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

AIR(R) Insulin program and a charge of $87.0 million for acquired in-process research and development associated with the BioMS in-licensing arrangement.

Operating income increased 69 percent to $1.754 billion. Excluding the impact of changes in foreign exchange rates, operating income would have increased 45 percent.

Other income (expense) decreased by $91.0 million, to a net expense of $70.7 million, primarily due to lower interest income and higher interest expense associated with the ImClone acquisition, as well as lower business development income.

The effective tax rate was 22 percent in the first quarter of 2009. In the first quarter of 2008, the company reported an aggregate income tax benefit of $8.0 million due to the recognition of a $210.3 million discrete benefit as a result of the resolution of a substantial portion of the IRS audit of the company's federal income tax returns for years 2001 through 2004.

Net income and earnings per share increased to $1.313 billion and $1.20, respectively, compared with first-quarter 2008 net income of $1.064 billion and earnings per share of $.97.

First-Quarter Pro Forma non-GAAP Results

Worldwide pro forma total revenue for the first quarter of 2009 was $5.047 billion, an increase of 3 percent compared with the first quarter of 2008. This 3 percent revenue growth was comprised of a 5 percent increase due to higher volume and a 3 percent increase due to higher prices, partially offset by a 5 percent decline due to the impact of foreign exchange rates. Gross margin as a percent of total revenue increased by 7.3 percentage points, to 83.8 percent. Marketing, selling and administrative expenses decreased 3 percent, while research and development expenses increased 4 percent. Total operating expenses, defined as the sum of research and development, marketing, selling and administrative expenses, were flat compared with t
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