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Lilly Declares Third-Quarter 2012 Dividend, Resumes Share Repurchase Program
Date:6/19/2012

INDIANAPOLIS, June 19, 2012 /PRNewswire/ -- The board of directors of Eli Lilly and Company (NYSE: LLY) has declared a dividend for the third quarter of 2012 of $0.49 a share on outstanding common stock. The dividend is payable September 10, 2012 to shareholders of record at the close of business on August 15, 2012.

The Lilly board of directors has also authorized the resumption of a share repurchase program that was started in 2000, under which the company has thus far purchased $2.58 billion of shares of a total authorization of $3.0 billion. The company expects to complete this program by purchasing the remaining $420 million in shares by the end of 2012. The company also anticipates resuming systematic share repurchases following the completion of the current program. The size and timing of these additional share repurchases will be subject to board approval and will be balanced with other cash flow considerations, including the funding of the company's dividend, capital expenditures, potential business development opportunities and worldwide macroeconomic conditions.

"At Lilly, we're committed to providing a positive return to our shareholders through both a healthy dividend and stock price appreciation. Based on current market valuations and our confidence in Lilly's future, we believe that now is an excellent opportunity to resume buying back Lilly shares even as we maintain the dividend at least at its current level," said John Lechleiter, Ph.D., Lilly chairman, president, and chief executive officer.

All purchases under the share repurchase program will be made on the open market at prevailing prices. Purchases will be made over a period to be determined by management of the company. Shares acquired will be retired. As of March 31, 2012 there were 1,116,982,662 shares of stock outstanding on a diluted basis.

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SOURCE Eli Lilly and Company
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