Summary
Eli Lilly and Company reported strong revenue growth of 23% for the three months ended June 30, 2021, reaching $6.74 billion, and a 19% increase for the six months ended June 30, 2021, totaling $13.55 billion, compared to the prior year periods. This growth was driven by increased volume across key products like Trulicity, Taltz, and Verzenio, as well as favorable foreign exchange rates. While gross margin percentage saw a dip due to significant inventory charges related to COVID-19 antibodies, the company maintained profitability, with net income for the quarter at $1.39 billion, though slightly down year-over-year. The company also announced updated full-year 2021 financial guidance, anticipating revenue between $26.8 billion and $27.4 billion and earnings per share between $6.73 and $6.93.
Financial Highlights
52 data points| Revenue | $6.74B |
| Cost of Revenue | $1.95B |
| Gross Profit | $4.79B |
| R&D Expenses | $1.66B |
| SG&A Expenses | $1.69B |
| Interest Expense | $86.90M |
| Net Income | $1.39B |
| EPS (Basic) | $1.53 |
| EPS (Diluted) | $1.53 |
| Shares Outstanding (Basic) | 907.30M |
| Shares Outstanding (Diluted) | 910.40M |
Key Highlights
- 1Revenue increased by 23% to $6.74 billion for the three months ended June 30, 2021, and by 19% to $13.55 billion for the six months ended June 30, 2021, compared to the prior year.
- 2Key products like Trulicity, Taltz, and Verzenio showed strong volume-driven growth.
- 3Gross margin percentage decreased due to significant inventory impairment charges ($423 million in Q2 2021) related to COVID-19 antibodies.
- 4Acquired in-process R&D (IPR&D) expenses were $25 million for the quarter and $324.3 million for the six months, primarily related to business development transactions.
- 5Asset impairment, restructuring, and other special charges amounted to $211.6 million for the six months, largely due to the sale of Qbrexza rights and Prevail acquisition costs.
- 6The company updated its full-year 2021 financial guidance, expecting revenue between $26.8 billion and $27.4 billion and diluted EPS between $6.73 and $6.93.
- 7Eli Lilly continued to advance its late-stage pipeline with several promising compounds in Phase III trials across various therapeutic areas, including oncology, immunology, and neuroscience.