Lilly Reports Second-Quarter 2011 Results
INDIANAPOLIS, July 21, 2011 /PRNewswire/ --Second-quarter 2011 revenue grew 9 percent to $6.253 billion due to increased demand and favorable exchange rates.Q2 expense growth driven primarily by marketing efforts to support new launches, restructuring charge and exchange rates.R&D investments support clinical pipeline of 70 potential new medicines.Company delivered second quarter earnings per share of $1.07 (reported), or $1.18 (non-GAAP).2011 earnings per share guidance range revised to $3.85 - $3.95 (reported), or $4.25 – $4.35 (non-GAAP).
Eli Lilly and Company (NYSE: LLY) today announced financial results for the second quarter of 2011.$ in millions, except per share data
GrowthTotal Revenue – Reported
9%Net Income – Reported
(11)%EPS – Reported
(12)%Net Income – non-GAAP
(4)%EPS – non-GAAP
(5)%Financial results for 2011 and 2010 are presented on both a reported and a non-GAAP basis. Reported results were prepared in accordance with generally accepted accounting principles (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP results exclude the items described in the reconciliation tables. The non-GAAP results are presented in order to provide additional insights into the underlying trends in the company's business. The company's 2011 financial guidance is also being provided on both a reported and a non-GAAP basis.
"In the second quarter, Lilly once again achieved solid volume-driven revenue growth, despite the negative impact of generic versions of gemcitabine in the United States. Our financial results reflect the solid performance of