LLY · ELI LILLY & Co

374 filings

LLY SEC Filings

ELI LILLY & Co - 374 total filings

Filing record · 2016–202610-K1110-Q328-K110

Showing 1–50 of 374 filings

ELI LILLY & Co Quarterly Report for Q2 Ended Jun 30, 2026

Eli Lilly and Company (LLY) reported a strong financial performance for the six months ended June 30, 2026, with revenue soaring by 51% to $42.8 billion and net income increasing by 72% to $14.5 billion, driven by significant growth in its cardiometabolic health portfolio, particularly Mounjaro and Zepbound. Diluted earnings per share (EPS) also saw a substantial jump of 73% to $16.19. The company's strategic investments in research and development, alongside significant acquisitions, are fueling future growth, although these also contribute to increased expenses. The substantial increase in acquired in-process research and development (IPR&D) and asset impairment, restructuring, and other special charges highlight the active business development strategy. Despite these investments and higher operating expenses, Lilly demonstrated robust profitability and expanding gross margins. Financially, Lilly maintained a strong liquidity position, with cash and cash equivalents growing to $9.0 billion. The company also strategically managed its debt, issuing $9.0 billion in long-term debt to fund acquisitions and general corporate purposes. Shareholder returns remain a focus, with $3.1 billion in dividends paid and $4.0 billion in share repurchases during the period.

Aug 5, 2026 8-K

ELI LILLY & Co 8-K Report, Financial Results (Aug 5, 2026)

Eli Lilly reported strong second-quarter 2026 results, with revenue up 48% year over year to $23.0 billion, driven by a 60% increase in volume partially offset by a 13% decline in realized prices. Growth was led by Mounjaro (up 91% to $9.9 billion) and Zepbound (up 46% to $4.9 billion in Q2 U.S. revenue terms), while Key Products revenue reached $15.7 billion. Gross margin as a percent of revenue expanded to 85.8% reported (86.3% non-GAAP). Lilly raised full-year 2026 revenue guidance to $85.0-$87.0 billion and raised its performance margin guidance to 49.0%-50.5%. Reported EPS rose 26% to $7.94 and non-GAAP EPS rose 33% to $8.38. However, both figures absorbed $3.03 per share of acquired IPR&D charges ($2.8 billion pre-tax) tied to Q2 business development, including Orna Therapeutics and Ajax Therapeutics. Excluding this charge, underlying EPS growth was substantially stronger. Full-year non-GAAP EPS guidance was set at $35.50-$36.50, an increase of $2.78 at the midpoint from underlying growth that was more than offset by the $3.03 IPR&D charge, so the net guidance range is actually narrowed at the top end from $37.00 to $36.50. Investors should weigh the strong top-line momentum and pipeline progress, including a complete retatrutide clinical package with a planned BLA submission in Q1 2027, against ongoing pricing pressure (ex-adjustment U.S. price declined roughly 9%), a higher effective tax rate from non-deductible IPR&D, and continued acquisition activity including the pending AtaiBeckley deal.

Aug 5, 2026 8-K

ELI LILLY & Co 8-K Report, Corporate Update (May 20, 2026)

Eli Lilly and Company (LLY) has announced the successful completion of a significant debt offering, raising approximately $8.94 billion in net proceeds. This offering comprised multiple tranches of both floating rate and fixed rate notes with varying maturity dates and interest rates, ranging from 2028 to 2066. The issuance of these notes was registered under a Form S-3 shelf registration statement, indicating Lilly's proactive capital management strategy. The substantial capital infusion is poised to support the company's ongoing operations, strategic initiatives, and potential future investments. A notable aspect of this offering is the conditional mandatory redemption for certain series of notes tied to the consummation of the 'Centessa Acquisition'. Should this acquisition not proceed under specified conditions, specific series of notes will be subject to redemption at 101% of their principal amount, plus accrued interest, highlighting a potential contingent liability for the company dependent on M&A outcomes.

