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This excerpt taken from the LLY 10-K filed Feb 22, 2010. EXECUTIVE
OVERVIEW
This section provides an overview of our financial results,
recent product and late-stage pipeline developments, significant
business development, and legal, regulatory, and other matters
affecting our company and the pharmaceutical industry.
These excerpts taken from the LLY 10-K filed Feb 27, 2009. EXECUTIVE
OVERVIEW
This section provides an overview of our financial results,
recent product and late-stage pipeline developments, significant
business development, and legal, regulatory, and other matters
affecting our company and the pharmaceutical industry.
Financial
Results
We achieved worldwide sales growth of 9 percent, which was
primarily driven by volume increases in several key products.
The favorable impact of foreign exchange rates on cost of sales
contributed to an improvement in gross margin. Marketing,
selling, and administrative expenses grew at the same rate as
sales, driven by pre-launch activities associated with
prasugrel, marketing costs associated with Cymbalta and Evista,
the impact of foreign exchange rates, and increased
litigation-related expenses; while our investment in research
and development grew 10 percent. We completed our
acquisition of ImClone Systems Inc. (ImClone), resulting in a
significant charge of $4.69 billion for acquired in-process
research and development (IPR&D) and reached resolution on
government investigations related to our past
U.S. marketing and promotional practices for Zyprexa,
resulting in an additional charge of $1.48 billion. We
incurred tax expense of $764.3 million, despite a loss
before income taxes of $1.31 billion, primarily caused by
the non-deductibility of the ImClone IPR&D charge and the
partial deductibility of the Zyprexa investigation settlements.
Accordingly, earnings decreased $5.02 billion, to a net
loss of $2.07 billion, and earnings per share decreased
$4.60, to a loss of $1.89 per share, in 2008 as compared with
net income of $2.95 billion, or earnings per share of $2.71
in 2007. Net income comparisons between 2008 and 2007 are
affected by the impact of the following significant items (see
Notes 3, 5, 12, and 14 to the consolidated financial
statements for additional information):
2008
Acquisitions
(Note 3)
Asset Impairments and Related Restructuring and Other
Special Charges (Notes 5 and 14)
Other
(Note 12)
2007
Acquisitions
(Note 3)
-20-
Asset
Impairments and Related Restructuring and Other Special Charges
(Notes 5 and 14)
Late-Stage
Pipeline Developments and Business Development
Activity
Our long-term success depends, to a great extent, on our ability
to continue to discover and develop innovative pharmaceutical
products and acquire or collaborate on compounds currently in
development by other biotech-nology or pharmaceutical companies.
There were a number of late-stage pipeline developments and
business development transactions within the past year,
including:
EXECUTIVE OVERVIEW This section provides an overview of our financial results, recent product and late-stage pipeline developments, significant business development, and legal, regulatory, and other matters affecting our company and the pharmaceutical industry. Financial Results We achieved worldwide sales growth of 9 percent, which was primarily driven by volume increases in several key products. The favorable impact of foreign exchange rates on cost of sales contributed to an improvement in gross margin. Marketing, selling, and administrative expenses grew at the same rate as sales, driven by pre-launch activities associated with prasugrel, marketing costs associated with Cymbalta and Evista, the impact of foreign exchange rates, and increased litigation-related expenses; while our investment in research and development grew 10 percent. We completed our acquisition of ImClone Systems Inc. (ImClone), resulting in a significant charge of $4.69 billion for acquired in-process research and development (IPR&D) and reached resolution on government investigations related to our past U.S. marketing and promotional practices for Zyprexa, resulting in an additional charge of $1.48 billion. We incurred tax expense of $764.3 million, despite a loss before income taxes of $1.31 billion, primarily caused by the non-deductibility of the ImClone IPR&D charge and the partial deductibility of the Zyprexa investigation settlements. Accordingly, earnings decreased $5.02 billion, to a net loss of $2.07 billion, and earnings per share decreased $4.60, to a loss of $1.89 per share, in 2008 as compared with net income of $2.95 billion, or earnings per share of $2.71 in 2007. Net income comparisons between 2008 and 2007 are affected by the impact of the following significant items (see Notes 3, 5, 12, and 14 to the consolidated financial statements for additional information): 2008 Acquisitions (Note 3)
Asset Impairments and Related Restructuring and Other Special Charges (Notes 5 and 14)
Other (Note 12)
2007 Acquisitions (Note 3)
Asset Impairments and Related Restructuring and Other Special Charges (Notes 5 and 14)
Late-Stage Pipeline Developments and Business Development Activity Our long-term success depends, to a great extent, on our ability to continue to discover and develop innovative pharmaceutical products and acquire or collaborate on compounds currently in development by other biotech-nology or pharmaceutical companies. There were a number of late-stage pipeline developments and business development transactions within the past year, including: These excerpts taken from the LLY 10-K filed Oct 21, 2008. EXECUTIVE
OVERVIEW
This section provides an overview of our financial results,
significant business development, recent product and late-stage
pipeline developments, and legal, regulatory, and other matters
affecting our company and the pharmaceutical industry.
