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Lilly Reports Second-Quarter 2011 Results

Thu, 07/21/2011 - 3:46am
Bio-Medicine.Org

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

Second Quarter

%20112010

GrowthTotal Revenue – Reported

$6,252.8$5,748.7

9%Net Income – Reported

1,197.31,348.9

(11)%EPS – Reported

1.071.22

(12)%Net Income – non-GAAP

1,315.91,366.9

(4)%EPS – non-GAAP

1.181.24

(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

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