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Lilly and Glenmark Pharmaceuticals Announce License Agreement

a promising pathway for pain research. GRC 6211 has shown good potential in early-phase development and will be a strong addition to our own internal pipeline of potential pain molecules."

According to Glenn Saldanha, Managing Director and CEO of GPL, "This agreement further validates that Indian companies have the ability to do world class innovative R&D and Glenmark's leadership in the Indian drug discovery arena. We have made excellent progress in our TRPV1 program at Glenmark and are very excited to be partnering with Lilly, a world-class research-driven global pharmaceutical company."

The agreement became effective in the fourth quarter of 2007. At closing, Lilly would expect a charge to earnings for acquired in-process research and development. The amount of the charge has not yet been determined, but is estimated to be $0.02 per share. Lilly's fourth-quarter and full-year pro forma adjusted earnings per share guidance remain unchanged at $0.86 to $0.91 and $3.50 to $3.55, respectively. On a reported basis, including the charge for this transaction with Glenmark, as well as the other charges in the tables below, Lilly now expects its fourth-quarter earnings per share to be in the range of $0.81 to $0.86 and its full-year earnings per share to be in the range of $2.74 to $2.79. See the reconciliations below for further detail. Q4 Earnings per Share Reconciliation Q4 2007 Q4 2006

Expectations Results % Growth

E.P.S. (reported) $.81 to $.86 $.12 NM

Eliminate estimated in-process

research & development charge

associated with Glenmark

in-licensing .02

Eliminate estimated in-process

research & development charge

associated with MacroGenics

in-licensing .03 -

Eliminate product liability charge - .42


SOURCE Eli Lilly and Company
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