Summary
This filing is an amendment (8-K/A) to a previous 8-K report filed by Eli Lilly & Company on January 5, 2012. The amendment's primary purpose is to correct a minor error in a press release issued on January 5, 2012. Specifically, the second sentence of the second paragraph of the press release was corrected to state that $.18, not $.13, of asset impairment was recognized. The original 8-K filing itself confirmed Eli Lilly's guidance for 2011 and announced its guidance for 2012, accompanied by a teleconference for analysts and media. Investors should note that the company provided both GAAP and non-GAAP financial guidance. The non-GAAP measures were adjusted to exclude items such as restructuring charges, in-process R&D for the Boehringer Ingelheim diabetes collaboration, and an asset impairment charge related to the withdrawal of Xigris. Eli Lilly emphasizes that these non-GAAP measures are intended to provide investors with a clearer view of ongoing operations and aid in period-over-period comparisons, though they should be considered alongside, not as a substitute for, GAAP measures.
Key Highlights
- 1Amendment to a January 5, 2012 8-K filing primarily to correct a numerical error in an attached press release.
- 2The correction relates to an asset impairment charge, revised from $.13 to $.18.
- 3Original filing confirmed 2011 guidance and provided 2012 financial guidance.
- 4Company held a teleconference on January 5, 2012, to discuss guidance.
- 5Eli Lilly utilizes non-GAAP financial measures for reporting and guidance.
- 6Excluded items in non-GAAP calculations include restructuring charges, R&D charges, and asset impairment.
- 7Rationale for non-GAAP measures is to provide clarity on ongoing operations and facilitate comparisons.