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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 QUARTER ENDED SEPTEMBER 30, 2019
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

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 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 filer
 
 
 
  
Accelerated filer
Non-accelerated filer
 
  
Smaller 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 October 21, 2019:
Class
 
Number of Shares Outstanding
Common
 
960,130,771

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each Class
Trading Symbol
Name of Each Exchange On Which Registered
Common Stock (no par value)
LLY
New York Stock Exchange
1.000% Notes Due June 2, 2022
LLY22
New York Stock Exchange
7 1/8% Notes Due June 1, 2025
LLY25
New York Stock Exchange
1.625% Notes Due June 2, 2026
LLY26
New York Stock Exchange
2.125% Notes Due June 3, 2030
LLY30
New York Stock Exchange
6.77% Notes Due January 1, 2036
LLY36
New York Stock Exchange

 




Eli Lilly and Company
Form 10-Q
For the Quarter Ended September 30, 2019
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 involving past, current, or future products 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 U.S. tax reform legislation enacted in December 2017 and related guidance;
changes in foreign currency exchange rates, interest rates, and inflation;
asset impairments and restructuring charges;
changes in accounting 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;
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 our Annual Report on Form 10-K for the year ended December 31, 2018, particularly under the caption “Risk Factors”, our Form 8-K filed on October 24, 2019, which recasts the financial information in our Annual Report on Form 10-K for the year ended December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019 and June 30, 2019.
All forward-looking statements herein 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 occurring 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
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenue (Note 2)
$
5,476.6

 
$
5,306.9

 
$
16,205.5

 
$
15,855.7

Costs, expenses, and other:
 
 
 
 
 
 
 
Cost of sales
1,175.0

 
1,152.9

 
3,438.6

 
3,551.8

Research and development
1,380.9

 
1,280.9

 
4,013.6

 
3,659.4

Marketing, selling, and administrative
1,412.3

 
1,457.2

 
4,515.7

 
4,281.5

Acquired in-process research and development (Note 3)
77.7

 
30.0

 
239.6

 
1,654.5

Asset impairment, restructuring, and other special charges (Note 6)

 
42.9

 
423.9

 
74.2

Other–net, (income) expense (Note 13)
24.9

 
1.9

 
(28.7
)
 
(114.2
)
 
4,070.8


3,965.8


12,602.7


13,107.2

Income before income taxes
1,405.8


1,341.1


3,602.8


2,748.5

Income taxes (Note 9)
151.9

 
247.5

 
460.6

 
719.3

Net income from continuing operations
1,253.9

 
1,093.6

 
3,142.2

 
2,029.2

Net income from discontinued operations (Note 5)

 
55.9

 
3,680.5

 
77.8

Net income
$
1,253.9


$
1,149.5


$
6,822.7


$
2,107.0

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Earnings from continuing operations - basic
$
1.37

 
$
1.07

 
$
3.35

 
$
1.96

Earnings from discontinued operations - basic

 
0.06

 
3.92

 
0.08

Earnings per share - basic
$
1.37

 
$
1.13

 
$
7.27

 
$
2.04

 
 
 
 
 
 
 
 
Earnings from continuing operations - diluted
$
1.37

 
$
1.07

 
$
3.33

 
$
1.96

Earnings from discontinued operations - diluted

 
0.05

 
3.91

 
0.07

Earnings per share - diluted
$
1.37

 
$
1.12

 
$
7.24

 
$
2.03

 
 
 
 
 
 
 
 
Shares used in calculation of earnings per share:
 
 
 
 
 
 
 
Basic
913.9

 
1,020.4

 
938.2

 
1,033.2

Diluted
918.5

 
1,026.3

 
942.4

 
1,037.8

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
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
1,253.9

 
$
1,149.5

 
$
6,822.7

 
$
2,107.0

Other comprehensive income (loss) from continuing operations, net of tax (Note 12)
(134.0
)
 
561.7

 
(51.1
)
 
346.3

Other comprehensive income from discontinued operations, net of tax (Note 12) (1)

 
98.5

 
56.8

 
29.0

Other comprehensive income (loss), net of tax (Note 12)
(134.0
)
 
660.2

 
5.7

 
375.3

Comprehensive income
$
1,119.9


$
1,809.7


$
6,828.4


$
2,482.3


(1) For the nine months ended September 30, 2019, other comprehensive income related to discontinued operations consisted of $45.8 million of accumulated other comprehensive income attributable to controlling interest and $11.0 million of accumulated other comprehensive income attributable to noncontrolling interest.
See notes to consolidated condensed financial statements.


