Lilly Reports Strong First-Quarter 20... (er volume and a 3 percent increase due t...)

Lilly Reports Strong First-Quarter 2009 Results

Date:4/20/2009

er volume and a 3 percent increase due to higher prices, partially offset by a 6 percent decline due to the impact of foreign exchange rates (numbers do not add due to rounding). Worldwide total revenue of $5.047 billion was comprised of product sales of $4.892 billion, an increase of 4 percent, and collaboration and other revenue of $155.2 million, an increase of 58 percent, primarily due to the inclusion of Erbitux revenue as a result of the ImClone acquisition. U.S. total revenue increased 13 percent to $2.872 billion. Total revenue outside the U.S. decreased 4 percent to $2.175 billion due to the negative impact of foreign exchange rates.

Gross margin as a percent of total revenue increased by 6.9 percentage points, to 83.8 percent. This increase was due to the impact on international inventories from the decline in foreign currencies compared to the U.S. dollar, resulting in a benefit to cost of sales.

Marketing, selling and administrative expenses decreased 1 percent, to $1.529 billion. This decrease was due to the impact of foreign exchange rates and a reduction in expenses related to U.S. marketing programs, partially offset by the impact of the ImClone acquisition and increased prasugrel pre-launch activities. Research and development expenses were $947.3 million, or 19 percent of revenue. Compared with the first quarter of 2008, research and development expenses grew 8 percent due primarily to the ImClone acquisition and increased late-stage clinical trial and discovery research costs, partially offset by the impact of foreign exchange rates. Total operating expenses, defined as the sum of research and development, marketing, selling and administrative expenses, increased 2 percent compared with the first quarter of 2008.

In the first quarter of 2008, the company recognized a charge of $145.7 million for asset impairments, restructuring and other special charges primarily related to the termination of the
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