Financial
Results
We achieved worldwide sales growth of 19 percent. This
growth was primarily driven by volume increases in a number of
key products, with a significant portion of this increase in
volume resulting from the acquisition of ICOS. Our additional
investments in marketing and selling expenses in support of key
products, primarily
Cymbalta®
and the diabetes care products, contributed to this sales growth
and enabled us to increase our investment in research and
development 11 percent in 2007. While cost of sales and
operating expenses in the aggregate grew at approximately the
same rate as sales, other income — net decreased and
the effective tax rate increased. As a result, net income and
earnings per share increased 11 percent, to
$2.95 billion, or $2.71 per share, in 2007 as compared with
$2.66 billion, or $2.45 per share, in 2006. Net income
comparisons between 2007 and 2006 are affected by the impact of
the following significant items that are reflected in our
financial results (see Notes 4, 5, and 14 to the
consolidated financial statements for additional information):
2007
Table of Contents
2006
Late-Stage
Pipeline Developments and Business Development
Activity
Our long-term success depends, to a great extent, on our ability
to continue to discover and develop innovative pharmaceutical
products and acquire or collaborate on compounds currently in
development by other biotechnology or pharmaceutical companies.
We have achieved a number of successes with late-stage pipeline
developments and recent business development transactions within
the past year, including:
EXECUTIVE OVERVIEW This section provides an overview of our financial results, significant business development, recent product and late-stage pipeline developments, and legal, regulatory, and other matters affecting our company and the pharmaceutical industry. Financial Results We achieved worldwide sales growth of 19 percent. This growth was primarily driven by volume increases in a number of key products, with a significant portion of this increase in volume resulting from the acquisition of ICOS. Our additional investments in marketing and selling expenses in support of key products, primarily Cymbalta® and the diabetes care products, contributed to this sales growth and enabled us to increase our investment in research and development 11 percent in 2007. While cost of sales and operating expenses in the aggregate grew at approximately the same rate as sales, other income — net decreased and the effective tax rate increased. As a result, net income and earnings per share increased 11 percent, to $2.95 billion, or $2.71 per share, in 2007 as compared with $2.66 billion, or $2.45 per share, in 2006. Net income comparisons between 2007 and 2006 are affected by the impact of the following significant items that are reflected in our financial results (see Notes 4, 5, and 14 to the consolidated financial statements for additional information): 2007
Table of Contents
2006
Late-Stage Pipeline Developments and Business Development Activity Our long-term success depends, to a great extent, on our ability to continue to discover and develop innovative pharmaceutical products and acquire or collaborate on compounds currently in development by other biotechnology or pharmaceutical companies. We have achieved a number of successes with late-stage pipeline developments and recent business development transactions within the past year, including: These excerpts taken from the LLY 10-K filed Feb 29, 2008. EXECUTIVE
OVERVIEW
This section provides an overview of our financial results,
significant business development, recent product and late-stage
pipeline developments, and legal, regulatory, and other matters
affecting our company and the pharmaceutical industry.
