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SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2004
ELI LILLY AND COMPANY
Indiana | 001-06351 | 35-0470950 | ||
(State or Other Jurisdiction | (Commission | (I.R.S. Employer | ||
of Incorporation) | File Number) | Identification No.) | ||
Lilly Corporate Center | 46285 | |||
Indianapolis, Indiana | (Zip Code) | |||
(Address of Principal | ||||
Executive Offices) |
Registrants telephone number, including area code: (317) 276-2000
No Change | ||
(Former name or former address, if changed since last report) |
Item 12. Results of Operations and Financial Condition. | ||||||||
SIGNATURES | ||||||||
EXHIBIT INDEX | ||||||||
Press Release |
Item 12. Results of Operations and Financial Condition.
On April 19, 2004, Eli Lilly and Company (the registrant or company) issued a press release announcing its results of operations for the quarter ended March 31, 2004, including, among other things, an income statement for that period and a consolidated balance sheet as of March 31, 2004. In addition, on the same day the company will hold a teleconference for analysts and media to discuss these results. The teleconference will be web cast on the companys web site. The press release and related financial statements are attached to this Form 8-K as Exhibit 99.
The company uses non-GAAP financial measures, such as adjusted (or normalized) net income and diluted earnings per share. Non-GAAP financial measures differ from financial statements reported in conformity to U.S. generally accepted accounting principles (GAAP). There are non-GAAP financial measures used in comparing the financial results for the first quarter 2004 to the same period of 2003. Those measures are operating income, earnings, and earnings per share excluding the impact of:
| A charge for acquired in-process research and development in connection with the acquisition of Applied Molecular Evolution, Inc. in the first quarter of 2004 | |||
| Asset impairments, restructuring and special charges incurred in the first quarter of 2003. |
The first quarter 2004 item is described in more detail in the attached press release. The first quarter 2003 items are described in more detail in the companys Form 8-K dated April 22, 2003.
The items that are subject to the adjustments are typically highly variable, difficult to predict, and of a size that could have a substantial impact on the companys reported operations for a period. Management believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the companys ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that could otherwise be masked or distorted by the excluded items. 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. For the reasons described above for use of non-GAAP measures, the companys prospective earnings guidance is subject to adjustment for certain matters, such as those identified above, as to which prospective quantification generally is not feasible.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ELI LILLY AND COMPANY (Registrant) |
||||
By: | /s/ Charles E. Golden Name: Charles E. Golden Title: Executive Vice President and Chief Financial Officer |
|||
Dated: April 19, 2004 |
EXHIBIT INDEX
Exhibit Number |
Exhibit |
|
99
|
Press release dated April 19, 2004, together with related attachments. |
For Release: Immediately
Refer to: (317) 276-5795 Terra L. Fox
Lilly Delivers Strong Double-Digit Sales Growth for the Fifth Consecutive Quarter
Company Continues Its Wave of Innovative Product Launches
Eli Lilly and Company (NYSE: LLY) announced financial results for the first quarter of 2004.
First-Quarter Highlights
| Sales increased a robust 17 percent, to $3.377 billion, driven primarily by sales growth of major products, including Zyprexa®, Gemzar® and Evista®, as well as growing sales from the newer products. | |||
| Newer products Alimta®, Cialis®, Forteo®, Strattera®, Symbyax and Xigris® contributed $309.1 million to first-quarter sales in 2004 and accounted for 9 percent of total sales. | |||
| Net income decreased 2 percent, to $400.4 million, and diluted earnings per share decreased 3 percent, to $.37, primarily due to a non-tax-deductible charge of $362.3 million related to the acquisition of Applied Molecular Evolution, Inc. (AME) in the first quarter of 2004. | |||
| Excluding the $362.3 million charge for acquired in-process research and development related to the AME acquisition and excluding charges in the first quarter of 2003 related to asset impairments, restructuring and other special charges, net income and diluted earnings per share both increased 15 percent, to $762.7 million and $.70, respectively. |
Pharmaceutical Product Sales Highlights
% Change | ||||||||||||
(Dollars in millions) | First Quarter |
Over/(Under) |
||||||||||
2004 |
2003 |
2003 |
||||||||||
Zyprexa-Symbyax Franchise |
$ | 1,131.9 | $ | 958.3 | 18 | % | ||||||
Diabetes Care Products |
681.1 | 633.4 | 8 | % | ||||||||
Gemzar |
279.0 | 233.9 | 19 | % | ||||||||
Evista |
232.8 | 214.0 | 9 | % |
Significant Events Over the Last Three Months
| Alimta was launched in the U.S. in February following its approval earlier that month by the U.S. Food and Drug Administration (FDA) for the treatment of malignant pleural mesothelioma, a cancer of the lining of the lungs. Alimta in combination with cisplatin is the first and only drug regimen proven to help patients with this asbestos-related cancer live longer. | |||
