What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to officially report Eli Lilly & Co.'s financial results for the second quarter and the first six months of 2003, including its income statement and balance sheet, as well as to disclose its use of non-GAAP financial measures.

How does Eli Lilly present its financial results for the six-month period of 2003?

For the six-month period ended June 30, 2003, Eli Lilly presents its results using non-GAAP financial measures. These measures exclude the impact of restructuring, asset impairments, and other special charges that occurred in the first quarter of 2003.

Why does Eli Lilly use non-GAAP financial measures?

Eli Lilly's management believes that non-GAAP measures, such as adjusted net income and diluted earnings per share, provide useful information to investors. They help investors evaluate the company's operations period over period and identify operating trends that might be obscured by significant charges like restructuring or asset impairments.

What should investors consider regarding Eli Lilly's use of non-GAAP measures?

Investors should consider these non-GAAP measures in addition to, not as a substitute for, or as superior to, financial performance measures prepared in accordance with GAAP. Prospective quantification of certain future charges is often not feasible, so the company's earnings guidance may be subject to adjustment.

LLY 8-K SEC Disclosure — Jul 24, 2003

Summary

Eli Lilly & Co. (LLY) filed an 8-K on July 24, 2003, primarily to disclose its financial results for the second quarter and the first six months of 2003. The filing includes the company's income statement for these periods and a consolidated balance sheet as of June 30, 2003. Investors are informed that a press release detailing these results was issued on the same day and that the company held a teleconference for analysts and media, which was also web-cast. A key point of disclosure in this filing relates to the company's use of non-GAAP financial measures. While the second quarter of 2003 results are presented on a GAAP basis, the six-month period's results utilize non-GAAP measures. Specifically, adjusted net income and diluted earnings per share exclude the impact of restructuring, asset impairments, and other special charges incurred in the first quarter of 2003. Lilly's management believes these non-GAAP measures offer valuable insights for investors by allowing for a clearer evaluation of operational trends, free from the variability and potential distortion of these significant charges.

Key Highlights

1Eli Lilly & Co. announced its Q2 and first six months 2003 financial results via an 8-K filing on July 24, 2003.
2The filing includes the income statement for Q2 and the first six months of 2003, and a consolidated balance sheet as of June 30, 2003.
3A press release detailing these financial results was issued concurrently with the 8-K filing.
4The company hosted a teleconference for analysts and media to discuss the quarterly results, which was also web-cast.
5Lilly utilizes non-GAAP financial measures, specifically adjusted net income and diluted EPS, to provide additional insight into operational performance.
6For the six-month period, non-GAAP measures exclude the impact of restructuring, asset impairments, and other special charges from Q1 2003.
7Management believes these non-GAAP measures aid investors in evaluating period-over-period operations and identifying trends potentially masked by excluded items.

ELI LILLY & Co 8-K Report (Jul 24, 2003)

Summary

Key Highlights

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