Financial
Results
We achieved worldwide sales growth of 19 percent. This
growth was primarily driven by volume increases in a number of
key products, with a significant portion of this increase in
volume resulting from the acquisition of ICOS. Our additional
investments in marketing and selling expenses in support of key
products, primarily
Cymbalta®
and the diabetes care products, contributed to this sales growth
and enabled us to increase our investment in research and
development 11 percent in 2007. While cost of sales and
operating expenses in the aggregate grew at approximately the
same rate as sales, other income — net decreased and
the effective tax rate increased. As a result, net income and
earnings per share increased 11 percent, to
$2.95 billion, or $2.71 per share, in 2007 as compared with
$2.66 billion, or $2.45 per share, in 2006. Net income
comparisons between 2007 and 2006 are affected by the impact of
the following significant items that are reflected in our
financial results (see Notes 3, 4, and 13 to the
consolidated financial statements for additional information):
2007
2006
Late-Stage
Pipeline Developments and Business Development
Activity
Our long-term success depends, to a great extent, on our ability
to continue to discover and develop innovative pharmaceutical
products and acquire or collaborate on compounds currently in
development by other biotechnology or pharmaceutical companies.
We have achieved a number of successes with late-stage pipeline
developments and recent business development transactions within
the past year, including:
EXECUTIVE OVERVIEW This section provides an overview of our financial results, significant business development, recent product and late-stage pipeline developments, and legal, regulatory, and other matters affecting our company and the pharmaceutical industry. Financial Results We achieved worldwide sales growth of 19 percent. This growth was primarily driven by volume increases in a number of key products, with a significant portion of this increase in volume resulting from the acquisition of ICOS. Our additional investments in marketing and selling expenses in support of key products, primarily Cymbalta® and the diabetes care products, contributed to this sales growth and enabled us to increase our investment in research and development 11 percent in 2007. While cost of sales and operating expenses in the aggregate grew at approximately the same rate as sales, other income — net decreased and the effective tax rate increased. As a result, net income and earnings per share increased 11 percent, to $2.95 billion, or $2.71 per share, in 2007 as compared with $2.66 billion, or $2.45 per share, in 2006. Net income comparisons between 2007 and 2006 are affected by the impact of the following significant items that are reflected in our financial results (see Notes 3, 4, and 13 to the consolidated financial statements for additional information): 2007
2006
Late-Stage Pipeline Developments and Business Development Activity Our long-term success depends, to a great extent, on our ability to continue to discover and develop innovative pharmaceutical products and acquire or collaborate on compounds currently in development by other biotechnology or pharmaceutical companies. We have achieved a number of successes with late-stage pipeline developments and recent business development transactions within the past year, including: This excerpt taken from the LLY 10-K filed Feb 28, 2007. EXECUTIVE
OVERVIEW
This section provides an overview of our financial results,
significant business development, recent product and late-stage
pipeline developments, and legal and governmental matters
affecting our company and the pharmaceutical industry.
Financial Results
We achieved worldwide sales growth of 7 percent, primarily
as a result of strong growth of our newer products. We increased
our investment in marketing expenses in support of key products,
primarily
Cymbalta®
and diabetes care products, and continued our commitment to
research and development, investing approximately
20 percent of our sales during 2006. Our results also
benefited from continued growth in profitability of the Lilly
ICOS joint venture as well as cost-containment and productivity
initiatives. Net income was $2.66 billion, or
$2.45 per share, in 2006 as compared with
$1.98 billion, or $1.81 per share, in 2005,
representing an increase in net income and earnings per share of
35 percent. Net income comparisons between 2006 and 2005
are affected by the impact of the following significant items
that are reflected in our financial results (see
Notes 2, 4, and 13 to the consolidated financial
statements for additional information):
2006
2005
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