Summary
Eli Lilly and Company (LLY) reported its financial results for the second quarter and first half of 2022. For the three months ended June 30, 2022, revenue was $6.49 billion, a decrease of 4% compared to the prior year, impacted by lower realized prices and foreign exchange rates, though partially offset by increased volume. Net income for the quarter was $952.5 million, or $1.05 per diluted share, a decrease from $1.39 billion ($1.53 per diluted share) in the same period last year. For the first six months of 2022, revenue increased by 6% to $14.30 billion, while net income saw a modest increase of 4% to $2.86 billion, or $3.16 per diluted share. The company's performance was influenced by several factors, including strong volume growth in key products like Trulicity, Taltz, and Verzenio, which helped drive the year-to-date revenue increase. However, the decline in revenue for the quarter was significantly impacted by the substantial decrease in sales of COVID-19 antibodies and the ongoing generic competition for Alimta. Research and development expenses saw an increase, reflecting continued investment in late-stage assets. The company also noted substantial charges related to acquired in-process R&D and development milestones, primarily associated with a buy-out of future obligations for a PI3Kα inhibitor.
Financial Highlights
52 data points| Revenue | $6.49B |
| Cost of Revenue | $1.43B |
| Gross Profit | $5.06B |
| R&D Expenses | $1.78B |
| SG&A Expenses | $1.63B |
| Interest Expense | $81.20M |
| Net Income | $952.50M |
| EPS (Basic) | $1.06 |
| EPS (Diluted) | $1.05 |
| Shares Outstanding (Basic) | 900.30M |
| Shares Outstanding (Diluted) | 902.90M |
Key Highlights
- 1Revenue for the three months ended June 30, 2022, was $6.49 billion, a 4% decrease year-over-year, primarily due to lower prices and foreign exchange rates, partially offset by volume increases.
- 2Revenue for the six months ended June 30, 2022, increased 6% to $14.30 billion, driven by higher volume.
- 3Diluted EPS for Q2 2022 was $1.05, down from $1.53 in Q2 2021, while H1 2022 EPS was $3.16, up from $3.01 in H1 2021.
- 4Key growth drivers included increased volume for Trulicity, Verzenio, Taltz, and Jardiance.
- 5Revenue from COVID-19 antibodies significantly decreased year-over-year, impacting overall quarterly performance.
- 6Acquired IPR&D and development milestones were substantial in Q2 and the first half of 2022, driven by buy-outs and a Priority Review Voucher.
- 7The company continues to invest in its late-stage pipeline, with R&D expenses increasing by 8% in Q2 2022.