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Lilly Reports Solid Third-Quarter 2009 Results; Revises Full-Year 2009 EPS Guidance
Date:10/21/2009

rative expenses increased 3 percent compared with the third quarter of 2008, to $1.702 billion. The increase was driven by the impact of the ImClone acquisition and higher incentive compensation, partially offset by the movement of foreign exchange rates and a reduction in advertising expenses in the U.S. market. Research and development expenses were $1.122 billion, or 20 percent of total revenue. Compared with the third quarter of 2008, research and development expenses grew 18 percent due primarily to the ImClone acquisition, increased late-stage clinical trial costs, and estimated costs to terminate arzoxifene clinical trials. Total operating expenses, defined as the sum of research and development, marketing, selling and administrative expenses, increased 9 percent compared with the third quarter of 2008.

In the third quarter of 2008, the company recognized a charge of $28.0 million for acquired in-process research and development associated with the SGX Corporation acquisition.

In the third quarter of 2009, the company recognized asset impairments, restructuring and other special charges of $549.8 million. Of this charge, $424.8 million was for asset impairments and restructuring primarily related to the company's sale of its Tippecanoe, Indiana manufacturing site to Evonik Industries. In addition, the company is in advanced discussions or has settled with the attorneys general of the twelve states that were not part of the Eastern District of Pennsylvania settlement and filed separate Zyprexa-related claims against the company. In the third quarter of 2009, the company incurred a special pretax charge of $125.0 million related to these settlements and the currently probable and estimable exposures in connection with the remaining states' claims.

In the third quarter of 2008, the company recognized asset impairments, restructuring and other special charges totaling $1.659 billion. These charges included $1.477 billion related
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SOURCE Eli Lilly and Company
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