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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Under Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
COMMISSION FILE NUMBER 001-6351
ELI LILLY AND COMPANY
(Exact name of Registrant as specified in its charter)
Indiana 35-0470950
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Lilly Corporate Center, Indianapolis, Indiana 46285
(Address of principal executive offices)
Registrant’s telephone number, including area code (317276-2000
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolName of Each Exchange On Which Registered
Common Stock (no par value)LLYNew York Stock Exchange
1.000% Notes due 2022LLY22New York Stock Exchange
7 1/8% Notes due 2025LLY25New York Stock Exchange
1.625% Notes due 2026LLY26New York Stock Exchange
2.125% Notes due 2030LLY30New York Stock Exchange
0.625% Notes due 2031LLY31New York Stock Exchange
6.77% Notes due 2036LLY36New York Stock Exchange
1.700% Notes due 2049LLY49ANew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of a “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The number of shares of common stock outstanding as of July 27, 2020:
Class Number of Shares Outstanding
Common 956,470,372  



Eli Lilly and Company
Form 10-Q
For the Quarter Ended June 30, 2020
Table of Contents
Page
2


Forward-Looking Statements
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “intend,” “anticipate,” “plan,” “continue,” or similar expressions.
In particular, information appearing under “Management's Discussion and Analysis of Results of Operations and Financial Condition” includes forward-looking statements. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we (Lilly or the Company) express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:
uncertainties in the pharmaceutical research and development process, including with respect to the timing of anticipated regulatory approvals and launches of new products;
market uptake of recently launched products;
competitive developments affecting current products and our pipeline;
the expiration of intellectual property protection for certain of our products;
our ability to protect and enforce patents and other intellectual property;
the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and access to pharmaceuticals;
regulatory compliance problems or government investigations;
regulatory actions regarding currently marketed products;
unexpected safety or efficacy concerns associated with our products;
issues with product supply stemming from manufacturing difficulties or disruptions;
regulatory changes or other developments;
changes in patent law or regulations related to data-package exclusivity;
litigation, investigations, or other similar proceedings involving past, current, or future products or commercial activities as we are largely self-insured;
unauthorized disclosure, misappropriation, or compromise of trade secrets or other confidential data stored in our information systems, networks, and facilities, or those of third parties with whom we share our data;
changes in tax law, including the impact of United States tax reform legislation enacted in December 2017 and related guidance, or events that differ from our assumptions related to tax positions;
changes in foreign currency exchange rates, interest rates, and inflation;
asset impairments and restructuring charges;
changes in accounting and reporting standards promulgated by the Financial Accounting Standards Board and the Securities and Exchange Commission (SEC);
acquisitions and business development transactions and related integration costs;
information technology system inadequacies or operating failures;
the impact of the evolving COVID-19 pandemic and the global response thereto;
reliance on third-party relationships and outsourcing arrangements; and
the impact of global macroeconomic conditions.
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the SEC, including in Part II, Item 1A of this Form 10-Q, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and in our Annual Report on Form 10-K for the year ended December 31, 2019, particularly under the caption “Risk Factors”.
All forward-looking statements speak only as of the date of this report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this report. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this report.
3


PART I. Financial Information
Item 1. Financial Statements
Consolidated Condensed Statements of Operations
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars and shares in millions, except per-share data)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenue (Note 2)$5,499.4  $5,636.7  $11,359.2  $10,728.9  
Costs, expenses, and other:
Cost of sales1,222.0  1,124.9  2,437.1  2,263.6  
Research and development1,390.2  1,402.2  2,782.3  2,632.7  
Marketing, selling, and administrative1,448.6  1,586.3  2,998.2  3,103.4  
Acquired in-process research and development (Note 3)
241.8  25.0  294.1  161.9  
Asset impairment, restructuring, and other special charges (Note 6)
    59.9  423.9  
Other–net, (income) expense (Note 12)(446.9) 32.4  (536.0) (53.6) 
3,855.7  4,170.8  8,035.6  8,531.9  
Income before income taxes1,643.7  1,465.9  3,323.6  2,197.0  
Income taxes (Note 8)231.7  138.7  455.1  308.7  
Net income from continuing operations1,412.0  1,327.2  2,868.5  1,888.3  
Net income from discontinued operations (Note 5)      3,680.5  
Net income$1,412.0  $1,327.2  $2,868.5  $5,568.8  
Earnings per share:
Earnings from continuing operations - basic$1.56  $1.44  $3.16  $1.99  
Earnings from discontinued operations - basic      3.87  
Earnings per share - basic$1.56  $1.44  $3.16  $5.86  
Earnings from continuing operations - diluted$1.55  $1.44  $3.15  $1.98  
Earnings from discontinued operations - diluted      3.86  
Earnings per share - diluted$1.55  $1.44  $3.15  $5.84  
Shares used in calculation of earnings per share:
Basic907.2920.8907.7950.4
Diluted910.9924.6911.6954.2
See notes to consolidated condensed financial statements.
4


Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
 
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Net income$1,412.0  $1,327.2  $2,868.5  $5,568.8  
Other comprehensive income (loss) from continuing operations, net of tax (Note 11)203.0  87.0  (159.3) 82.9  
Other comprehensive income from discontinued operations, net of tax (Note 11)       56.8  
Other comprehensive income (loss), net of tax (Note 11)203.0  87.0  (159.3) 139.7  
Comprehensive income$1,615.0  $1,414.2  $2,709.2  $5,708.5  
See notes to consolidated condensed financial statements.