| The FDA approved Zyprexa IntraMuscular, the rapid-acting injectable formulation of Zyprexa, to control the effects of acute agitation in patients suffering with schizophrenia and bipolar mania. Following its late March approval, Zyprexa IntraMuscular was launched in the U.S. in April. | |||
| Evista was granted approval in January by the Ministry of Health, Labor and Welfare for the treatment of osteoporosis for postmenopausal women in Japan. The company expects to launch Evista in Japan in May. | |||
| In March, the European Committee for Proprietary Medicinal Products recommended to the European Commission that approval should be granted for duloxetine for the treatment of moderate-to-severe stress urinary incontinence (SUI) in women. If approved, duloxetine will be the first widely approved pharmaceutical treatment for SUI and will be marketed in the European Union by Lilly under the brand name Yentreve® and by Boehringer Ingelheim. Marketing authorization by the European Commission and subsequent launch of the product is expected later this year. | |||
| The FDA granted a six-month priority review for Gemzar in combination with paclitaxel for the treatment of metastatic breast cancer following Lillys submission in December 2003. | |||
| Lilly is in the process of rolling out the global launches of six important new products, indications or formulations Alimta, Cialis, Forteo, Symbyax, Zyprexa IntraMuscular and Zyprexa for bipolar maintenance. | |||
| The Zyprexa patent trial was held in January and February. A ruling from the U.S. district court judge is expected this summer. |
In the first quarter, we continued generating strong global sales growth and accelerated our normalized earnings growth, said Sidney Taurel, Lilly chairman, president and chief executive officer. Over the last two and a half years, Lilly has launched six new innovative products and five new indications or formulations. We expect to continue this wave of new product launches over the next year with the addition of Cymbalta and Yentreve. With our multiple launches and outstanding pipeline, we are positioned well to deliver on our promise of strong, sustained earnings growth.
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First-Quarter Results
Worldwide sales for the quarter were $3.377 billion, an increase of 17 percent
compared with the first quarter of 2003. This robust increase was driven
primarily by sales growth of major products, including Zyprexa, Gemzar and
Evista, as well as growing sales from the newer products. Worldwide sales
volume increased 10 percent, while selling prices and exchange rates increased
sales by 2 and 5 percent, respectively.
Gross margins as a percent of sales decreased by 0.8 percentage points, to 77.7 percent. This decrease was due to the impact of foreign exchange rates and continued costs associated with quality improvements and growth in capacity in the companys manufacturing operations, offset partially by a favorable product mix.
Overall, marketing and administrative expenses increased 16 percent, to $1.064 billion, which was primarily attributable to selling and marketing expenses in support of the new and anticipated product launches, the impact of foreign exchange rates, and increased incentive compensation and benefits expense. Research and development expenses were $646.6 million, or 19 percent of sales. Compared with the first quarter of 2003, research and development expenses increased 22 percent due to increased clinical trial expenses, increased incentive compensation and benefits expense, and the impact of foreign exchange rates.
Operating income increased 18 percent, to $552.4 million. Excluding the $362.3 million charge in the first quarter of 2004 for acquired in-process research and development related to the AME acquisition and excluding charges in the first quarter of 2003 related to asset impairments, restructuring and other special charges, operating income increased 11 percent, to $914.7 million, due to strong sales growth offset partially by cost of goods sold and research and development expenses increasing at a greater rate than sales. Net other income increased primarily due to income related to a previously assigned patent arrangement and the outlicensing of legacy products, offset partially by an increase in the net loss of the Lilly ICOS LLC joint venture.
Net income and diluted earnings per share for the first quarter decreased 2 percent and 3 percent, to $400.4 million and $.37, respectively, due to the increase in income before taxes being more than offset by higher income taxes in the first quarter of 2004 as a result of the nondeductibility of the acquired in-process research and development charge related to the AME acquisition. Excluding the first-quarter charges shown below, net income and diluted earnings per share
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increased 15 percent, to $762.7 million and $.70, respectively. Refer to Operating Results and Operating Results Normalized later in this press release for a reconciliation of reported to normalized operating income and net income.
