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Actionable news in LLY: ELI LILLY & CO.,

Eli Lilly And Company Lilly Corporate Center

The following excerpt is from the company's SEC filing.

Indianapolis, Indiana 46285

U.S.A.

+1.317.276.2000

www.lilly.com

For Release:

Immediately

Refer to:

Molly McCully; mccully_molly@lilly.com; (317) 478-5423 (Media)

Philip Johnson; johnson_philip_l@lilly.com; (317) 655-6874 (Investors)

Lilly Reports First-Quarter 2016 Results, Revises 2016 Financial Guidance

New pharmaceutical products drove revenue growth of 5 percent.

Significant pipeline progress has continued with regulatory approvals of Taltz

in the U.S. and EU

regulatory submissions for olaratumab, and movement of B ACE inhibitor AZD3293 into Phase 3 trials.

First-quarter 2016 earnings per share (EPS) were

(reported), or

(non-GAAP).

The company repurchased approximately $300 million of stock in the first quarter of 2016.

The company now expects 2016 EPS to be in the range of $2.68 to $2.78 (reported) and $3.50 to $3.60 (non-GAAP), both reflecting a discrete tax benefit in the first quarter. The revised reported EPS also reflects the impact of the Venezuelan financial crisis, including the significant deterioration of the bolívar, which resulted in a first-quarter charge of $203.9 million.

Eli Lilly and Company (NYSE: LLY) today announced financial results for the first quarter of 2016.

$ in millions, except per share data

First Quarter

Change

Revenue – Reported

4,865.1

4,644.7

Net Income – Reported

EPS – Reported

Net Income – non-GAAP

EPS – non-GAAP

Certain financial information for 2016 and 2015 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 periods. Non-GAAP measures exclude the items described in the reconciliation tables later in the release. The company’s 2016 financial guidance is also being provided on both a reported and a non-GAAP basis. The non-GAAP measures are presented to provide additional insights into the underlying trends in the company’s business.

“Revenue growth in the first quarter reflects substantial progress in launching new products, including Trulicity, Cyramza, Jardiance, Basaglar and Portrazza,” said John C. Lechleiter, Ph.D., Lilly’s chairman, president and chief executive officer. “In addition, we recently launched Taltz in the U.S., following its FDA approval last month. Several other potential products are currently under regulatory review, including olaratumab and baricitinib. Clearly, our innovation strategy is paying off, for the benefit of patients as well as shareholders.”

Key Events Over the Last Three Months

Commercial

Following approval by the U.S. Food and Drug Administration (FDA), the company launched Taltz (ixekizumab) injection 80 mg/mL in the U.S. for the treatment of moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy or phototherapy.

In Europe, the company launched Cyramza

(ramucirumab) for locally advanced or metastatic non-small cell lung cancer (NSCLC) and for metastatic colorectal cancer (CRC).

Also in Europe, following approval by the European Commission, the company launched Portrazza

(necitumumab), in combination with gemcitabine and cisplatin, as the first biologic for the treatment of patients with locally advanced or metastatic epidermal growth factor receptor expressing squamous NSCLC who have not received prior chemotherapy for this condition.

Regulatory

Following a positive opinion from the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP), the European Commission approved Taltz for

the treatment of moderate-to-severe plaque psoriasis in adults who are candidates for systemic therapy.

The company submitted olaratumab to both the FDA and the EMA for soft tissue sarcoma.

Elanco Animal Health announced the FDA approval of Imrestor

(pegbovigrastim injection) for the reduction in the incidence of clinical mastitis in dairy cows. Imrestor is a non-antibiotic therapy, the first product of its kind for the dairy industry.

Clinical

The primary endpoint for the EXPEDITION3 clinical trial, a Phase 3 study of solanezumab in people with mild Alzheimer’s dementia, was changed from co-primary endpoints of cognition and function to a single primary endpoint of cognition. Functional outcomes will be evaluated as key secondary endpoints.

