EXHIBIT 12. STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS FROM CONTINUING OPERATIONS TO FIXED CHARGES (Unaudited) Eli Lilly and Company and Subsidiaries (Dollars in millions) Six Months Ended June 30, Years Ended December 31, ---------------------------------------------------- 1999 1998 1997 1996 1995 1994 -------------------------------------------------------------------- Consolidated Pretax Income from Continuing Operations before Extraordinary Item.................... $ 1,282.5 $2,665.0 $2,901.1 $2,131.3 $1,866.6 $1,693.3 Interest from Continuing Operations and Other Fixed Changes......................... 97.7 198.3 253.1 323.8 323.9 128.7 Less Interest Capitalized during the Period from Continuing Operations................. (10.8) (17.0) (20.4) (35.8) (38.3) (25.4) -------------------------------------------------------------------- Earnings............................... $ 1,369.4 $2,846.3 $3,133.8 $2,419.3 $2,152.2 $1,796.6 ==================================================================== Fixed Charges /1/ ..................... $ 97.8 $ 200.5 $ 256.8 $ 328.5 $ 323.9 $ 128.7 ==================================================================== Ratio of Earnings to Fixed Charges......................... 14.0 14.2 12.2 7.4 6.6 14.0 ==================================================================== /1/ Fixed charges include interest from continuing operations for all years presented and beginning in 1996, preferred stock dividends. 20