Reconciliation of Reported to Normalized
First-Quarter Earnings per Share
First Quarter |
% Over/(Under) |
|||||||||||
2004 |
2003 |
2003 |
||||||||||
E.P.S. (as reported, diluted) |
$ | .37 | $ | .38 | (3 | %) | ||||||
Add back
charges: (a)
| ||||||||||||
Acquired in-process R&D related to
AME acquisition |
.33 | |||||||||||
Asset impairments, restructuring and
other special charges |
.23 | |||||||||||
E.P.S. (normalized and diluted) |
$ | .70 | $ | .61 | 15 | % | ||||||
(a) Refer to Operating Results Normalized later in this press release for further description.
Zyprexa-Symbyax Franchise
In the first quarter of 2004, Zyprexa sales totaled $1.098 billion, a 15
percent increase over the first quarter of 2003. U.S. sales of Zyprexa
increased 2 percent, to $620.9 million. The U.S. Zyprexa sales growth was a
result of an overall increase in the average dose sold, an increase in volume
in the institutional market and a reduction in wholesaler destocking in the
first quarter compared with the first quarter of last year. This increase was
partially offset by lower prescription volume in the U.S. retail market due to
continued competitive pressures.
Zyprexa sales in international markets increased 36 percent, to $477.4 million, due to strong volume growth in a number of major markets outside the U.S. as well as the impact of foreign exchange rates. Symbyax, which was launched during the quarter in the U.S. for the treatment of bipolar depression, had sales of $33.7 million, of which approximately $30 million represents initial wholesaler stocking. While the initial prescription volume for Symbyax is in line with the companys expectations, stocking levels were higher than expected.
Diabetes Care Products
Diabetes care revenue, composed primarily of Humalog®, Humulin® and Actos®,
increased 8 percent, to $681.1 million, compared with the first quarter of
2003. Diabetes care revenue decreased 1 percent in the U.S., to $413.3
million. Diabetes care revenue outside the U.S. increased 24 percent, to
$267.8 million.
-4-
In the first quarter of 2004, worldwide Humalog sales were $267.2 million, an increase of 7 percent compared with the first quarter of 2003. Worldwide Humulin sales increased 4 percent, to $249.4 million. Actos generated $153.3 million of revenue for Lilly in the first quarter, which represents an increase of 15 percent.
Gemzar
Gemzar had sales totaling $279.0 million for the quarter, an increase of 19
percent from the first quarter of 2003. Gemzar sales in the U.S. increased 2
percent, to $128.1 million, while sales outside the U.S. increased 40 percent,
to $150.9 million. A price decrease occurred in the U.S. in January 2004.
After being granted an exemption from the new Medicare reimbursement
calculations, Gemzars price was increased April 1, 2004.
Evista
Evista sales were $232.8 million, a 9 percent increase compared with the first
quarter of 2003. U.S. sales of Evista increased 4 percent, to $160.3 million.
The U.S. sales growth was due to price increases and wholesaler buying
patterns, offset partially by a decline in U.S. prescription volume resulting
from the continued declines in the prevention of postmenopausal osteoporosis
market. Sales outside the United States increased 20 percent, to $72.5
million.
Animal Health
Worldwide sales of animal health products in the first quarter were $182.4
million, an increase of 6 percent compared with the first quarter of 2003.
Newer Products
Xigris
Sales of Xigris, the first available pharmaceutical treatment for severe
sepsis, were $48.6 million, an increase of 36 percent compared with the first
quarter of 2003. During the first quarter of 2004, U.S. sales of Xigris
increased 20 percent, to $32.2 million, while sales outside the United States
increased 81 percent, to $16.4 million.
-5-
Forteo
First-quarter sales of Forteo, a new treatment for severe osteoporosis, were
$40.8 million, compared with $25.9 million in the fourth quarter of 2003. U.S.
sales of Forteo were $36.7 million and initial sales of the product outside the
U.S. were $4.1 million in the first quarter of 2004.