In collaboration with AstraZeneca, the company announced:

AMARANTH, a Phase 2/3 study of AZD3293, an oral beta secretase cleaving enzyme (BACE) inhibitor currently in development as a potential treatment for early Alzheimer’s disease, will continue to Phase 3 of the Phase 2/3 seamless trial.

A new Phase 3 trial for AZD3293, named DAYBREAK, will study the safety and efficacy of AZD3293 in people with mild Alzheimer’s dementia. DAYBREAK will begin enrolling participants in the third quarter of 2016.

The Boehringer Ingelheim Lilly Diabetes Alliance announced plans to conduct two outcome trials investigating the diabetes medicine Jardiance

(empagliflozin) for the treatment of people with chronic heart failure. The trials are targeted to begin within the next 12 months and are planned to enroll people with chronic heart failure both with and without type 2 diabetes.

Business Development/Other

The United Kingdom (UK) High Court decided the Alimta

(pemetrexed disodium) vitamin regimen patent would not presently be infringed by Actavis marketing pemetrexed trometamol in the UK, France, Italy and Spain with instructions to dilute the product only with dextrose solution. Lilly intends to appeal this ruling.

Elanco Animal Health licensed rights to Aratana’s Galliprant

(grapiprant tablets), an FDA-approved therapeutic for the control of pain and inflammation associated with osteoarthritis in dogs. The agreement grants Elanco exclusive rights to develop, manufacture, market and commercialize Galliprant globally, and co-promote the product with Aratana in the U.S.

As part of its previously announced share repurchase program, the company repurchased approximately $300 million of stock in the first quarter of 2016.

First-Quarter Reported Results

In the first quarter of 2016, worldwide revenue was

$4.865 billion

, an increase of

percent compared with the first quarter of 2015. Revenue increased

percent due to increased volume and

percent due to higher realized prices, partially offset by

percent due to the unfavorable impact of foreign exchange rates. The increase in worldwide volume was due to several products, including Trulicity

and Cyramza, as well as Erbitux

due to the transfer of commercialization rights in North America to Lilly in the fourth quarter of 2015. Revenue in the U.S. increased

percent to

$2.556 billion

, primarily driven by increased volume for several pharmaceutical products including Trulicity, Erbitux and Humalog

and, to a lesser extent, higher realized prices primarily for Cialis

. Revenue outside the U.S. decreased

$2.310 billion

, driven by the unfavorable impact of foreign exchange rates and, to a lesser extent, the loss of exclusivity for Cymbalta

in Europe in 2014, partially offset by increased volume for several pharmaceutical products, primarily Cyramza.

Gross margin increased

percent to

$3.542 billion

in the first quarter of 2016 compared with the first quarter of 2015. Gross margin as a percent of revenue was

72.8 percent

, a decrease of

percentage points compared with the first quarter of 2015. The decline in gross margin percent was primarily due to a lower benefit from foreign exchange rates on international inventories sold and, to a lesser extent, the transfer of Erbitux commercialization rights in North America, partially offset by 2015 inventory step-up costs related to the acquisition of Novartis Animal Health.

Operating expenses in the first quarter of 2016, defined as the sum of research and development and marketing, selling and administrative expenses, were

$2.695 billion

percent compared with the first quarter of 2015. Research and development expenses increased

17 percent

$1.221 billion

25.1 percent

of revenue, driven primarily by higher late-stage clinical development costs, including $55.0 million in milestone payments to Incyte Corporation for the regulatory submissions of baricitinib in the U.S. and Europe. Marketing, selling and administrative expenses decreased

$1.474 billion

, as the favorable impact of foreign exchange rates and lower litigation expenses were partially offset by expenses related to new products.

There were no acquired in-process research and development charges in the first quarter of 2016. In the first quarter of 2015, the company recognized acquired in-process research and development charges totaling

$256.0 million

. These charges included a $200.0 million payment to Pfizer Inc. (Pfizer) following an FDA decision allowing the resumption of Phase 3 clinical trials for tanezumab and a $56.0 million payment to Innovent Biologics Inc. (Innovent) associated with a collaboration to develop potential oncology therapies.

