Consolidated Condensed Statemen
Consolidated Condensed Statement of Operations (USD $) | ||
In Millions, except Per Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Revenue | 5485.5 | $5,047 |
Cost of sales | 1122.5 | 816.4 |
Research and development | 1039.1 | 947.3 |
Marketing, selling, and administrative | 1614.4 | 1529.2 |
Acquired in-process research and development | 50 | 0 |
Asset impairments, restructuring, and other special charges | 26.2 | 0 |
Other - net, expense (income) | -74.5 | 70.7 |
Cost of sales, operating expenses, and other-net | 3777.7 | 3363.6 |
Income before income taxes | 1707.8 | 1683.4 |
Income taxes | 459.7 | 370.3 |
Net income | 1248.1 | 1313.1 |
Earnings per share - basic and diluted | 1.13 | 1.2 |
Dividends paid per share | 0.49 | 0.49 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (USD $) | ||
In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
CURRENT ASSETS | ||
Cash and cash equivalents | 4725.2 | 4462.9 |
Short-term investments | 33.2 | 34.7 |
Accounts receivable, net of allowances of $115.0 (2010) and $109.9 (2009) | 3194.3 | 3343.3 |
Other receivables | 535.6 | 488.5 |
Inventories | 2471.1 | 2849.9 |
Deferred income taxes | 275.2 | 271 |
Prepaid expenses | 1017.8 | 1036.2 |
Total current assets | 12252.4 | 12486.5 |
OTHER ASSETS | ||
Investments | 1099.2 | 1155.8 |
Goodwill and other intangibles - net | 4031.6 | 3699.8 |
Sundry | 1827.6 | 1921.4 |
Total other assets | 6958.4 | 6,777 |
PROPERTY AND EQUIPMENT | ||
Land, buildings, equipment, and construction-in-progress | 14181.1 | 15,100 |
Less accumulated depreciation | -6194.1 | -6902.6 |
Property and Equipment, net | 7,987 | 8197.4 |
Total assets | 27197.8 | 27460.9 |
CURRENT LIABILITIES | ||
Short-term borrowings | 20.1 | 27.4 |
Accounts payable | 964 | 968.1 |
Employee compensation | 506.1 | 894.2 |
Sales rebates and discounts | 1202.2 | 1109.8 |
Dividends payable | 0 | 538 |
Income taxes payable | 192.1 | 346.7 |
Other current liabilities | 2773.1 | 2683.9 |
Total current liabilities | 5657.6 | 6568.1 |
OTHER LIABILITIES | ||
Long-term debt | 6661.3 | 6634.7 |
Accrued retirement benefit | 2024.2 | 2334.7 |
Long-term income taxes payable | 1138.3 | 1088.4 |
Deferred income taxes | 81.2 | 84.8 |
Other noncurrent liabilities | 1172.9 | 1224.9 |
Total noncurrent liabilities | 11077.9 | 11367.5 |
SHAREHOLDERS' EQUITY | ||
Common stock | 721.3 | 718.7 |
Additional paid-in capital | 4623.9 | 4635.6 |
Retained earnings | 11077.2 | 9830.4 |
Employee benefit trust | -3013.2 | -3013.2 |
Deferred costs-ESOP | -75.3 | -77.4 |
Accumulated other comprehensive loss | -2776.9 | -2471.9 |
Noncontrolling interests | 2.7 | 1.6 |
Shareholders' equity, including treasury shares | 10559.7 | 9623.8 |
Less cost of common stock in treasury | 97.4 | 98.5 |
Total shareholders' equity | 10462.3 | 9525.3 |
Total liabilities and shareholders' equity | 27197.8 | 27460.9 |
1_Consolidated Condensed Balanc
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | ||
In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
Accounts receivable, allowances | $115 | 109.9 |
2_Consolidated Condensed Statem
Consolidated Condensed Statements of Cash Flows (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 1248.1 | 1313.1 |
Adjustments to reconcile net income to cash flows from operating activities: | ||
Net marketing investigation charges paid | -56.5 | -1063.1 |
Other changes in operating assets and liabilities, net of acquisitions | -815.1 | (672) |
Depreciation and amortization | 299.4 | 306.3 |
Change in deferred taxes | 230.5 | 129.1 |
Stock-based compensation expense | 73.7 | 66.1 |
Acquired in-process research and development, net of tax | 32.5 | 0 |
Other, net | -54.6 | 8.4 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 958 | 87.9 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net purchases of property and equipment | -125.1 | (157) |
Net change in short-term investments | -0.8 | 286.2 |
Proceeds from sales and maturities of noncurrent investments | 191 | 184.8 |
Purchases of noncurrent investments | -57.2 | -67.7 |
Purchase of in-process research and development | (50) | 0 |
Other, net | -10.5 | (19) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | -52.6 | 227.3 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | -539.2 | -536.8 |
Net change in short-term borrowings | -7.9 | -4243.6 |
Proceeds from issuance of long-term debt | 0.1 | 2,400 |