Strattera
Strattera, the only nonstimulant medicine approved for the treatment of
attention-deficit hyperactivity disorder in both children and adults, generated
$141.1 million of sales during the first quarter of 2004 compared with $132.6
million of sales in the fourth quarter of 2003.
Cialis
Total worldwide sales of Cialis, a new treatment for erectile dysfunction
marketed by Lilly ICOS LLC, were $108.3 million, compared with fourth-quarter
2003 worldwide sales of $94.2 million, which includes initial stocking for the
U.S. launch. The $108.3 million of worldwide Cialis sales in the first
quarter of 2004 is comprised of $33.3 million of sales in Lilly territories,
which is reported in Lillys revenue, and $75.0 million of sales in the joint
venture territories. Within the joint venture territories, the U.S. sales of
Cialis were $32.8 million in its first full quarter on the
market. After only four months on the U.S. market, Cialis
surpassed Levitra® (vardenafil
HCl) in weekly share of new and total prescriptions written.
Alimta
Alimta, which was launched in the U.S. during the first quarter of 2004 for the
treatment of malignant pleural mesothelioma, generated $11.6 million in sales,
which includes approximately $7 million of initial wholesaler stocking. The
company is pleased by the early uptake of Alimta.
Financial Expectations for the Second Quarter and Full Year 2004
The company provided second-quarter earnings guidance and confirmed its
full-year 2004 financial guidance. Specifically, the company expects earnings
per share to be in the range of $.67 to $.69 for the second quarter of 2004 and
$2.80 to $2.85 for the full year 2004. The full-year earnings guidance
excludes the $.33 per share charge for acquired in-process research and
development related to the AME acquisition that was incurred in the first
quarter of 2004. If this first-quarter charge was not excluded, then the
reported earnings-per-share guidance for 2004 would be $2.47 to $2.52. In
addition, the companys earnings guidance for the second quarter and full year
excludes future material, unusual items. The company is not aware at this time
of any other material, unusual items that will occur in the remainder of 2004.
-6-
For the full year 2004, the company continues to expect low double-digit sales growth. As previously disclosed, despite an increasingly competitive environment, Lilly expects global sales growth for Zyprexa and believes the Zyprexa-Symbyax franchise has growth potential in the U.S. The company expects U.S. sales to benefit from the recent launches of Symbyax as well as the bipolar maintenance indication and injectable formulation of Zyprexa. The company will continue to monitor Zyprexas U.S. performance. In addition, the company continues to expect gross margins as a percent of sales to be essentially flat compared with the prior year, marketing and administrative expenses to grow in the low double digits, and research and development expenses to grow in the mid-teens. Further, the company expects that other income/deductions (net other income less interest expense) will be approximately $120 million for 2004. The tax rate is expected to increase slightly due to the nondeductibility of the acquired in-process research and development charge related to the AME acquisition.
Webcast of Conference Call
As previously announced, investors and the general public can access a live
webcast of the first-quarter 2004 earnings conference call through a link on
Lillys website at www.lilly.com. The conference call will be held today from
9:30 a.m. to 10:30 a.m. Eastern Daylight Savings Time and will be available for
replay via the website through May 19, 2004.
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of first-in-class and 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 worlds most urgent medical needs. Additional information about Lilly is available at www.lilly.com.
This press release contains forward-looking statements that are based on managements 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 companys results may also be affected by such factors as competitive developments affecting current growth products, rate of sales growth of recently launched products, the timing of anticipated regulatory approvals and launches of new products, other regulatory developments and government investigations, patent disputes and other litigation involving current and future products (including the outcome of the Zyprexa patent litigation that was held in January and February 2004), the impact of governmental actions regarding pricing, importation, and reimbursement for pharmaceuticals, and the impact of exchange rates. For additional information about the factors that affect the companys business, please see Exhibit 99 to the companys latest Form 10-K filed March 2004. The company undertakes no duty to update forward-looking statements.
