Summary
Eli Lilly and Company reported strong financial results for the third quarter and the first nine months of 2024, with significant revenue growth driven by key products like Mounjaro®, Zepbound®, and Verzenio®. Revenue for the quarter reached $11.4 billion, a 20% increase year-over-year, and $31.5 billion for the first nine months, up 27%. This growth was primarily fueled by strong volume increases in the U.S. for Mounjaro and Zepbound, alongside Verzenio's continued expansion. While the company experienced a net loss of $57.4 million in Q3 2023, it achieved a net income of $970.3 million in Q3 2024, and year-to-date net income more than doubled to $6.18 billion. The company's pipeline remains robust, with several new molecular entities (NMEs) and line extensions in late-stage clinical trials across key therapeutic areas. Management highlighted ongoing investments in manufacturing capacity to meet demand, particularly for tirzepatide (Mounjaro/Zepbound). Despite facing pressures from healthcare legislation like the Inflation Reduction Act (IRA) and ongoing litigation, Lilly's financial performance and strategic investments position it for continued growth.
Financial Highlights
49 data points| Revenue | $11.44B |
| Cost of Revenue | $2.17B |
| Gross Profit | $9.27B |
| SG&A Expenses | $2.10B |
| Net Income | $970.30M |
| EPS (Basic) | $1.08 |
| EPS (Diluted) | $1.07 |
| Shares Outstanding (Basic) | 901.00M |
| Shares Outstanding (Diluted) | 905.00M |
Key Highlights
- 1Revenue surged by 20% year-over-year to $11.4 billion in Q3 2024 and by 27% to $31.5 billion for the first nine months.
- 2Net income for Q3 2024 was $970.3 million, a significant turnaround from a net loss of $57.4 million in Q3 2023. Year-to-date net income more than doubled to $6.18 billion.
- 3Key drivers of revenue growth include Mounjaro®, Zepbound®, and Verzenio®, with Mounjaro and Zepbound showing substantial increases in U.S. sales.
- 4The company made significant acquisitions, including Morphic Holding for $2.67 billion (net of cash acquired) and POINT Biopharma for $1.04 billion (net of cash acquired), aimed at enhancing its pipeline, particularly in radiopharmaceuticals and immunology.
- 5Research and Development (R&D) expenses increased by 13% for the quarter and 18% year-to-date, reflecting continued investment in the company's extensive pipeline.
- 6Manufacturing capacity is being expanded to meet the growing demand for tirzepatide (Mounjaro/Zepbound), addressing prior supply constraints.
- 7The company is navigating regulatory pressures such as the Inflation Reduction Act (IRA) which will impact pricing for certain drugs, including Jardiance® effective 2026.