In the first quarter of 2016, the company recognized asset impairment, restructuring and other special charges of $

131.4 million

. The charges are associated with asset impairments related to the closure of an animal health manufacturing facility in Ireland and integration costs related to the acquisition of Novartis Animal Health. In the first quarter of 2015, the company recognized asset impairment, restructuring and other special charges of

$108.0 million

, primarily related to integration, severance costs, and intangible asset impairments due to product rationalization resulting from the acquisition of Novartis Animal Health.

Operating income in the first quarter of 2016 was

$715.8 million

percent compared with the first quarter of 2015, driven by lower acquired in-process research and development charges and higher gross margin, partially offset by higher operating expenses.

Other income (expense) was an expense of

$149.0 million

in the first quarter of 2016, compared with income of

$92.7 million

in the first quarter of 2015. Other expense during the first quarter of 2016 was driven by a $203.9 million charge related to the impact of the Venezuelan financial crisis, including the significant deterioration of the bolívar. Other income during the first quarter of 2015 reflected a favorable legal judgment and net gains on investments.

The effective tax rate was

22.4 percent

14.3 percent

in the first quarter of 2015. The first-quarter 2016 effective tax rate reflects the tax effect of the non-deductible charge related to the impact of the Venezuelan financial crisis, including the significant deterioration of the bolívar, and certain asset impairment, restructuring and other special charges, as well as an increased percentage of earnings in higher-tax jurisdictions, partially offset by a net discrete tax benefit of approximately $50 million and the benefit of certain U.S. tax provisions, including the R&D tax credit, reinstated for 2016. The first-quarter 2015 effective tax rate reflects the tax impact of acquired in-process research and development charges and asset impairment, restructuring and other special charges. The first-quarter 2015 effective tax rate does not include the benefit of certain then-expired U.S. tax provisions, including the R&D tax credit.

In the first quarter of 2016, net income decreased

$440.1 million

, and earnings per share decreased

18 percent

$529.5 million

, respectively, in the first quarter of 2015. The declines in net income and earnings per share were driven by the charge related to the impact of the Venezuelan financial crisis, including the significant deterioration of the bolívar, and higher income taxes, partially offset by higher operating income.

First-Quarter 2016 Non-GAAP Measures

First-quarter 2016 gross margin increased

2 percent

$3.713 billion

percent, a decline of

The decline in gross margin percent was primarily due to a lower benefit from foreign exchange rates on international inventories sold.

Operating income decreased

$85.7 million

percent, to

$1.020 billion

in the first quarter of 2016, driven by higher operating expenses, partially offset by higher gross margin.

Other income (expense) was income of

$54.9 million

$92.7 million

in the first quarter of 2015. The decline in other income was driven by lower net gains on investments.

The first-quarter 2016 effective tax rate of

percent decreased

percentage points compared with the first quarter of 2015. The first-quarter 2016 effective tax rate reflects a net discrete tax benefit of approximately $50 million and the benefit of certain U.S. tax provisions, including the R&D tax credit, reinstated for 2016, partially offset by the impact of an increased percentage of earnings in higher-tax jurisdictions. The first-quarter 2015 effective tax rate does not include the benefit of certain then-expired U.S. tax provisions, including the R&D tax credit.

Net income

$882.3 million

$923.7 million

, respectively, in the first quarter of 2015. The declines in net income and earnings per share were driven by lower operating income and lower other income, partially offset by lower income taxes.

For further detail of non-GAAP measures, see the reconciliation below as well as the Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information

table later in this press release.

% Change

Earnings per share (reported)

Amortization of intangible assets

Asset impairment, restructuring and other special charges

Acquired in-process research and development

Venezuela charge

Novartis Animal Health inventory step-up

Earnings per share (non-GAAP)

Numbers may not add due to rounding.

