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This excerpt taken from the LLY 10-K filed Feb 22, 2010. FINANCIAL
EXPECTATIONS FOR 2010
For the full year of 2010, we expect earnings per share to be in
the range of $4.65 to $4.85, excluding the potential impact of
health care reform in the U.S. and restructuring charges
resulting from previously announced strategic headcount
reductions. We expect volume-driven revenue growth in the
high-single digits, driven primarily by Alimta, Cymbalta,
Humalog, Cialis, Effient and the exenatide franchise. We
anticipate that gross margin as a percent of revenue will be
flat to declining. Marketing, selling, and
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administrative expenses are projected to grow in the low- to
mid-single digits while research and development expenses are
projected to grow in the low-double digits. Other—net,
expense (income) is expected to be a net expense of between
$150.0 million and $200.0 million. Cash flows are expected
to be sufficient to fund capital expenditures of approximately
$1.0 billion, anticipated business development activity,
and our dividend.
We caution investors that any forward-looking statements or
projections made by us, including those above, are based on
management’s belief at the time they are made. However,
they are subject to risks and uncertainties. Actual results
could differ materially and will depend on, among other things,
the continuing growth of our currently marketed products;
developments with competitive products; the timing and scope of
regulatory approvals and the success of our new product
launches; asset impairments, restructurings, and acquisitions of
compounds under development resulting in acquired in-process
research and development charges; foreign exchange rates and
global macroeconomic conditions; changes in effective tax rates;
wholesaler inventory changes; other regulatory developments,
litigation, patent disputes, and government investigations; and
the impact of governmental actions regarding pricing,
importation, and reimbursement for pharmaceuticals, as well as
proposed health care reform currently being discussed by the
U.S. Congress. We undertake no duty to update these
forward-looking statements.
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