ELI LILLY AND COMPANY INDIANAPOLIS, Jan. 30, 2015 /PRNewswire/ --
-- Fourth-quarter 2014 revenue declined 12 percent driven by the impact of
U.S. patent expirations for Cymbalta and Evista and the unfavorable
impact of foreign exchange rates, partially offset by strong volume
growth in several other products.
-- Fourth-quarter 2014 earnings per share were $0.40 (reported), or $0.75
(non-GAAP).
-- Full-year 2014 revenue declined 15 percent to $19.6 billion.
-- Full-year 2014 earnings per share totaled $2.23 (reported), or $2.78
(non-GAAP).
-- Approximately $2.9 billion in cash was returned to shareholders in 2014
through dividends and share repurchases.
-- 2015 EPS guidance is confirmed in the range of $2.40 to $2.50
(reported), or $3.10 to $3.20 (non-GAAP); revenue and other elements of
guidance have been revised as a result of recent strengthening of the
U.S. dollar compared with several other currencies.
-- Clinical pipeline advancements during the fourth quarter included two
FDA approvals, completion of a rolling FDA submission and a positive
Phase III data readout.
Eli Lilly and Company (NYSE: LLY) today announced financial results for the fourth quarter and full year of 2014.
$ in millions, except per share data Fourth Quarter % Full Year %
-------------- ---------
2014 2013 Change 2014 2013 Change
---- ---- ------ ---- ---- ------
Total Revenue - Reported $5,121.3 $5,808.8 (12)% $19,615.6 $23,113.1 (15)%
Net Income - Reported 428.5 727.5 (41)% 2,390.5 4,684.8 (49)%
EPS - Reported 0.40 0.67 (40)% 2.23 4.32 (48)%
Net Income - non-GAAP 797.6 796.9 0% 2,987.6 4,502.6 (34)%
EPS - non-GAAP 0.75 0.74 1% 2.78 4.15 (33)%
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Certain financial information for 2014 and 2013 is presented on both a reported and a non-GAAP basis. Some numbers in this press release may not add due to rounding. Reported results were prepared in accordance with generally accepted accounting principles (GAAP) and include all revenue and expenses recognized during the period. Non-GAAP measures exclude the items described in the reconciliation tables later in the release. The non-GAAP measures are presented in order to provide additional insights into the underlying trends in the company's business. The company's 2015 financial guidance is also being provided on both a reported and a non-GAAP basis.
"While Lilly's fourth-quarter 2014 results continue to reflect the impact of patent expirations, we are moving to a period of growth led by diabetes, oncology and animal health," said John C. Lechleiter, Ph.D., Lilly's chairman, president and chief executive officer. "Despite the loss of significant revenue for Cymbalta and Evista following the expiration of our U.S. patents, we saw strong performance from many other products. At the same time, we made excellent progress with our innovation-based strategy, and we continue to advance our pipeline. Throughout the balance of this decade, we aim to drive revenue growth and expand margins as we offer new medicines to the people who need them."
Key Events Over the Last Three Months