Select Revenue Highlights

(Dollars in millions)

Established Pharmaceutical Products

% Change

Humulin

Forteo

Zyprexa

Strattera

Effient

New Pharmaceutical Products

Total Revenue

Jardiance includes Glyxambi

and Synjardy

NM – not meaningful

For the first quarter of 2016, worldwide Humalog revenues

percent compared with the first quarter of 2015 to

$606.3 million

. Revenues in the U.S.

$361.6 million

, driven by lower realized prices, partially offset by increased demand. The decrease in realized prices experienced during the first quarter of 2016 was related to changes in estimates for rebates and discounts resulting in the overall decrease in revenues. The company does not expect this trend to continue throughout the year. Revenues outside the U.S.

$244.7 million

, driven by the unfavorable impact of foreign exchange rates.

Cialis revenues for the first quarter of 2016

$576.7 million

. U.S. revenues of Cialis were

$324.0 million

31 percent

increase compared with the first quarter of 2015, driven primarily by higher realized prices. Revenues of Cialis outside the U.S.

13 percent

$252.7 million

, driven by the unfavorable impact of foreign exchange rates and decreased volume.

For the first quarter of 2016, Alimta generated revenues of

$564.2 million

percent compared with the first quarter of 2015. U.S. revenues of Alimta

$263.1 million

, driven primarily by wholesaler buying patterns. Revenues outside the U.S.

6 percent

$301.1 million

, driven by the unfavorable impact of foreign exchange rates and, to a lesser extent, lower realized prices, partially offset by increased volume. This increased volume benefited from increased clinical trial demand, which may not continue.

Worldwide Humulin revenues for the first quarter of 2016 increased

$356.4 million

34 percent

$240.1 million

higher realized prices and, to a lesser extent, increased demand. The increase in realized prices resulted from a change in estimate of a government rebate. Revenues outside the U.S.

15 percent

$116.3 million

, driven by decreased volume, primarily due to the loss of a government contract in Brazil, and the unfavorable impact of foreign exchange rates.

First-quarter 2016 revenues of Forteo were

$318.6 million

9 percent

increase compared with the first quarter of 2015. U.S. revenues of Forteo

21 percent

$148.1 million

, driven by higher realized prices. Revenues outside the U.S. remained

$170.5 million

as lower realized prices and the unfavorable impact of foreign exchange rates were essentially offset by increased volume.

First-quarter 2016 revenues of Trulicity were

$143.6 million

. U.S. revenues of Trulicity were

$119.4 million

, driven by the acceleration in growth of the GLP-1 market and increased share of market for Trulicity. Revenues of Trulicity outside the U.S. were

$24.2 million

For the first quarter of 2016, Cyramza revenues were

$131.0 million

$71.6 million

were negatively affected by increased competitive pressure in the NSCLC indication and positively affected by uptake in the CRC indication. Revenues outside the U.S. were

$59.4 million

, primarily due to strong uptake for the gastric cancer indication in Japan.

The company’s revenues for Jardiance for the first quarter of 2016 were

$38.2 million

. U.S. revenues were

$29.7 million

, driven by increased share of market within the growing SGLT2 class. Revenues outside the U.S. were

$8.5 million

. Since Jardiance is part of the Boehringer Ingelheim Lilly Diabetes Alliance, Lilly reports as revenue a portion of Jardiance’s gross margin.

First-quarter 2016 revenues of Basaglar, which has launched in multiple countries outside the U.S., were

$10.9 million

, driven by early uptake in Japan and various European countries.

For the first quarter of 2016, Portrazza revenues were

$1.7 million

. Portrazza launched in the U.S. in December 2015.

In the first quarter of 2016, worldwide animal health revenues totaled

$754.6 million

percent compared with the first quarter of 2015. U.S. animal health revenues increased

10 percent

$392.4 million

, due to increased revenues of both companion animal products and food animal products. Animal health revenues outside the U.S. decreased

$362.2 million

, primarily due to the unfavorable impact of foreign exchange rates. Excluding the unfavorable impact of foreign exchange rates, worldwide animal health revenues increased 5 percent.

