Lilly ICOS LLC

Lilly ICOS LLC Reports Results for First Quarter of 2006

    Bothell, Washington and Indianapolis, Indiana (ots/PRNewswire) -

    - Cialis Attains Leading ED Market Share Position in Eleven Countries -

    - 2006 First Quarter Net Income Soars to US$65.0 Million, Compared to  Net Loss of US$41.7 Million in Prior Year Quarter -

    Lilly ICOS LLC (Lilly ICOS) (NYSE: LLY and Nasdaq: ICOS) is releasing its financial results for the 2006 first quarter, ended March 31. Worldwide sales of Cialis(R) (tadalafil) in the first quarter of 2006 totaled US$222.7 million, an increase of 48% compared to US$150.1 million in the first quarter of 2005.

        Cialis Net Sales:
        (in millions of USD)
                                                  Three Months Ended
                                                          March 31,
                                                 -------------------
                                                    2006            2005
                                                 --------- ---------
        Lilly ICOS Territories:
          United States                  $82.5          $42.7
          Europe(1)                          67.6            56.3
          Canada and Mexico              17.2            12.2
                                                 --------- ---------
              Total Lilly ICOS          167.3          111.2
        Lilly Territories                 55.4            38.9
                                                 --------- ---------
              Worldwide Total          $222.7         $150.1
                                                 ========= =========

    In February 2006, Cialis had achieved market share leadership in eleven countries, including France, Portugal, Saudi Arabia, South Africa and Venezuela. In France, Cialis has been the market leader for 14 consecutive months and held a 51% share for February 2006.(2)

    "We are proud of the market share leadership Cialis has achieved," stated Gaetano Crupi, Cialis Global Brand Development Leader for Lilly. "This time last year, Cialis was the share leader in just five countries. As 2006 unfolds, we expect Cialis to emerge as the category leader in additional markets as share gains continue and overall sales continue to grow."

    Lilly ICOS is evaluating the use of tadalafil, the active ingredient in Cialis, for its potential use in a number of medical indications in addition to erectile dysfunction.

    Paul Clark, ICOS Chairman and CEO, added, "At this time, we are finalizing the design of a Phase 2b clinical study to evaluate several doses of tadalafil for symptoms of benign prostatic hyperplasia. Patient enrollment in a multi-national Phase 3 study in pulmonary arterial hypertension continues. And, in the second half of 2006, we expect to announce the results of the Phase 2 proof of concept study in hypertension. We are excited that tadalafil might benefit patients in additional indications."

    2006 First Quarter Financial Results

    For the three months ended March 31, 2006, Lilly ICOS reported net income of US$65.0 million, compared to a net loss of US$41.7 million for the three months ended March 31, 2005, primarily due to the US$72.6 million increase in worldwide sales of Cialis and a US$50.5 million reduction in selling, general and administrative expenses.

    Total Lilly ICOS revenue for the 2006 first quarter was US$178.4 million, compared to US$119.0 million for the first quarter of 2005. Lilly ICOS revenue for the 2006 period included US$11.1 million in royalties on sales reported by Lilly, compared to US$7.8 million in royalty revenue for the first quarter of 2005. The increase in net sales of Cialis in the U.S. includes the impact of an estimated US$27 million aggregate reduction in U.S. wholesaler inventories of Cialis in the 2005 first quarter.

    Cost of sales, including royalties payable equal to 5% of net product sales, was 8.0% of net product sales in the 2006 first quarter, compared to 8.8% in the 2005 first quarter. The percentage decrease was primarily due to price increases since the beginning of 2005.

    The US$50.5 million decrease in selling, general and administrative expenses, in 2006 compared to 2005, was primarily due to refinements to our U.S. sales force configuration and lower direct to consumer marketing expenditures in the 2006 first quarter.

    About Lilly ICOS LLC

    Lilly ICOS LLC, a joint venture equally owned by ICOS Corporation and Eli Lilly and Company, is marketing Cialis in North America and Europe for the treatment of erectile dysfunction.

    ICOS Corporation, a biotechnology company headquartered in Bothell, Washington, is dedicated to bringing innovative therapeutics to patients. ICOS is working to develop treatments for serious unmet medical needs such as benign prostatic hyperplasia, hypertension, pulmonary arterial hypertension, cancer and inflammatory diseases.

