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2016 Financial Highlights ELI LILLY AND COMPANY 2016 FINANCIAL REPORT NOTICE OF 2017 ANNUAL MEETING PROXY STATEMENT 2016 Financial Highlights Year Ended December 31 ELI LILLY AND COMPANY AND SUBSIDIARIES 2016 2015 Change % (Dollars in millions, except per-share data) REVENUE $ 21,222.1 $ 19,958.7 6 RESEARCH AND DEVELOPMENT 5,243.9 4,796.4 9 RESEARCH AND DEVELOPMENT AS A PERCENT OF REVENUE 24.7% 24.0% NET INCOME $ 2,737.6 $ 2,408.4 14 EARNINGS PER SHARE—DILUTED 2.58 2.26 14 RECONCILING ITEMS1: Venezuela devaluation charge 0.19 — Novartis Animal Health inventory step-up — 0.10 Amortization of intangible assets 0.44 0.39 Acquired in-process research and development 0.02 0.33 Asset impairment, restructuring, and other special charges 0.29 0.25 Net charge related to repurchase of debt — 0.09 NON-GAAP EARNINGS PER SHARE—DILUTED2 3.52 3.43 3 DIVIDENDS PAID PER SHARE 2.04 2.00 CAPITAL EXPENDITURES 1,037.0 1,066.2 (3) EMPLOYEES 41,975 41,275 2 1. For more information on these reconciling items, see the Financial Results section of the Executive Overview on page F23 of the Financial Report. 2. Numbers may not add due to rounding. Revenue Growth Across Return on Assets and Total Shareholder Therapeutic Areas Shareholders’ Equity Return ($ MILLIONS, PERCENT GROWTH) ROE increased in 2016 as a result of an increase of net income mainly Over the past five years, Lilly’s annualized total shareholder return has Revenue in Endocrinology increased 15 percent primarily driven due to higher sales for Trulicity and other new pharmaceutical products averaged 17 percent, compared to 15 percent for the S&P benchmark, by growth of Trulicity, Forteo, Jardiance, Trajenta, and Basaglar. and lower acquired in-process research and development charges. due to the increase in the stock price and steady dividend stream. Oncology grew 6 percent primarily due to higher volumes for Cyramza and Erbitux, partially offset by lower volumes for Alimta, and Cardiovascular grew 5 percent mostly due to higher realized price for Cialis. Revenue in Neuroscience decreased 7 percent driven by lower 29.5% 27.8% volumes for Zyprexa and Cymbalta due to loss of patent protection. 39.8% 18.5% 32.4% $313.6 16.1% $3,158.2 14.1% 25.4% 13.7% +38% 24.0% -1% 12.5% $8,082.8 16.3% 7.5% 13.7% 6.8% 6.8% $3,225.4 +15% 12.0% Endocrinology 7.2% +5% Neuroscience 1.4% Oncology $3,721.8 $2,720.3 Cardiovascular 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 +6% -7% Other Animal Health Return on Assets (ROA) Return on Shareholders’ Equity (ROE) Lilly S&P 500 -10.4% Table of Contents YEAR IN REVIEW 2016 Financial Highlights .....................................................................................Inside front cover Corporate Information ..........................................................................................Inside back cover FINANCIAL REPORT Forward-Looking Statements ......................................................................................................F1 Business........................................................................................................................................F2 Risk Factors ................................................................................................................................ F16 Management’s Discussion and Analysis of Results of Operations and Financial Condition......F22 Consolidated Statements of Operations .................................................................................... F44 Consolidated Statements of Comprehensive Income ................................................................ F45 Consolidated Balance Sheets ..................................................................................................... F46 Consolidated Statements of Shareholders’ Equity..................................................................... F47 Consolidated Statements of Cash Flows .................................................................................... F48 Notes to Consolidated Financial Statements ............................................................................. F49 Management’s Reports ............................................................................................................... F98 Reports of Independent Registered Public Accounting Firm ................................................... F100 Selected Financial Data ............................................................................................................ F102 Trademarks Used in this Report ............................................................................................... F104 PROXY Notice of Annual Meeting of Shareholders ..................................................................................P1 Proxy Statement Summary ...........................................................................................................P2 Governance ...................................................................................................................................P9 Ownership of Company Stock .....................................................................................................P32 Compensation .............................................................................................................................P33 Audit Matters ..............................................................................................................................P59 Directors’ Deferral Plan ..............................................................................................................P62 Shareholder Proposals ...............................................................................................................P64 Other Information .......................................................................................................................P66 Appendix A ..................................................................................................................................P70 Appendix B ..................................................................................................................................P72 Annual Meeting Admission Ticket ..............................................................................................P88 Forward-Looking Statements This Annual Report includes forward-looking statements within the meaning of Section 27A of the Securities FINANCIAL REPORT Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by the use of words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “intend,” “anticipate,” “plan,” “continue,” or similar expressions. In particular, information appearing under “Business,” “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements. Forward- looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated: • 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 our products; • our ability to protect and enforce patents and other intellectual property; • the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and access to pharmaceuticals; • regulatory compliance problems or government investigations; • regulatory actions regarding currently marketed products; • unexpected safety or efficacy concerns associated with our 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 past, current, or future products as we are largely self-insured; • unauthorized disclosure or misappropriation of trade secrets or other confidential data stored in our information systems, networks, and facilities, or those of third parties with whom we share our data; • changes in tax law; • changes in foreign currency exchange rates, interest rates, and inflation; • asset impairments and restructuring charges; • changes in accounting standards promulgated by the Financial Accounting Standards Board and the Securities and Exchange Commission; • acquisitions and business development transactions and related integration costs; • information technology system inadequacies or operating failures; • reliance on third-party relationships and outsourcing arrangements; and • the impact of global macroeconomic conditions. Investors should not place undue reliance on forward-looking statements. You should carefully read the factors described in the “Risk Factors” section of this Annual Report for a description of certain
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