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Lilly Reports Second-Quarter 2011 Results
Date:7/21/2011

tructuring charges.

2011 Earnings Per Share Expectations:2011
Expectations2010
Results% GrowthEarnings per share (reported)$3.85 to $3.95$4.58(14)% to (16)%In-process research and development charges associated with
Boehringer Ingelheim collaboration (2011) and Acrux
licensing agreement (2010)

.23.03Asset impairments and restructuring charges

.17.13Earnings per share (non-GAAP)$4.25 to $4.35$4.74(8)% to (10)%The company now expects total revenue to grow in the mid-single digits, an increase from the prior guidance of low-single digit growth. The company still anticipates that the impact of U.S. health care reform will lower 2011 revenue by $400 million to $500 million. 2011 revenue guidance assumes the company maintains its patent exclusivity for U.S. Strattera sales, and also assumes rapid and severe erosion of global Zyprexa sales after patent expirations in major markets, including the U.S. starting in October 2011, and the continued severe erosion of U.S. Gemzar sales. The company expects these reductions in revenue to be offset by sales growth of Alimta, Cialis, Cymbalta, Effient, Humalog and animal health products.

The company now anticipates that gross margin as a percent of revenue will decline between 2 and 3 percentage points.

Marketing, selling and administrative expenses are now projected to grow in the high-single digits and still include an estimated $150 million to $200 million in non-tax deductible expense for the mandatory pharmaceutical manufacturers fee associated with U.S. health care reform. Research and development expense growth is now projected to be in the low single digits.

Other income is now expected to be a net expense of between $100 million and $175 million.

The tax rate is still expected to be approximately 21 percent on a non-GAAP basis and approximately 20 percent on a reported basis.

Cash flows are still expected to be sufficient to fund capital expenditures that
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SOURCE Eli Lilly and Company
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