5



Consolidated Condensed Balance Sheets
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)

 
September 30, 2019
 
December 31, 2018
Assets
(Unaudited)
 
 
Current Assets
 
 
 
Cash and cash equivalents (Note 7)
$
1,563.8

 
$
7,320.7

Short-term investments (Note 7)
89.2

 
88.2

Accounts receivable, net of allowances of $22.6 (2019) and $24.1 (2018)
4,441.7

 
4,593.9

Other receivables
1,096.2

 
1,182.9

Inventories
3,101.3

 
3,098.1

Prepaid expenses and other
2,369.6

 
2,036.7

Current assets of discontinued operations (Note 5)

 
2,229.1

Total current assets
12,661.8

 
20,549.6

Investments (Note 7)
1,825.3

 
2,005.4

Goodwill
3,772.5

 
1,366.6

Other intangibles, net
6,689.3

 
1,068.0

Deferred tax assets
2,412.8

 
2,613.7

Sundry
2,194.2

 
1,824.9

Property and equipment, net of accumulated depreciation of $9,055.3 (2019) and $8,666.9 (2018)
7,801.5

 
7,996.1

Operating lease assets (Note 8)
535.7

 

Noncurrent assets of discontinued operations (Note 5)

 
6,484.1

Total assets
$
37,893.1


$
43,908.4

Liabilities and Equity
 
 
 
Current Liabilities
 
 
 
Short-term borrowings and current maturities of long-term debt
$
1,563.1

 
$
1,102.2

Accounts payable
1,114.9

 
1,207.1

Employee compensation
704.5

 
955.6

Sales rebates and discounts
5,277.0

 
4,849.5

Dividends payable

 
650.8

Income taxes payable
180.7

 
393.4

Other current liabilities
1,988.4

 
2,036.7

Current liabilities of discontinued operations (Note 5)

 
692.8

Total current liabilities
10,828.6

 
11,888.1

Other Liabilities
 
 
 
Long-term debt
13,662.2

 
9,196.4

Noncurrent operating lease liabilities (Note 8)
485.2

 

Accrued retirement benefits (Note 10)
2,414.2

 
2,802.2

Long-term income taxes payable
3,526.5

 
3,700.0

Deferred tax liabilities
2,413.7

 
1,312.7

Other noncurrent liabilities
1,100.4

 
1,357.6

Noncurrent liabilities of discontinued operations (Note 5)

 
2,742.3

Total other liabilities
23,602.2

 
21,111.2

Commitments and Contingencies (Note 11)

 

Eli Lilly and Company Shareholders’ Equity
 
 
 
Common stock
600.4

 
661.0

Additional paid-in capital
6,608.7

 
6,583.6

Retained earnings
4,981.9

 
11,395.9

Employee benefit trust
(3,013.2
)
 
(3,013.2
)
Accumulated other comprehensive loss (Note 12)
(5,734.5
)
 
(5,729.2
)
Cost of common stock in treasury
(60.8
)
 
(69.4
)
Total Eli Lilly and Company shareholders’ equity
3,382.5

 
9,828.7

Noncontrolling interests
79.8

 
1,080.4

Total equity
3,462.3

 
10,909.1

Total liabilities and equity
$
37,893.1

 
$
43,908.4

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
 
 
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions, except per-share data, and shares in thousands)
Common Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Employee Benefit Trust
 
Accumulated Other Comprehensive Loss
 
Common Stock in Treasury
 
Noncontrolling Interest
Shares
 
Amount
Shares
 
Amount
Balance at July 1, 2018
1,077,548

 
$
673.5

 
$
5,825.7

 
$
14,247.3

 
$
(3,013.2
)
 
$
(6,108.7
)
 
604

 
$
(69.4
)
 
$
65.6

Net income (loss)


 


 


 
1,149.5

 


 


 


 


 
(5.2
)
Other comprehensive loss, net of tax


 


 


 


 


 
660.2

 


 


 


Retirement of treasury shares
(10,191
)
 
(6.4
)
 


 
(993.7
)
 


 


 
(10,191
)
 
1,000.0

 


Purchase of treasury shares


 


 


 


 


 


 
10,191

 
(1,000.0
)
 


Issuance of stock under employee stock plans, net
17

 


 
(0.5
)
 


 


 


 


 


 


Stock-based compensation


 


 
68.5

 


 


 


 


 


 


Sale of Elanco stock


 


 
629.2

 


 


 
9.0

 


 


 
1,017.2

Other


 


 


 
5.6

 


 


 


 


 
(3.3
)
Balance at September 30, 2018
1,067,374

 
$
667.1

 
$
6,522.9

 
$
14,408.7

 
$
(3,013.2
)
 
$
(5,439.5
)
 
604

 
$
(69.4
)
 
$
1,074.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at July 1, 2019
965,957

 
$
603.7

 
$
6,534.5

 
$
4,318.1

 
$
(3,013.2
)
 
$
(5,600.5
)
 
541

 
$
(62.1
)
 
$
76.8

Net income


 


 


 
1,253.9

 


 


 


 


 
4.6

Other comprehensive income, net of tax


 


 


 


 


 
(134.0
)
 


 


 


Retirement of treasury shares
(5,391
)
 
(3.3
)
 


 
(596.6
)
 


 


 
(5,391
)
 
600.0

 


Purchase of treasury shares (1)


 


 


 


 


 


 
5,391

 
(600.0
)
 


Issuance of stock under employee stock plans, net
10

 


 
(1.3
)
 


 


 


 
(11
)
 
1.3

 


Stock-based compensation


 


 
75.5

 


 


 


 


 


 


Other


 


 


 
6.5

 


 


 


 


 
(1.6
)
Balance at September 30, 2019
960,576

 
$
600.4

 
$
6,608.7

 
$
4,981.9

 
$
(3,013.2
)
 
$
(5,734.5
)
 
530

 
$
(60.8
)
 
$