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These excerpts taken from the LLY 10-K filed Feb 22, 2010. Financial
Results
We achieved revenue growth of 7 percent in 2009, which was
primarily driven by the collective growth of Alimta, Cymbalta,
Humalog, and Zyprexa and the inclusion of Erbitux revenue as a
result of the ImClone Systems Inc. (Imclone) acquisition in
November 2008. The impact of changes in foreign currencies
compared to the U.S. dollar on international inventories
sold during the year decreased our cost of sales in 2009 and
increased our cost of sales in 2008, which contributed to an
improvement in gross margin. Marketing, selling, and
administrative expenses grew at a slower rate than revenue,
while our investment in research and development grew at a
greater rate than sales. We incurred income tax expense of
$1.03 billion in 2009 resulting in an effective tax rate of
19.2 percent. Earnings increased to $4.33 billion, and
earnings per share increased to $3.94 per share, in 2009 as
compared to a net loss of $2.07 billion, and a loss per
share of $1.89 in 2008. Net income comparisons between 2009 and
2008 are affected by the impact of the following significant
items:
2009
Acquisitions (Note 3)
Asset Impairments and Related Restructuring and Other Special
Charges (Notes 5 and 14)
18
2008
Acquisitions (Note 3)
Asset Impairments and Related Restructuring and Other Special
Charges (Notes 5 and 14)
Other (Note 12)
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 Effient,
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,
resulting in a significant charge of $4.69 billion for
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 to a net loss of $2.07 billion, and earnings per
share decreased to a loss of $1.89 per share, in 2008 as
compared with net income of $2.95 billion, and earnings per
share of $2.71, in 2007. Net income comparisons between 2008 and
2007 are affected by the impact of several significant items.
The significant items for 2008 are summarized in the Executive
Overview. The 2007 items are summarized as follows:
Acquisitions (Note 3)
Asset Impairments and Related Restructuring and Other Special
Charges (Notes 5 and 14)
23
These excerpts taken from the LLY 10-K filed Feb 27, 2009. 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
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 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 — 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
significant items that are reflected in our financial results.
The significant items for 2007 are summarized in the Executive
Overview. The 2006 items are summarized as follows (see
Notes 5 and 14 to the consolidated financial statements for
additional information):
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 — 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 significant items that are reflected in our financial results. The significant items for 2007 are summarized in the Executive Overview. The 2006 items are summarized as follows (see Notes 5 and 14 to the consolidated financial statements for additional information):
These excerpts taken from the LLY 10-K filed Oct 21, 2008. 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 the 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. Certain items,
reflected in our operating results for 2006 and 2005, should be
considered in comparing the two years. The significant items for
2006 are summarized in the Executive Overview. The 2005 items
are summarized as follows (see Notes 3, 5, and 14 to the
consolidated financial statements for additional information):
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 the 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. Certain items, reflected in our operating results for 2006 and 2005, should be considered in comparing the two years. The significant items for 2006 are summarized in the Executive Overview. The 2005 items are summarized as follows (see Notes 3, 5, and 14 to the consolidated financial statements for additional information):
These excerpts taken from the LLY 10-K filed Feb 29, 2008. 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 the 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. Certain items,
reflected in our operating results for 2006 and 2005, should be
considered in comparing the two years. The significant items for
2006 are summarized in the Executive Overview. The 2005 items
are summarized as follows (see Notes 2, 4, and 13 to the
consolidated financial statements for additional information):
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 the 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. Certain items, reflected in our operating results for 2006 and 2005, should be considered in comparing the two years. The significant items for 2006 are summarized in the Executive Overview. The 2005 items are summarized as follows (see Notes 2, 4, and 13 to the consolidated financial statements for additional information):
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