The company has revised certain elements of its 2016 financial guidance on a reported basis and on a non-GAAP basis. Full-year 2016 earnings per share are now expected to be in the range of $2.68 to $2.78 on a reported basis. On a non-GAAP basis, full-year 2016 earnings per share are now expected to be in the range of $3.50 to $3.60.

Expectations

Asset impairment, restructuring and other special charges, including Novartis Animal Health integration costs and closure of an animal health manufacturing facility in Ireland

Amortization associated with the transfer of Erbitux commercialization rights is subject to final acquisition accounting adjustments.

The company now expects 2016 revenue of between $20.6 billion and $21.1 billion, reflecting recent movement in foreign exchange rates. Excluding the impact of foreign exchange rates, the company expects revenue growth from a number of established products including Humalog, Trajenta, Cialis, Forteo, Strattera, Erbitux, and animal health products, as well as higher revenues from new products including Cyramza, Trulicity, Jardiance, Portrazza and Basaglar. The company expects this revenue growth to be partially offset by lower revenue from Alimta as a result of increased competitive pressures.

Gross margin percentage is now expected to be approximately 73 percent on a reported basis, and 76 percent on a non-GAAP basis, reflecting recent movement in foreign exchange rates.

Marketing, selling and administrative expenses are now expected to be in the range of $6.1 billion to $6.3 billion. Research and development expenses are now expected to be in the range of $4.9 billion to $5.1 billion.

Other income (expense) is now expected to be in a range between $200 million and $125 million of expense on a reported basis, reflecting the impact of the first-quarter charge of $203.9 million due to the Venezuelan financial crisis, including the significant deterioration of the bolívar. On a non-GAAP basis, other income (expense) is still expected to be in a range between $0 and $75 million of income.

On a non-GAAP basis, the 2016 tax rate is now expected to be approximately 21 percent, reflecting the impact of a discrete tax benefit in the first quarter.

The following table summarizes the company’s 2016 financial guidance:

2016 Guidance

Revised

$20.2 to $20.7 billion

$20.6 to $21.1 billion

Gross Margin % of Revenue (reported)

Approx. 74%

Approx. 73%

Gross Margin % of Revenue (non-GAAP)

Approx. 77%

Approx. 76%

Marketing, Selling & Administrative

$6.0 to $6.2 billion

$6.1 to $6.3 billion

Research & Development

$4.8 to $5.0 billion

$4.9 to $5.1 billion

Other Income/(Expense) (reported)

$0 to $75 million

$(200 million) to $(125 million)

Other Income/(Expense) (non-GAAP)

Unchanged

Tax Rate (reported)

Approx. 21.0%

Tax Rate (non-GAAP)

Approx. 22.5%

$2.83 to $2.93

$3.45 to $3.55

Capital Expenditures

Approx. $1.1 billion

Webcast of Conference Call

As previously announced, investors and the general public can access a live webcast of the first-quarter 2016 financial results conference call through a link on Lilly’s website at https://investor.lilly.com/events.cfm. The conference call will begin at 9:00 a.m. Eastern Daylight Time (EDT) on Tuesday, April 26, 2016, and will be available for replay via the website.

Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and http://newsroom.lilly.com/social-channels. F-LLY

This press release contains management’s current intentions and expectations for the future, all of which are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “anticipate,” and similar expressions are intended to identify forward-looking statements. 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 that pipeline products will succeed in clinical testing, will receive the necessary clinical and manufacturing regulatory approvals or will prove to be commercially successful. The company’s results may also be affected by such factors as the timing of anticipated regulatory approvals and launches of new products; market uptake of recently launched products; competitive developments affecting current products; the expiration of intellectual property protection for certain of the company’s products; the company’s ability to protect and enforce patents and other intellectual property; the impact of governmental actions regarding pricing, importation, and reimbursement for pharmaceuticals, including U.S. health care reform; regulatory compliance problems or government investigations; regulatory actions regarding currently marketed products; unexpected safety or efficacy concerns associated with the company’s 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 current or future products; the extent to which third-party indemnification obligations relating to product liability litigation and similar matters will be performed; unauthorized disclosure of trade secrets or other confidential data stored in the company’s information systems and networks; changes in tax law and regulations; changes in inflation, interest rates, and foreign currency exchange rates; asset impairments and restructuring charges; changes in accounting standards promulgated by the Financial Accounting Standards Board and the U.S. Securities and Exchange Commission (SEC); acquisitions and business development transactions and related integration considerations; and the impact of exchange rates and global macroeconomic conditions. For additional information about the factors that could cause actual results to differ materially from forward-looking statements, please see the company’s latest Form 10-K filed with the SEC. You should not place undue reliance on forward-looking