    Eli Lilly and Company, 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, Indiana, Lilly provides answers -- through medicines and information -- for some of the world's most urgent medical needs. F-LLY

    Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about the industry, management beliefs and certain assumptions made by the managements of ICOS and Lilly. Investors are cautioned that matters subject to forward-looking statements involve risks and uncertainties, including economic, competitive, governmental, technological, legal and other factors discussed in the two companies' respective filings with the Securities and Exchange Commission, which may affect the business and prospects of the two companies and Lilly ICOS. Results and the timing and outcome of events may differ materially from those expressed or implied by the forward-looking statements in this press release. More specifically, there can be no assurance that tadalafil will achieve sustained commercial success or that competing products will not pre-empt market opportunities that might exist for the product.

    The forward-looking statements contained in this press release represent ICOS' and Lilly's judgments as of the date of this release. Neither ICOS nor Lilly undertake any obligation to update any forward-looking statements.

    (1) Austria, Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

    (2) IMS Health, IMS MIDAS (based on PDE5 inhibitor tablets from wholesalers to pharmacies) February 2006.

@@start.t1@@                                                      Lilly ICOS LLC
                         Condensed Consolidated Statements of Operations
                                                 (in thousands of US$)
                                                      (unaudited)
                                                                                    Three Months Ended
                                                                                              March 31,
                                                                            -----------------------------
                                                                                  2006                        2005
      Revenue                                                          ------------         -----------
            Product sales, net                                    $167,274                 $111,194
            Royalties                                                      11,088                      7,790
                                                                            ------------         -----------
                  Total revenue                                        178,362                  118,984
                                                                            ------------         -----------
      Expenses
            Cost of sales                                                13,382                      9,752
            Selling, general and administrative            86,517                  137,027
            Research and development                              13,502                    13,874
                                                                            ------------         -----------
                  Total expenses                                      113,401                  160,653
                                                                            ------------         -----------
      Net income (loss)                                              $64,961                 $(41,669)
                                                                            ============        ===========
                                                  Lilly ICOS LLC
                                        SUMMARIZED OPERATING RESULTS
                                                 (in thousands US$)
                                                        (unaudited)
                                                                          2006                        2005
                                                                  -----------  ----------------------
                                                                          Q1                 Q1                Q2
                                                                  -----------  ----------  ----------
         Revenue:
                Product sales, net:
                  United States                              $82,537         $42,744        $71,118
                  Europe                                          67,586          56,264         60,925
                  Canada and Mexico                         17,151          12,186         13,839
                                                                  -----------  ----------  ----------
                                                                      167,274         111,194        145,882
                Royalties                                         11,088            7,790          9,010
                                                                  -----------  ----------  ----------
                                                                      178,362         118,984        154,892
                                                                  -----------  ----------  ----------
         Expenses:
                Cost of sales                                  13,382            9,752         11,934
                Selling, general and
                 administrative                                86,517         137,027        126,232
                Research and development                 13,502          13,874         18,413
                                                                  -----------  ----------  ----------
                                                                      113,401         160,653        156,579
                                                                  -----------  ----------  ----------
         Net income (loss)                                 $64,961        $(41,669)      $(1,687)
                                                                  ===========  ========== ==========
                                                  Lilly ICOS LLC
                                        SUMMARIZED OPERATING RESULTS
                                                (in thousands US$)
                                                      (unaudited)
                                                                                  2005
                                                                  -----------------------------------
                                                                         Q3                 Q4              TOTAL
                                                                  -----------  ----------  ----------
         Revenue:
                Product sales, net:
                  United States                              $77,438        $81,615        $272,915
                  Europe                                          61,992         65,311         244,492
                  Canada and Mexico                         14,727         18,575          59,327
                                                                  -----------  ----------  ----------
                                                                      154,157        165,501         576,734
                Royalties                                          8,172          8,997          33,969
                                                                  -----------  ----------  ----------
                                                                      162,329        174,498         610,703
                                                                  -----------  ----------  ----------
         Expenses:
                Cost of sales                                  12,378         13,200          47,264
                Selling, general and
                 administrative                              112,152         84,416         459,827
                Research and development                 18,035         15,494          65,816
                                                                  -----------  ----------  ----------
                                                                      142,565        113,110         572,907
                                                                  -----------  ----------  ----------
         Net income (loss)                                 $19,764        $61,388         $37,796
                                                                    ===========  ========== ==========
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ots Originaltext: Lilly ICOS LLC
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
Terra Fox of Lilly, +1-317-276-5795; or Lacy Fitzpatrick of ICOS,
+1-425-415-2207
Photo:  http://www.newscom.com/cgi-bin/prnh/20040122/LILLYICOSLOGO,
PRN Photo Desk, photodesk@prnewswire.com



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