Lilly Comments on 2012 Financial Guidance and Announces 2013 Financial Guidance
- Company reconfirms 2012 financial expectations, excluding the impact from the delayed enactment of the American Taxpayer Relief Act of 2012.
- 2013 revenue anticipated to be between
$22.6 billion and $23.4 billion . - Excluding the one-time impact from the delayed enactment of the American Taxpayer Relief Act of 2012, earnings per share for 2013 are forecasted to be in the range of
$4.03 - $4.18 (reported), or$3.75 - $3.90 (non-GAAP). - Mid-term guidance through 2014 reconfirmed with minimum annual results of at least
$20 billion in revenue,$3 billion in net income and$4 billion in operating cash flow. - Company reaffirms commitment to fund dividend at least at current level and complete
$1.5 billion share repurchase program in 2013. - Late-stage pipeline includes 13 potential new medicines in Phase III development.
Because the enactment of the American Taxpayer Relief Act of 2012 was not completed until 2013, certain provisions of the Act benefitting the company's 2012 federal taxes, including the extension of the R&D tax credit for 2012, cannot be recognized in the company's 2012 financial results and instead will be reflected in the company's 2013 financial results. The company plans to provide an update on the estimated financial implications of the Act as part of its fourth quarter and full-year 2012 financial results announcement on
The company previously published 2012 earnings per share guidance in the range of
The company's 2013 financial guidance excludes the one-time impact associated with 2012 that will be recorded in 2013 resulting from the delay in the enactment of the Act. For 2013, the company expects earnings per share to be in the range of
"At Lilly, we continue to implement the three primary elements of our strategy to bridge our current period of patent expirations and return to sustainable growth. We have made substantial progress in recent years and expect 2013 to continue that trend," said
2013 Financial Guidance
The company's 2013 financial guidance excludes the one-time impact associated with 2012 that will be recorded in 2013 resulting from the delay in the enactment of the Act. The company expects full-year 2013 earnings per share to be in the range of
The company anticipates 2013 revenue of between
The company anticipates that gross margin as a percent of revenue will be approximately 78 percent.
Total operating expenses in 2013 are expected to be flat to slightly decreasing compared to 2012, reflecting continued expense controls and productivity gains. Marketing, selling and administrative expenses are expected in the range of
On a reported basis, other income and deductions is expected to be in a range between
On a reported basis, the 2013 tax rate is expected to be approximately 22.5 percent, assuming a full-year 2013 benefit of the R&D tax credit. On a non-GAAP basis, the 2013 tax rate is expected to be approximately 21 percent. Both tax rates for 2013 exclude the one-time impact associated with 2012 that will be recorded in 2013 resulting from the delay in the enactment of the American Taxpayer Relief Act of 2012.
Operating cash flows are expected to be more than sufficient to allow for capital expenditures of approximately
Webcast of Conference Call
As previously announced, investors, media and the general public can access a live webcast of the 2013 financial guidance conference call through a link on Lilly's website at www.investor.lilly.com. The conference call will be held today beginning at
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in
F-LLY
This press release contains management's current intentions and expectations for the future, all of which are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "estimate", "project", "intend", "expect", "believe", "target" and similar expressions are intended to identify forward-looking statements. Actual results may differ materially due to various factors. There are significant risks and uncertainties in pharmaceutical research and development. There can be no guarantees with respect to pipeline products that the products will receive the necessary clinical and manufacturing regulatory approvals or that they will prove to be commercially successful. Pharmaceutical products can develop unexpected safety or efficacy concerns. The company's results may also be affected by such
factors as competitive developments affecting current products; market uptake of recently launched products; the timing of anticipated regulatory approvals and launches of new products; regulatory actions regarding currently marketed products; issues with product supply; regulatory changes or other developments; regulatory compliance problems or government investigations; patent disputes; changes in patent law or regulations related to data-package exclusivity; other litigation involving current or future products; the impact of governmental actions regarding pricing, importation, and reimbursement for pharmaceuticals, including U.S. health care reform and deficit-reduction measures; changes in tax laws, including the American Taxpayer Relief Act of 2012; asset impairments and restructuring charges; acquisitions and business development transactions; and the impact of exchange rates and
global macroeconomic conditions. For additional information about the factors that could cause actual results to differ materially from forward-looking statements, please see the company's latest Form 10-Q and Form 10-K filed with the
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