# # #
-7-
Actos® (pioglitazone hydrochloride, Takeda), Takeda
Alimta® (pemetrexed, Lilly)
Cialis® (tadalafil, ICOS), Lilly ICOS LLC
Cymbalta (duloxetine hydrochloride, Lilly)
Evista® (raloxifene hydrochloride, Lilly)
Forteo® (teriparatide of recombinant DNA origin injection, Lilly)
Gemzar® (gemcitabine hydrochloride, Lilly)
Humalog® (insulin lispro injection of recombinant DNA origin, Lilly)
Humatrope® (somatropin of recombinant DNA origin, Lilly)
Humulin® (human insulin of recombinant DNA origin, Lilly)
Prozac® (fluoxetine hydrochloride, Dista)
ReoPro® (abciximab, Centocor), Lilly
Strattera® (atomoxetine hydrochloride, Lilly)
Symbyax (olanzapine fluoxetine combination, or OFC, Lilly)
Xigris® (drotrecogin alfa (activated), Lilly)
Yentreve® (duloxetine hydrochloride, Lilly)
Zyprexa® (olanzapine, Lilly)
Zyprexa® IntraMuscular (olanzapine for injection, Lilly)
-8-
Eli Lilly and Company
Operating Results (Unaudited)
(Dollars in millions, except per share data)
Three Months Ended | ||||||||
March 31, |
||||||||
2004 |
2003 |
|||||||
Net sales |
$ | 3,376.9 | $ | 2,889.4 | ||||
Cost of sales |
751.7 | 621.3 | ||||||
Research and development |
646.6 | 529.6 | ||||||
Marketing and administrative |
1,063.9 | 914.5 | ||||||
Acquired in-process research and
development |
362.3 | | ||||||
Asset impairments, restructuring and
other special charges |
| 353.9 | ||||||
Operating income |
552.4 | 470.1 | ||||||
Interest expense |
(9.3 | ) | (15.5 | ) | ||||
Other income net |
72.4 | 39.3 | ||||||
Income before income taxes |
615.5 | 493.9 | ||||||
Income taxes |
215.1 | 86.9 | ||||||
Net income |
$ | 400.4 | $ | 407.0 | ||||
Earnings per share basic |
$ | 0.37 | $ | 0.38 | ||||
Earnings per share diluted |
$ | 0.37 | $ | 0.38 | ||||
Dividends paid per share |
$ | 0.355 | $ | 0.335 | ||||
Weighted-average shares
outstanding (thousands) basic |
1,080,283 | 1,076,076 | ||||||
Weighted-average shares
outstanding (thousands) diluted |
1,086,950 | 1,083,217 |
-9-
Eli Lilly and Company
Operating Results (Unaudited) NORMALIZED
(Dollars in millions, except per share data)
Three Months Ended | |||||||||||||||||||||||||||
March 31, |
|||||||||||||||||||||||||||
2004 (a) |
2003 (b) |
||||||||||||||||||||||||||
Net sales |
$ | 3,376.9 | $ | 2,889.4 | |||||||||||||||||||||||
Cost of sales |
751.7 | 621.3 | |||||||||||||||||||||||||
Research and development |
646.6 | 529.6 | |||||||||||||||||||||||||
Marketing and administrative |
1,063.9 | 914.5 | |||||||||||||||||||||||||
Operating income |
914.7 | 824.0 | |||||||||||||||||||||||||
Interest expense |
(9.3 | ) | (15.5 | ) | |||||||||||||||||||||||
Other income net |
72.4 | 39.3 | |||||||||||||||||||||||||
Income before income taxes |
977.8 | 847.8 | |||||||||||||||||||||||||
Income taxes |
215.1 | 186.5 | |||||||||||||||||||||||||
Net income |
$ | 762.7 | $ | 661.3 | |||||||||||||||||||||||
Earnings per share basic |
$ | 0.71 | $ | 0.61 | |||||||||||||||||||||||
Earnings per share diluted |
$ | 0.70 | $ | 0.61 | |||||||||||||||||||||||
Dividends paid per share |
$ | 0.355 | $ | 0.335 | |||||||||||||||||||||||
Weighted-average shares
outstanding
(thousands) basic |
|
1,080,283 |
|
|
|
1,076,076 |
|
Weighted-average shares |
|
| |
|
|
| |
outstanding
(thousands) diluted |
|
1,086,950 |
|
|
|
1,083,217 |
|
|
(a) | The 2004 first-quarter amounts are adjusted to exclude a $362.3 million charge or $.33 per share (no tax benefit), for acquired in-process research and development related to the Applied Molecular Evolution acquisition. | |||
