Eli Lilly 2009 Annual Report Download - page 53

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Selected Financial Data (unaudited)
(Dollars in millions, except total revenue
per employee and per-share data) 2009 2008 2007 2006 2005
ELI LILLY AND COMPANY AND SUBSIDIARIES
Operations
Revenue......................$ 21,836.0 $ 20,371.9 $ 18,633.5 $ 15,691.0 $ 14,645.3
Cost of sales . . . . . . . . . ......... 4,247.0 4,376.7 4,248.8 3,546.5 3,474.2
Research and development . . . . . . . 4,326.5 3,840.9 3,486.7 3,129.3 3,025.5
Marketing, selling, and
administrative. . . . . . . ......... 6,892.5 6,626.4 6,095.1 4,889.8 4,497.0
Other . . ...................... 1,012.2 6,835.5
1
926.1 707.4 931.1
Income (loss) before income taxes
and cumulative effect of a change
in accounting principle ......... 5,357.8 (1,307.6) 3,876.8 3,418.0 2,717.5
Income taxes . . . . . . . . . ......... 1,029.0 764.3 923.8 755.3 715.9
Net income (loss). . . . . . ......... 4,328.8 (2,071.9) 2,953.0 2,662.7 1,979.6
Net income as a percent of
revenue . . . . . . . . . . . ......... 19.8% NM 15.8% 17.0% 13.5%
Net income (loss) per share—
diluted . . . . . . . . . . . . ......... 3.94 (1.89) 2.71 2.45 1.81
Dividends declared per share . . . . . . 1.96 1.90 1.75 1.63 1.54
Weighted-average number of shares
outstanding—diluted
(thousands) . . . . . . . . ......... 1,098,367 1,094,499 1,090,750 1,087,490 1,092,150
Financial Position
Current assets . . . . . . . . .........$ 12,486.5 $ 12,453.3 $ 12,316.1 $ 9,753.6 $ 10,855.0
Current liabilities . . . . . . ......... 6,568.1 13,109.7 5,436.8 5,254.0 5,884.8
Property and equipment—net. . . . . . 8,197.4 8,626.3 8,575.1 8,152.3 7,912.5
Total assets . . . . . . . . . . ......... 27,460.9 29,212.6 26,874.8 22,042.4 24,667.8
Long-term debt . . . . . . . ......... 6,634.7 4,615.7 4,593.5 3,494.4 5,763.5
Shareholders’ equity . . . ......... 9,525.3 6,737.7 13,510.3 10,825.3 10,636.6
Supplementary Data
Return on shareholders’ equity . . . . 51.0% (16.3)% 24.3% 24.8% 18.5%
Return on assets . . . . . . ......... 15.8% (7.5)% 12.1% 11.1% 8.2%
Capital expenditures . . . .........$ 765.0 $ 947.2 $ 1,082.4 $ 1,077.8 $ 1,298.1
Depreciation and amortization . . . . . 1,297.8 1,122.6 1,047.9 801.8 726.4
Effective tax rate . . . . . . ......... 19.2% NM
2
23.8% 22.1% 26.3%
Revenue per employee . . .........$ 540,000 $ 504,000 $ 459,000 $ 378,000 $ 344,000
Number of employees . . ......... 40,360 40,450 40,600 41,500 42,600
Number of shareholders of record . . 38,400 39,800 41,700 44,800 50,800
NM—Not Meaningful
1
The increase reflects the in-process research and development expense of $4.69 billion associated with the ImClone
acquisition and $1.48 billion associated with the Zyprexa investigation settlements.
2
We incurred tax expense of $764.3 million in 2008, despite having a loss before income taxes of $1.31 billion. Our net
loss was driven by the $4.69 billion acquired IPR&D charge for ImClone and the $1.48 billion Zyprexa investigation
settlements. The IPR&D charge was not tax deductible, and only a portion of the Zyprexa investigation settlements
was deductible. In addition, we recorded tax expense associated with the ImClone acquisition, as well as a discrete
income tax benefit of $210.3 million for the resolution of a substantial portion of the 2001-2004 IRS audit.
41
FORM 10-K