NET CASH USED IN FINANCING ACTIVITIES | (547) | -2380.4 |
Effect of exchange rate changes on cash and cash equivalents | -96.1 | -118.4 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 262.3 | -2183.6 |
Cash and cash equivalents at January 1 | 4462.9 | 5496.7 |
CASH AND CASH EQUIVALENTS AT MARCH 31 | 4725.2 | 3313.1 |
3_Consolidated Condensed Statem
Consolidated Condensed Statements of Comprehensive Income (USD $) | |||||||||||||||||||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 | |||||||||||||||||
Net income | 1248.1 | 1313.1 | |||||||||||||||||
Other comprehensive loss, net of tax | (305) | [1] | -343.5 | [1] | |||||||||||||||
Comprehensive income | 943.1 | 969.6 | |||||||||||||||||
[1]The significant components of other comprehensive loss were losses of $377.0 million and $403.7 million from foreign currency translation adjustments for the three months ended March 31, 2010 and March 31, 2009, respectively. |
Segment Information
Segment Information | |
3 Months Ended
Mar. 31, 2010 | |
Segment Information [Text Block] | We operate in one significant business segment - human pharmaceutical products. Operations of the animal health business segment are not material and share many of the same economic and operating characteristics as human pharmaceutical products. Therefore, they are included with pharmaceutical products for purposes of segment reporting. Our business segments are distinguished by the ultimate end user of the product: humans or animals. Performance is evaluated based on profit or loss from operations before income taxes. Income before income taxes for the animal health business for the first quarters of 2010 and 2009 was $36.8million and $35.7million, respectively. REVENUE BY CATEGORY Worldwide revenue by category was as follows: Three Months Ended March 31, 2010 2009 (Dollars in millions) Revenue to unaffiliated customers: Neuroscience $ 2,244.1 $ 2,077.6 Endocrinology 1,477.8 1,396.4 Oncology 907.7 797.3 Cardiovascular 519.7 455.1 Animal health 289.6 264.1 Other pharmaceuticals 46.6 56.5 Total revenue $ 5,485.5 $ 5,047.0 |
Basis of Presentation
Basis of Presentation | |
3 Months Ended
Mar. 31, 2010 | |
Basis of Presentation [Text Block] | We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December31, 2009. We issued our financial statements by filing with the Securities and Exchange Commission (SEC)and have evaluated subsequent events up to the time of the filing. |
Implementation of New Financial
Implementation of New Financial Accounting Pronouncements | |
3 Months Ended
Mar. 31, 2010 | |
Implementation of New Financial Accounting Pronouncements [Text Block] | In March2010, the Financial Accounting Standards Board (FASB)ratified Emerging Issues Task Force (EITF)guidance related to Revenue Recognition that applies to arrangements with milestones relating to research or development deliverables. This guidance provides criteria that must be met to recognize consideration that is contingent upon achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. This guidance is effective for us January1, 2011 and is not expected to have a material impact to our consolidated financial position or results of operations. In 2009, the FASB ratified EITF guidance related to Revenue Recognition that amends the previous guidance on arrangements with multiple deliverables. This guidance provides principles and application guidance on whether multiple deliverables exist, how the arrangements should be separated, and how the consideration should be allocated. It also clarifies the method to allocate revenue in an arrangement using the estimated selling price. This guidance is effective for us January1, 2011, and is not expected to be material to our consolidated financial position or results of operations. We adopted the FASB Statement on Transfers and Servicing, an amendment of previous authoritative guidance. The most significant amendments resulting from this Statement consist of the removal of the concept of a qualifying special-purpose entity (SPE)from previous authoritative guidance, and the elimination of the exception for qualifying SPEs from the Consolidation guidance regarding variable interest entities. This Statement was effective for us January1, 2010, and had no effect on our consolidated financial position or results of operations. We adopted the FASB Statement that amended the previous Consolidations guidance regarding variable interest entities and addressed the effects of eliminating the qualifying SPE concept from the guidance on Transfers and Servicing. This Statement responded to concerns about the application of certain key provisions of the previous guidance on Consolidations regarding variable interest entities, including concerns over the transparency of enterprises involvement with variable interest entities. This Statement was effective for us January1, 2010, and had no effect on our consolidated financial position or results of operations. |
