.97           24%
          Asset impairments, restructuring and
           other special charges                       -       .09
          In-process research and development
           charge associated with the BioMS
           in-licensing                                -       .05
          Benefit from resolution of IRS audit         -      (.19)
          Pro forma as if the ImClone acquisition
           was completed on January 1, 2008            -      (.04)
                                                    ----      ----
          Earnings per share (pro forma non-GAAP)  $1.20      $.88           36%
                                                    ----      ----
    
    

    First-Quarter Reported Results

    In the first quarter, worldwide total revenue was $5.047 billion, an increase of 5 percent compared with the first quarter of 2008. This 5 percent revenue growth was comprised of a 7 percent increase due to high
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    SOURCE Eli Lilly and Company
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