May 20, 2026 8-K

ELI LILLY & Co 8-K Report, Shareholder Vote Results (May 7, 2026)

Eli Lilly and Company (LLY) held its 2026 Annual Meeting of Shareholders on May 4, 2026, with a strong turnout of approximately 90% of outstanding shares participating in the vote. Key outcomes include the re-election of four directors, Carolyn Bertozzi, William Kaelin, Jr., Jon Moeller, and David Ricks, to three-year terms. Additionally, shareholders provided advisory approval for the compensation of named executive officers and ratified the appointment of Ernst & Young LLP as the independent auditor for 2026, both with significant support. However, two significant proposals to amend the Company's Articles of Incorporation, one to eliminate the classified board structure and another to remove supermajority voting provisions, failed to gain the required 80% approval from outstanding shares. Furthermore, shareholder proposals requesting an independent board chair and an annual lobbying report were also not approved. These voting results indicate continued shareholder confidence in the current board and executive compensation practices, while also highlighting resistance to certain governance structure changes at this time.

May 7, 2026 10-Q

ELI LILLY & Co Quarterly Report for Q1 Ended Mar 31, 2026

Eli Lilly and Company reported a substantial increase in financial performance for the first quarter of 2026 compared to the same period in 2025. Revenue surged by 56% to $19.8 billion, driven by strong volume growth, particularly from Mounjaro and Zepbound. This significant top-line growth, coupled with a higher gross margin and reduced acquired in-process R&D charges, led to a remarkable 168% increase in net income to $7.4 billion and a 170% rise in diluted earnings per share to $8.26. The company's strategic investments in research and development continue, with R&D expenses increasing by 28% to support its robust pipeline. Despite increased operational costs, Lilly demonstrated impressive operational efficiency and profitability. The company also continued its share repurchase program, buying back $2.3 billion in stock during the quarter, indicating confidence in its financial health and commitment to shareholder returns.

Apr 30, 2026 8-K

ELI LILLY & Co 8-K Report, Financial Results (Apr 30, 2026)

Eli Lilly reported first-quarter 2026 results that were far above the prior year, with revenue up 56% to $19.8 billion, driven by a 65% increase in volume partially offset by a 13% decline in realized prices. Growth was led by Mounjaro (up 125% to $8.7 billion) and Zepbound (up 80% to $4.2 billion). Reported EPS rose 170% to $8.26 and non-GAAP EPS rose 156% to $8.55, though both figures absorbed $0.52 of acquired IPR&D charges, versus $1.72 in the prior-year quarter. Gross margin as a percent of revenue slipped modestly to 81.9% (non-GAAP 82.6%), reflecting lower realized prices, while R&D rose 28% and marketing, selling and administrative expenses rose 19%. Management raised full-year 2026 guidance: revenue is now expected at $82.0 billion to $85.0 billion (from $80 to $83 billion) and non-GAAP EPS at $35.50 to $37.00 (from $33.50 to $35.00). Performance margin guidance was also raised to 47.0% to 48.5%, and the tax rate guidance is unchanged at 18% to 19%. The guidance excludes acquired IPR&D incurred after March 31, 2026, which is a meaningful caveat given the company's ongoing acquisition pace. Regulatory and pipeline news was prominent: the FDA approved Foundayo (orforglipron), an oral GLP-1 for obesity, and several Phase 3 readouts were positive, including retatrutide in type 2 diabetes. Lilly also announced four acquisitions (Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics, and Ajax Therapeutics) and scheduled an Investment Community Meeting for December 7, 2026. Investors should note that the U.S. price declines and China NRDL pricing pressure are growing headwinds, even as volume growth dominates the top line.

Apr 30, 2026 10-K

ELI LILLY & Co Annual Report, Year Ended Dec 31, 2025

Eli Lilly and Company reported robust financial performance for the fiscal year 2025, driven by significant revenue growth, primarily from its cardiometabolic products, Mounjaro and Zepbound. Total revenue reached $65.18 billion, a 45% increase year-over-year, with net income soaring by 95% to $20.64 billion. This strong performance underscores the market's demand for Lilly's innovative treatments, particularly in the areas of diabetes and obesity. The company continues to invest heavily in research and development, with a substantial pipeline including promising candidates in neuroscience and oncology. However, investors should note the increasing impact of governmental pricing regulations, such as the Inflation Reduction Act, which will influence future revenue streams for key products like Jardiance, Trulicity, and Verzenio. While the company is expanding its manufacturing capacity to meet demand, potential supply chain disruptions and evolving international trade policies remain areas to monitor.