Acquisitions
Acquisitions | |
3 Months Ended
Mar. 31, 2010 | |
Acquisitions [Text Block] | Acquisitions of Marketed Products and Products in Development In March2010, we entered into a license agreement with Acrux Limited to acquire the exclusive rights to commercialize its proprietary testosterone solution with the proposed tradename Axiron. The product is currently under regulatory review by the U.S. Food and Drug Administration (FDA)for the treatment of testosterone deficiency in men and has no alternative future use. The charge of $50.0million for acquired in-process research and development (IPRD) related to this arrangement was included as expense in the first quarter of 2010 and is deductible for tax purposes. In connection with this arrangement, our partner is entitled to future milestones and royalties based on sales if this product is approved for commercialization. |
Collaborations
Collaborations | |
3 Months Ended
Mar. 31, 2010 | |
Collaborations [Text Block] | We often enter into collaborative arrangements to develop and commercialize drug candidates. Collaborative activities might include research and development, marketing and selling (including promotional activities and physician detailing), manufacturing, and distribution. These collaborations often require milestone and royalty or profit share payments, contingent upon the occurrence of certain future events linked to the success of the asset in development, as well as expense reimbursements or payments to the third party. Revenues related to products sold by us pursuant to these arrangements are included in net product sales, while other sources of revenue (e.g., royalties and profit share payments) are included in collaboration and other revenue. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments made to or reimbursements received from our collaboration partners. Each collaboration is unique in nature, and our more significant arrangements are discussed below. The following table summarizes the composition of our total revenue recognized from all transactions, including collaboration activity: Three Months Ended Three Months Ended March 31, March 31, 2010 2009 (Dollars in millions) Net product sales $ 5,332.5 $ 4,891.8 Collaboration and other revenue 153.0 155.2 Total revenue $ 5,485.5 $ 5,047.0 Erbitux Prior to our acquisition in November2008, ImClone Systems Inc. (ImClone) entered into several collaborations with respect to Erbitux, a product approved to fight cancer, while still in its development phase. The most significant collaborations operate in these geographic territories: the U.S., Japan, and Canada (Bristol-Myers Squibb Company); and worldwide except the U.S. and Canada (Merck KGaA). The agreements are expected to expire in 2018, upon which all of the rights with respect to Erbitux in the U.S. and Canada return to us. The following table summarizes the revenue recognized with respect to Erbitux: Three Months Ended Three Months Ended March 31, March 31, 2010 2009 (Dollars in millions) Net product sales $ 17.0 $ 26.1 Collaboration and other revenue 75.5 68.0 Total revenue $ 92.5 $ 94.1 Bristol-Myers Squibb Company Pursuant to a commercial agreement with Bristol-Myers Squibb Company and E.R. Squibb (collectively, BMS), relating to Erbitux, ImClone is co-developing and co-promoting Erbitux in the U.S. and Canada with BMS, exclusively, and in Japan with BMS and Merck KGaA. The companies have jointly agreed to expand the investment in the ongoing clinical development plan for Erbitux to further explore its use in additional tumor types. Under this arrangement, Erbitux research and development and other costs, up to threshold amounts, are the sole responsibility of BMS, with costs in excess of the thresholds shared by both companies according to a predetermined ratio. Responsibilities associated with clinical and other ongoing studies are apporti |