5


Consolidated Condensed Balance Sheets
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
June 30, 2020December 31, 2019
Assets(Unaudited) 
Current Assets
Cash and cash equivalents (Note 7)$2,365.1  $2,337.5  
Short-term investments (Note 7)22.8  101.0  
Accounts receivable, net of allowances of $26.6 (2020) and $22.4 (2019)
4,828.9  4,547.3  
Other receivables946.7  994.2  
Inventories3,313.9  3,190.7  
Prepaid expenses and other3,104.5  2,538.9  
Total current assets14,581.9  13,709.6  
Investments (Note 7)2,406.4  1,962.4  
Goodwill3,723.2  3,679.4  
Other intangibles, net7,712.5  6,618.0  
Deferred tax assets2,481.8  2,572.6  
Property and equipment, net of accumulated depreciation of $9,297.0 (2020) and $9,161.6 (2019)
7,981.1  7,872.9  
Other noncurrent assets3,080.1  2,871.2  
Total assets$41,967.0  $39,286.1  
Liabilities and Equity
Current Liabilities
Short-term borrowings and current maturities of long-term debt$1,263.8  $1,499.3  
Accounts payable1,247.2  1,405.3  
Employee compensation673.6  915.5  
Sales rebates and discounts5,282.2  4,933.6  
Dividends payable  671.5  
Income taxes payable1,460.8  160.6  
Other current liabilities2,060.9  2,189.4  
Total current liabilities11,988.5  11,775.2  
Other Liabilities
Long-term debt15,064.4  13,817.9  
Accrued retirement benefits (Note 9)3,398.6  3,698.2  
Long-term income taxes payable3,377.5  3,607.2  
Deferred tax liabilities2,039.2  2,187.5  
Other noncurrent liabilities1,826.8  1,501.0  
Total other liabilities25,706.5  24,811.8  
Commitments and Contingencies (Note 10)
Eli Lilly and Company Shareholders’ Equity
Common stock598.1  598.8  
Additional paid-in capital6,629.4  6,685.3  
Retained earnings6,617.2  4,920.4  
Employee benefit trust(3,013.2) (3,013.2) 
Accumulated other comprehensive loss (Note 11)(6,682.9) (6,523.6) 
Cost of common stock in treasury(55.7) (60.8) 
Total Eli Lilly and Company shareholders’ equity4,092.9  2,606.9  
Noncontrolling interests179.1  92.2  
Total equity4,272.0  2,699.1  
Total liabilities and equity$41,967.0  $39,286.1  
See notes to consolidated condensed financial statements.
6


Consolidated Condensed Statements of Equity
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
Equity of Eli Lilly and Company Shareholders

(Dollars in millions, except per-share data, and shares in thousands)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Employee Benefit TrustAccumulated Other Comprehensive LossCommon Stock in TreasuryNoncontrolling Interests
SharesAmountSharesAmount
Balance at April 1, 2019971,363  $607.1  $5,756.6  $4,879.4  $(3,013.2) $(5,687.5) 541  $(62.1) $84.7  
Net income (loss)1,327.2  (1.1) 
Other comprehensive income, net of tax87.0  
Cash dividends declared per share: $1.29
(1,178.1) 
Retirement of treasury shares(5,430) (3.4) (696.6) (5,430) 700.0  
Purchase of treasury shares700.0  5,430  (700.0) 
Issuance of stock under employee stock plans, net24  —  (1.6) 
Stock-based compensation79.5  
Other (13.8) (6.8) 
Balance at June 30, 2019965,957  $603.7  $6,534.5  $4,318.1  $(3,013.2) $(5,600.5) 541  $(62.1) $76.8  
Balance at April 1, 2020956,929  $598.1  $6,556.1  $5,879.4  $(3,013.2) $(6,885.9) 487  $(55.7) $118.4  
Net income1,412.0  74.5  
Other comprehensive income, net of tax203.0  
Cash dividends declared per share: $0.74
(674.0) 
Issuance of stock under employee stock plans, net24  —  (3.1) 
Stock-based compensation76.8  
Other(0.4) (0.2) (13.8) 
Balance at June 30, 2020956,953  $598.1  $6,629.4  $6,617.2  $(3,013.2) $(6,682.9) 487  $(55.7) $179.1  
(1) As of June 30, 2020, there was $1.00 billion remaining under our $8.00 billion share repurchase program authorized in June 2018.
See notes to consolidated condensed financial statements.
7


Equity of Eli Lilly and Company Shareholders

(Dollars in millions, except per-share data, and shares in thousands)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Employee Benefit TrustAccumulated Other Comprehensive LossCommon Stock in TreasuryNoncontrolling Interests
SharesAmountSharesAmount
Balance at January 1, 20191,057,639  $661.0  $6,583.6  $11,395.9  $(3,013.2) $(5,729.2) 604  $(69.4) $