Summary
Eli Lilly & Co. (LLY) filed an 8-K on October 21, 2009, to report its financial results for the third quarter and the first nine months of 2009. The filing primarily serves to attach a press release detailing these results and the company's financial outlook. A key aspect of the report is its use of pro forma non-GAAP financial measures, which adjust for significant one-time items and acquisition-related impacts to provide a clearer view of ongoing operational performance and facilitate period-over-period comparisons. Investors should note that Lilly is providing these non-GAAP measures to help evaluate operational trends. These adjustments exclude items such as asset impairments, restructuring charges, legal settlements (notably related to Zyprexa), and research and development activities. The company also provided financial expectations for the full year 2009, including earnings per share, revenue, R&D expenses, and tax rate, on both GAAP and pro forma non-GAAP bases, highlighting the impact of the ImClone Systems acquisition and foreign currency exchange rates.
Key Highlights
- 1Eli Lilly announced its third quarter and nine-month 2009 financial results via an 8-K filing.
- 2The company utilized pro forma non-GAAP financial measures to present results, excluding significant one-time items for clearer operational comparison.
- 3Key exclusions from non-GAAP measures include asset impairments, restructuring charges, and legal settlements related to Zyprexa.
- 4The report includes adjustments for the acquisition of ImClone Systems, presenting it as if completed at the beginning of 2008 for comparability.
- 5Financial expectations for full-year 2009 were provided on both GAAP and pro forma non-GAAP bases.
- 6The filing indicates a teleconference and webcast were held to discuss these results with analysts and media.
- 7The information provided is considered 'furnished' and not 'filed' for purposes of Section 18 of the Securities Exchange Act.