Asset Impairments, Restructurin
Asset Impairments, Restructuring, and Other Special Charges | |
3 Months Ended
Mar. 31, 2010 | |
Asset Impairments, Restructuring, And Other Special Charges [Text Block] | We recognized asset impairments, restructuring and other special charges of $26.2million in the first quarter of 2010 as a result of our previously announced initiatives to reduce our cost structure and global workforce as well as previously announced strategic decisions. These charges primarily related to severance costs, which are expected to be paid in the first half of 2010, and exit costs incurred in the first quarter of 2010. |
Financial Instruments
Financial Instruments | |
3 Months Ended
Mar. 31, 2010 | |
Financial Instruments [Text Block] | Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life-sciences products account for a substantial portion of trade receivables; collateral is generally not required. The risk associated with this concentration is mitigated by our ongoing credit review procedures and insurance. Major financial institutions represent the largest component of our investments in corporate debt securities. In accordance with documented corporate policies, we limit the amount of credit exposure to any one financial institution or corporate issuer. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect any counterparties to fail to meet their obligations given their high credit ratings. Accounting Policy for Risk-Management Instruments Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and do not create additional risk because gains and losses on derivative contracts offset losses and gains on the assets, liabilities, and transactions being hedged. As derivative contracts are initiated, we designate the instruments individually as either a fair value hedge or a cash flow hedge. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis. For derivative contracts that are designated and qualify as fair value hedges, the derivative instrument is marked to market with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative contracts that are designated and qualify as cash flow hedges, the effective portion of gains and losses on these contracts is reported as a component of other comprehensive loss and reclassified into earnings in the same period the hedged transaction affects earnings. Hedge ineffectiveness is immediately recognized in earnings. Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized currently in earnings during the period of change. We may enter into foreign currency forward and purchase option contracts to reduce the effect of fluctuating currency exchange rates (principally the euro, the British pound, and the Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other-net, expense (income). The purchased option contracts are used to hedge anticipated foreign currency transactions, primarily intercompany inventory activities expected to occur within the next year. These contracts are designated as cash flow hedges of those future transactions, and the impact on earnings is included in cost of sales. We may enter into foreign currency forward contracts and cu |
Stock-Based Compensation
Stock-Based Compensation | |
3 Months Ended
Mar. 31, 2010 | |
Stock-Based Compensation [Text Block] | Our stock-based compensation expense consists primarily of performance awards (PAs) and shareholder value awards (SVAs). We recognized pretax stock-based compensation cost of $73.7million and $66.1 million in the first quarter of 2010 and 2009, respectively. PAs are granted to officers and management and are payable in shares of our common stock. The number of PA shares actually issued, if any, varies depending on the achievement of certain earnings per share targets over a two-year period. PA shares are accounted for at fair value based upon the closing stock price on the date of grant and fully vest at the end of the measurement periods. As of March31, 2010, the total remaining unrecognized compensation cost related to nonvested PAs amounted to $157.4million, which will be amortized over the weighted-average remaining requisite service period of approximately 15months. SVAs are granted to officers and management and are payable in shares of common stock at the end of a three-year period. The number of shares actually issued varies depending on our stock price at the end of the three-year vesting period compared to pre-established target prices. We measure the fair value of the SVA unit on the grant date using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award grant and calculates the fair value of the award. As of March31, 2010, the total remaining unrecognized compensation cost related to nonvested SVAs amounted to $81.8million, which will be amortized over the weighted-average remaining requisite service period of approximately 26months. |