statements, which speak only as of the date of this release. Except as is required by law, the company expressly disclaims any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this release.

(pemetrexed disodium, Lilly)

(insulin glargine injection, Lilly)

(tadalafil, Lilly)

(duloxetine hydrochloride, Lilly)

(ramucirumab, Lilly)

(prasugrel, Lilly)

(cetuximab, Lilly)

(teriparatide of recombinant DNA origin injection, Lilly)

(grapiprant, Aratana)

(empagliflozin/linagliptin, Boehringer Ingelheim)

(insulin lispro injection of recombinant DNA origin, Lilly)

(human insulin of recombinant DNA origin, Lilly)

(pegbovigrastim injection, Lilly)

(empagliflozin, Boehringer Ingelheim)

(necitumumab, Lilly)

(atomoxetine hydrochloride, Lilly)

(empagliflozin/metformin, Boehringer Ingelheim)

(ixekizumab, Lilly)

(linagliptin, Boehringer Ingelheim)

(dulaglutide, Lilly)

(olanzapine, Lilly)

Eli Lilly and Company Employment Information

March 31, 2016

Worldwide Employees 41,500 41,275

Operating Results (Unaudited) – REPORTED

(Dollars in millions, except per share data)

Three Months Ended

% Chg.

Cost of sales

1,323.0

1,192.7

1,221.0

1,039.3

1,473.9

1,523.5

and development

Net interest income (expense)

Net other income (expense)

(129.8

(149.0

Income before income taxes

Income taxes

Earnings per share – diluted

Dividends paid per share

Weighted-average shares outstanding (thousands) – diluted

1,063,075

1,067,036

Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)

March 31, 2015

Adjustments

(170.6

1,152.4

(180.4

1,012.3

2,694.9

2,693.0

2,562.8

2,527.0

development

(256.0

(131.4

(108.0

The company uses non-GAAP financial measures that differ from financial statements reported in conformity with U.S. generally accepted accounting principles (GAAP). The company's non-GAAP measures adjust reported results to exclude items that are typically highly variable, difficult to predict, and of a size that could have a substantial impact on the company’s reported operations for a period. The company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the company’s ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources and to evaluate results relative to incentive compensation targets. Investors should consider these non-GAAP measures in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP.

Operating expenses include research and development and marketing, selling and administrative expenses.

Adjustments to certain GAAP reported measures for the three months ended March 31, 2016, include the following:

Other specified items

Total Adjustments

Exclude amortization of intangibles primarily associated with costs of marketed products acquired or licensed from third parties.

Exclude charge related to the impact of the Venezuelan financial crisis, including the significant deterioration of the bolívar.

Exclude charges associated with asset impairments related to the closure of an animal health manufacturing facility in Ireland and integration costs for Novartis Animal Health.

Adjustments to certain GAAP reported measures for the three months ended March 31, 2015, include the following:

Inventory step-up

(116.9

Exclude costs associated with upfront payments for acquired in-process research and development projects acquired in a transaction other than a business combination. These costs include a $200.0 million payment to Pfizer following an FDA decision allowing the resumption of Phase 3 clinical trials for tanezumab and a $56.0 million charge associated with a collaboration with Innovent to develop potential oncology therapies.

Exclude inventory step-up costs associated with the acquisition of Novartis Animal Health.

Exclude costs associated with restructuring to reduce the company’s cost structure, asset impairments, and integration costs associated with the acquisition of Novartis Animal Health.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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