(b) | The 2003 first-quarter amounts are adjusted to exclude $353.9 million of charges, including 1) $114.6 million (pretax), or $.07 per share (after-tax), for asset impairments, primarily manufacturing assets; 2) $186.8 million (pretax), or $.13 per share (after-tax), for asset impairments and other charges related primarily to the companys common stock ownership and loan agreements with Isis Pharmaceuticals, Inc.; and 3) $52.5 million (pretax), or $.03 per share (after-tax), for severance-related and other charges in order to streamline the companys infrastructure. |
-10-
Eli Lilly and Company
Major Pharmaceutical Product Sales and Revenues (Unaudited)
(Dollars in millions)
% Change | ||||||||||||
First Quarter | Over/(Under) | |||||||||||
2004 |
2003 |
2003 |
||||||||||
Zyprexa |
$ | 1,098.3 | $ | 958.3 | 15 | % | ||||||
Gemzar |
279.0 | 233.9 | 19 | % | ||||||||
Humalog |
267.2 | 248.8 | 7 | % | ||||||||
Humulin |
249.4 | 241.0 | 4 | % | ||||||||
Evista |
232.8 | 214.0 | 9 | % | ||||||||
Prozac family |
165.0 | 149.9 | 10 | % | ||||||||
Actos |
153.3 | 133.2 | 15 | % | ||||||||
Strattera |
141.1 | 55.0 | 157 | % | ||||||||
Humatrope |
102.8 | 84.8 | 21 | % | ||||||||
ReoPro |
93.7 | 93.1 | 1 | % |
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Eli Lilly and Company
Consolidated Balance Sheets
March 31, 2004 |
December 31, 2003 |
|||||||
(Dollars in millions) | ||||||||
(Unaudited) | ||||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 2,410.4 | $ | 2,756.3 | ||||
Short-term investments |
1,065.3 | 957.0 | ||||||
Accounts receivable, net of allowances
for doubtful amounts of $81.0 (2004)
and $79.5 (2003) |
1,911.5 | 1,854.7 | ||||||
Other receivables |
500.9 | 477.6 | ||||||
Inventories |
2,039.5 | 1,963.0 | ||||||
Deferred income taxes |
569.1 | 500.6 | ||||||
Prepaid expenses |
302.2 | 249.5 | ||||||
TOTAL CURRENT ASSETS |
8,798.9 | 8,758.7 | ||||||
OTHER ASSETS |
||||||||
Prepaid pension |
1,598.1 | 1,613.3 | ||||||
Investments |
3,664.8 | 3,374.6 | ||||||
Sundry |
1,494.0 | 1,392.5 | ||||||
6,756.9 | 6,380.4 | |||||||
PROPERTY AND EQUIPMENT |
||||||||
Land, buildings, equipment, and
construction-in-progress |
11,401.2 | 11,068.0 | ||||||
Less allowances for depreciation |
4,554.6 | 4,529.0 | ||||||
6,846.6 | 6,539.0 | |||||||
$ | 22,402.4 | $ | 21,678.1 | |||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Short-term borrowings |
$ | 807.1 | $ | 196.5 | ||||
Accounts payable |
800.5 | 875.9 | ||||||
Employee compensation |
326.3 | 387.4 | ||||||
Dividends payable |
| 398.3 | ||||||
Income taxes payable |
1,849.1 | 1,749.8 | ||||||
Other liabilities |
1,768.1 | 1,942.7 | ||||||
TOTAL CURRENT LIABILITIES |
5,551.1 | 5,550.6 | ||||||
LONG-TERM DEBT |
4,503.6 | 4,687.8 | ||||||
OTHER NONCURRENT LIABILITIES |
1,789.2 | 1,674.9 | ||||||
6,292.8 | 6,362.7 | |||||||
COMMITMENTS AND CONTINGENCIES |
| | ||||||
SHAREHOLDERS EQUITY |
||||||||
Common stock |
706.4 | 702.3 | ||||||
Additional paid-in capital |
3,008.2 | 2,610.0 | ||||||
Retained earnings |
9,884.9 | 9,470.4 | ||||||
Employee benefit trust |
(2,635.0 | ) | (2,635.0 | ) | ||||
Deferred costs-ESOP |
(117.3 | ) | (118.6 | ) | ||||
Accumulated other comprehensive loss |
(184.9 | ) | (160.1 | ) | ||||
10,662.3 | 9,869.0 | |||||||
Less cost of common stock in treasury |
103.8 | 104.2 | ||||||
10,558.5 | 9,764.8 | |||||||
$ | 22,402.4 | $ | 21,678.1 | |||||
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