Feb 12, 2026 8-K

ELI LILLY & Co 8-K Report, Financial Results (Feb 4, 2026)

Eli Lilly reported fourth-quarter 2025 revenue of $19.3 billion, up 43% year over year, driven by a 46% increase in volume partially offset by a 5% decline in realized prices. Growth was led by Mounjaro (Q4 revenue of $7.4 billion, up 110%) and Zepbound (U.S. revenue of $4.2 billion, up 123%). Reported EPS rose 51% to $7.39 and non-GAAP EPS rose 42% to $7.54, both including a $0.52 acquired IPR&D charge. For full-year 2025, revenue reached $65.2 billion (up 45%) and reported EPS was $22.95 (up 96%), with non-GAAP EPS of $24.21. Gross margin held at roughly 82.5% on a reported basis, while R&D rose 26% to $3.8 billion and marketing, selling and administrative expenses rose 29% to $3.1 billion. The reported effective tax rate increased to 19.7% from 12.5%, partly reflecting unfavorable jurisdictional mix and U.S. tax law changes. Lilly guided 2026 revenue to $80 to $83 billion and non-GAAP EPS to $33.50 to $35.00, which implies substantial further growth relative to 2025. The guidance excludes acquired IPR&D incurred after December 31, 2025, and assumes about 894 million shares outstanding. Management also guided to a performance margin of 46.0% to 47.5% and a tax rate of 18% to 19%. The release highlights a broad pipeline and regulatory agenda, including FDA approval of Kwikpen for tirzepatide, an expanded Jaypirca indication, regulatory submissions for orforglipron for obesity, and positive Phase 3 retatrutide results in knee osteoarthritis, along with a U.S. government agreement to expand access to obesity medicines. Investors should weigh the strong top-line momentum against several risks noted in the filing: continued pricing pressure, the effect of the U.S. government pricing agreement, competition in obesity, dependence on a small number of products, and rising R&D and commercial spending. The 2026 guidance is a non-GAAP estimate, and the company explicitly states that it cannot reconcile forward-looking non-GAAP measures to GAAP.

Feb 4, 2026 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Nov 21, 2025)

Eli Lilly & Company (LLY) announced a significant addition to its Board of Directors, electing Dr. Carolyn R. Bertozzi, a distinguished professor from Stanford University and Howard Hughes Medical Institute investigator, effective December 8, 2025. Dr. Bertozzi brings a wealth of expertise in Chemistry, Chemical & Systems Biology, and Radiology, positions that will be highly relevant to Lilly's ongoing innovation and development in the pharmaceutical sector. Her appointment is intended to bolster the Board's strategic direction, particularly through her service on the Science and Technology Committee and the Ethics and Compliance Committee. Dr. Bertozzi's independence has been confirmed, and she will participate in the company's standard director compensation. This move signals Lilly's commitment to leveraging cutting-edge scientific knowledge at the highest governance level.

Nov 21, 2025 8-K

ELI LILLY & Co 8-K Report, Financial Results (Oct 30, 2025)

Eli Lilly reported third-quarter 2025 results on October 30, 2025 that were well ahead of the prior year, with revenue up 54% year-over-year to $17.60 billion, driven by a 62% increase in volume partially offset by a 10% decline in realized prices. Growth was led by the incretin franchise: Mounjaro revenue rose 109% to $6.52 billion and U.S. Zepbound revenue rose about 184% to $3.57 billion. Reported EPS was $6.21 (versus $1.07 a year earlier) and non-GAAP EPS was $7.02. Gross margin expanded to 82.9% on a reported basis, helped by favorable product mix. Comparisons are flattered by a large acquired IPR&D charge of $2.83 billion in Q3 2024 versus $655.7 million in Q3 2025, which tilts the year-over-year EPS comparison. Management raised full-year 2025 guidance. Revenue is now expected at $63.0 to $63.5 billion (from $60.0 to $62.0 billion), reported EPS at $21.80 to $22.50 and non-GAAP EPS at $23.00 to $23.70. The company notes that guidance includes $2.57 per share of acquired IPR&D charges incurred through Q3 and excludes any future IPR&D, so further business development charges could reduce reported results. Guidance also reflects the existing tariff environment and does not account for potential pharmaceutical sector tariffs. The filing also mentions a $364.9 million special charge in Q3 2025, primarily litigation-related, and a $350.3 million U.S. tax law change impact. On the pipeline and operations side, Lilly reported positive results in four Phase 3 trials of orforglipron across type 2 diabetes and obesity, with global obesity submissions planned by year-end 2025. The FDA approved Inluriyo (imlunestrant) for certain breast cancer patients. Lilly also announced new manufacturing investments in Virginia and Texas and an expansion in Puerto Rico. Investors should note that the filing is a furnished (not filed) 8-K under Item 2.02, and that the results rely heavily on a small number of incretin products.