Shareholders' Equity
Shareholders' Equity | |
3 Months Ended
Mar. 31, 2010 | |
Shareholders' Equity [Text Block] | As of March31, 2010, we have purchased $2.58billion of our previously announced $3.0billion share repurchase program. During the first quarter of 2010, we did not acquire any shares pursuant to this program, nor do we expect any share repurchases under this program for the remainder of 2010. |
Earnings Per Share
Earnings Per Share | |
3 Months Ended
Mar. 31, 2010 | |
Earnings Per Share [Text Block] | Unless otherwise noted in the footnotes, all per-share amounts are presented on a diluted basis, that is, based on the weighted-average number of outstanding common shares plus the effect of all potentially dilutive common shares (primarily contingently issuable shares and unexercised stock options). |
Income Taxes
Income Taxes | |
3 Months Ended
Mar. 31, 2010 | |
Income Taxes [Text Block] | We file income tax returns in the U.S. federal jurisdiction and various state, local, and non-U.S. jurisdictions. We are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations in major taxing jurisdictions for years before 2005. The IRS began its examination of tax years 2005-2007 during the third quarter of 2008. In the third quarter of 2009, we settled an IRS administrative appeals matter from the 2001-2004 IRS audit. Considering the status of the 2005-2007 IRS examination at that time and the settlement of the IRS administrative appeals matter from the 2001-2004 audit, gross unrecognized tax benefits were reduced approximately $190 million in the third quarter of 2009. Additionally, in the third quarter of 2009, our income tax expense was reduced by $54.4 million, and a cash payment of $52.8 million was paid, after utilization of applicable tax credit carryovers. The IRS continues its examination of tax years 2005-2007. In the first quarter of 2010, we began the process of advancing the examination procedures to tax years 2008-2009 for certain matters currently being examined in the 2005-2007 audit cycle. The resolution of all issues related to these tax examinations will likely extend beyond the next 12 months. The new U.S. health care legislation (both the primary Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act) eliminated the tax-free nature of the subsidy we receive for sponsoring retiree drug coverage that is actuarially equivalent to Medicare Part D. This provision is effective January 1, 2013. While this change has a future impact on our net tax deductions related to retiree health benefits, we are required to record a one-time charge to adjust our deferred tax asset for this change in the law in the quarter of enactment. Accordingly, we recorded a non-cash charge of $85.1 million in the first quarter of 2010. |
Retirement Benefits
Retirement Benefits | |
3 Months Ended
Mar. 31, 2010 | |
Retirement Benefits [Text Block] | Net pension and retiree health benefit expense included the following components: Defined Benefit Pension Plans Retiree Health Benefit Plans Three Months Ended Three Months Ended March 31, March 31, 2010 2009 2010 2009 (Dollars in millions) Components of net periodic benefit cost Service cost $ 57.8 $ 60.7 $ 15.7 $ 16.3 Interest cost 108.1 103.4 29.7 28.7 Expected return on plan assets (157.6 ) (142.3 ) (30.7 ) (29.5 ) Amortization of prior service cost 1.8 1.8 (9.3 ) (9.0 ) Recognized actuarial loss 40.7 21.6 21.6 17.2 Net periodic benefit cost $ 50.8 $ 45.2 $ 27.0 $ 23.7 As of March31, 2010, approximately $265million of the total expected 2010 contributions of approximately $400million has been made to our defined benefit pension plans. During the remainder of 2010, we expect to make contributions to our defined benefit pension plans of approximately $25million to satisfy minimum funding requirements and approximately $110 million of additional discretionary funding. |
