Eli Lilly — May 1, 2025 release

The performance margin 2 is still expected to be in the range of 40.5% and 42.5% on a reported basis and 41.5% and 43.5% on a non-GAAP basis. Other income (expense) on a reported basis is now expected to be expense in the range of $850 million to $750 million due to net losses on investments in equity securities and is still expected to be expense in the range of $700 million to $600 million on a non-GAAP basis. The 2025 estimated effective tax rate increased from approximately 16% to 17% on both a reported and non-GAAP basis, driven by the tax impact of the non-deductible acquired IPR&D charge incurred in Q1 2025. Guidance for EPS for 2025 decreased to the range of $20.17 to $21.67 on a reported basis, driven by the acquired IPR&D charges and net losses on investments in equity securities and $20.78 to $22.28 on a non-GAAP basis, driven by the acquired IPR&D charges. The company's updated 2025 financial guidance reflects adjustments shown in the reconciliation table below. 2025 Guidance Earnings per share (reported) $20.17 to $21.67 Amortization of intangible assets .44 Asset impairment, restructuring, and other special charges .03 Net losses on investments in equity securities .13 Earnings per share (non-GAAP) $20.78 to $22.28 Numbers may not add due to rounding 2 The Company defines performance margin as gross margin less R&D, Marketing, Selling, and Administrative and Asset Impairment, Restructuring and Other Charges divided by rev