BC43 Inter-amer 30

RNS Number:3071V
Lilly (Eli) & Co
30 April 2002

                                    
Refer to: (317) 276-3655 - Edward A. West     
          (317) 277-1302 - Robert L. Smith


               Lilly Provides Update on Financial Expectations


Eli Lilly and Company (NYSE: LLY) today provided an update on financial
expectations, including revisions in full-year 2002 and 2003 guidance. The
revisions in guidance reflect new launch timelines for Cialis(TM), a Lilly ICOS 
LLC investigational compound for the treatment of male erectile dysfunction, and
atomoxetine, an investigational compound for the treatment of attention deficit
hyperactivity disorder. The revisions also reflect continued uncertainty about
the rate of growth of Xigris sales.

Regarding Cialis, Lilly ICOS LLC received an approvable letter from the FDA on
April 29. Lilly ICOS LLC will discuss with the FDA the exact data requirements
outlined by the agency in the approvable letter. The results of these
discussions with the FDA will allow Lilly ICOS LLC to provide a better estimate
of the potential US launch date. For purposes of providing financial guidance,
Lilly has assumed a Cialis US launch in 2003. 

Regarding the atomoxetine US timeline, as announced on April 15, 2002, Lilly 
expects to launch this product in the spring of 2003.

"The sales uptake for Xigris and the two product delays are setbacks for Lilly -
but only temporary setbacks," said Sidney Taurel, chairman, president, and chief
executive officer. "We remain confident that our key marketed products and
pipeline of potential best-in-class medicines position Lilly to become the
pharmaceutical growth company of the decade."


Financial Guidance

For Q2 2002, the company reaffirmed that it expected earnings per share to be in
the range of $0.61 to $0.63, excluding unusual items.

For the full-year 2002, the company now expects earnings per share to be in the
range of $2.60 to $2.65, excluding any unusual items. The company also expects
roughly flat sales growth in 2002. Strong growth in the company's newer
products, including Zyprexa, Gemzar, Evista, Humalog, and Actos, is expected to
be offset by declines in a number of other products, namely Prozac. In addition,
for the full-year 2002, gross margins as a percent of sales are expected to
decline approximately 1.0 to 1.5 percentage points; marketing and administrative
expenses are expected to grow in the low-single digits; and research and
development expenses are expected to grow in the low-single digits. Non-
operating income is expected to contribute at least $200 million, and the tax
rate is expected to remain at approximately 22 percent for the year.

Given the uncertainties surrounding 2003, including the launch timing of Cialis
and the sales uptake for Xigris, the company now estimates that earnings per
share growth in 2003 will be in the teens, excluding any unusual items. The
company's 2003 guidance is predicated on, in part, the successful resolution of
ongoing FDA manufacturing inspections and the timely launches of Forteo, Zyprexa
IntraMuscular, atomoxetine, and duloxetine for depression.


Investor Conference Call

Lilly will be conducting a conference call with investors to address issues
related to this release. Investors can access a live webcast of this call on
Lilly's investor relations website at investor.lilly.com. The conference call
begins today, April 30, at 8:00 a.m. EDT and will be available for replay
through May 7, 2002.



These forward-looking statements are based on management's current expectations
but actual results may differ materially due to various factors. There are
significant risks and uncertainties in pharmaceutical research and development.
There can be no guarantees with respect to pipeline products that the products
will receive the necessary clinical and manufacturing regulatory approvals or
that they will prove to be commercially successful. The company's results may
also be affected by such factors as the sales growth of new products, the
continuing impact of generic fluoxetine on Prozac sales in the United States,
competitive developments affecting current growth products, the timing of
anticipated regulatory approvals and launches of new products, other regulatory
developments involving current and future products, the impact of governmental
actions regarding coverage and reimbursement for pharmaceuticals, and the
impact of exchange rates. For additional information about the factors that 
affect the company's business, please see Exhibit 99 to the company's latest 
Form 10-K filed March 2002. The company undertakes no duty to update 
forward-looking statements.


Lilly, a leading innovation-driven corporation, is developing a growing
portfolio of best-in-class pharmaceutical products by applying the latest
research from its own worldwide laboratories and from collaborations with
eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly
provides answers - through medicines and information - for some of the world's
most urgent medical needs. Additional information about Lilly is available at
www.lilly.com.





Actos(R) (pioglitazone hydrochloride, Takeda) 
Cialis(TM) (tadalafil, ICOS), Lilly ICOS LLC 
Evista(R) (raloxifene hydrochloride, Lilly) 
Forteo(TM) (teriparatide injection of rDNA origin, Lilly) 
Gemzar(R) (gemcitabine hydrochloride, Lilly)
Humalog(R) (insulin lispro injection of recombinant DNA origin, Lilly)
Prozac(R) (fluoxetine hydrochloride, Dista)
Xigris(TM) (drotrecogin alfa (activated), Lilly)
Zyprexa(R) (olanzapine, Lilly)
Zyprexa(R) IntraMuscular (olanzapine, Lilly)



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