Contingencies
Contingencies | |
3 Months Ended
Mar. 31, 2010 | |
Contingencies [Text Block] | We are a party to various legal actions, government investigations, and environmental proceedings. The most significant of these are described below. While it is not possible to determine the outcome of these matters, we believe that, except as specifically noted below, the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could possibly be material to our consolidated results of operations in any one accounting period. Patent Litigation We are engaged in the following U.S. patent litigation matters brought pursuant to procedures set out in the Hatch-Waxman Act (the Drug Price Competition and Patent Term Restoration Act of 1984): Cymbalta:Sixteen generic drug manufacturers have submitted Abbreviated New Drug Applications (ANDAs) seeking permission to market generic versions of Cymbalta prior to the expiration of our relevant U.S.patents (the earliest of which expires in 2013). Of these challengers, all allege non-infringement of the patent claims directed to the commercial formulation, and nine allege invalidity of the patent claims directed to the active ingredient duloxetine. Of the nine challengers to the compound patent claims, one further alleges invalidity of the claims directed to the use of Cymbalta for treating fibromyalgia, and one alleges the patent having claims directed to the active ingredient is unenforceable. In November 2008 we filed lawsuits in U.S.District Court for the Southern District of Indiana against Actavis Elizabeth LLC; Aurobindo Pharma Ltd.; Cobalt Laboratories, Inc.; Impax Laboratories, Inc.; Lupin Limited; Sandoz Inc.; and Wockhardt Limited, seeking rulings that the patents are valid, infringed, and enforceable. We filed similar lawsuits in the same court against Sun Pharma Global, Inc. in December 2008 and against Anchen Pharmaceuticals, Inc. in August 2009. The cases have been consolidated and actions against all but Wockhardt Limited have been stayed pursuant to stipulations by the defendants to be bound by the outcome of the litigation through appeal. Gemzar:Mayne Pharma (USA) Inc., now Hospira, Inc. (Hospira); Fresenius Kabi Oncology Plc (Fresenius); Sicor Pharmaceuticals, Inc., now Teva Parenteral Medicines, Inc. (Teva); and Sun Pharmaceutical Industries Inc. (Sun) each submitted one or more ANDAs seeking permission to market generic versions of Gemzar prior to the expiration of our relevant U.S.patents (compound patent expiring in 2010 and method-of-use patent expiring in 2013), and alleging that these patents are invalid. Sandoz Inc. (Sandoz) and APP Pharmaceuticals, LLC (APP) have similarly challenged our method-of-use patent. We filed lawsuits in the U.S.District Court for the Southern District of Indiana against Teva (February 2006), Hospira (October 2006, January 2008, and March 2010), Sandoz (October 2009), APP (December 2009), and Fresenius (February 2010), seeking rulings that our patents are valid and are being infringed. In November 2007, Sun filed a declaratory judgment action in the United States District Court for the Eastern District of Michigan, seeking rulings that our method-of-use and compound p |
Other-Net, Expense
Other-Net, Expense (Income) | |
3 Months Ended
Mar. 31, 2010 | |
Other - Net, Expense (Income) [Text Block] | Other - net, expense (income)comprised the following: Three Months Ended March 31, 2010 2009 (Dollars in millions) Interest expense $ 47.6 $ 87.6 Interest income (10.6 ) (27.4 ) Other (111.5 ) 10.5 $ (74.5 ) $ 70.7 Other Income for the first quarter of 2010 is primarily related to damages recovered from generic pharmaceutical companies following Zyprexa patent litigation in Germany and a gain related to the disposition of investment securities acquired in the ImClone acquisition. |
Document Information
Document Information | |
3 Months Ended
Mar. 31, 2010 | |
Document Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2010-03-31 |
Document Fiscal Year Focus | 2,010 |
Document Fiscal Period Focus | Q1 |
Entity Information
Entity Information | ||
3 Months Ended
Mar. 31, 2010 | Apr. 20, 2010
| |
Entity Information [Line Items] | ||
Entity Registrant Name | Lilly Eli & Co | |
Entity Central Index Key | 0000059478 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 1,153,140,541 |