Oct 30, 2025 10-Q

ELI LILLY & Co Quarterly Report for Q3 Ended Sep 30, 2025

Eli Lilly and Company (LLY) reported a robust third quarter of 2025, showcasing significant growth across key financial metrics. Revenue for the quarter surged by 54% year-over-year to $17.6 billion, driven by strong volume increases from Mounjaro and Zepbound, which experienced substantial growth both in the U.S. and internationally. This top-line performance translated into impressive profitability, with net income soaring by over 470% to $5.6 billion, and diluted earnings per share reaching $6.21, up from $1.07 in the prior year period. The company's gross margin improved to 82.9%, reflecting favorable product mix and cost efficiencies. Looking at the nine-month period, the positive trends continued, with revenue up 46% to $45.9 billion and net income more than doubling to $14.0 billion. These strong results highlight the company's successful execution in bringing novel therapies to market and expanding their reach. Lilly's ongoing investment in research and development remains substantial, underscoring its commitment to future innovation, while marketing and administrative expenses also increased to support commercial launches. The balance sheet remains strong, with a significant increase in cash and cash equivalents, providing flexibility for continued investment and strategic initiatives.

Oct 30, 2025 8-K

ELI LILLY & Co 8-K Report, Corporate Update (Aug 20, 2025)

Eli Lilly and Company (LLY) has announced the successful completion of a significant debt offering, raising approximately $6.71 billion in net proceeds after underwriting discounts and before expenses. This capital raise involves the issuance of multiple tranches of notes, including $750 million in Floating Rate Notes due 2028 and various fixed-rate notes with maturities ranging from 2028 to 2065. The fixed-rate notes carry coupon rates from 4.000% to 5.650% per annum, while the floating-rate notes are tied to Compounded SOFR plus a spread. This substantial debt issuance is likely intended to support Eli Lilly's ongoing research and development efforts, potential acquisitions, or to strengthen its balance sheet. The diversity in note maturities and the inclusion of floating-rate notes suggest a strategic approach to managing interest rate risk and financing its long-term growth initiatives. Investors should monitor how these proceeds are deployed and their impact on the company's financial leverage and future profitability.

Aug 20, 2025 8-K

ELI LILLY & Co 8-K Report, Financial Results (Aug 7, 2025)

Eli Lilly reported second-quarter 2025 results that substantially beat the prior run-rate and prompted a raise to full-year guidance. Revenue rose 38% year over year to $15.56 billion, driven by volume growth of 42% that more than offset a 6% decline from lower realized prices. Growth was led by Zepbound (U.S. revenue up 172% to $3.38 billion) and Mounjaro (worldwide revenue up 68% to $5.20 billion). Gross margin expanded 3.5 points to 84.3% of revenue on improved cost of production and favorable mix. Reported EPS rose 92% to $6.29 and non-GAAP EPS rose 61% to $6.31, both including a $0.14 acquired IPR&D charge. Reported net income was $5.66 billion, and R&D rose 23% to $3.34 billion, or 21.4% of revenue. Management raised 2025 revenue guidance by $1.5 billion at the midpoint to $60.0-62.0 billion. Reported EPS guidance moved to $20.85-22.10 and non-GAAP EPS guidance to $21.75-23.00. The reported EPS increase is partly offset by a higher expected reported tax rate of about 19% (from about 17%), which reflects a third-quarter charge tied to recently enacted U.S. tax legislation. Guidance includes $1.73 billion (about $1.86 per share) of acquired IPR&D charges incurred through Q2 and excludes any future IPR&D, so later deal activity could pressure reported results. Guidance also assumes existing tariffs as of August 7, 2025, and does not reflect potential pharmaceutical-sector tariff changes. For investors, the key takeaways are the strength of the incretin franchise, the expansion of margins, and the earnings upgrade. The filing also flags pipeline progress, including positive orforglipron obesity data and Mounjaro cardiovascular outcomes data in type 2 diabetes. Risks that remain include continued U.S. price erosion, tariff and tax policy uncertainty, and ongoing business development spending.

Aug 7, 2025 10-Q

ELI LILLY & Co Quarterly Report for Q2 Ended Jun 30, 2025

Eli Lilly and Company (LLY) reported robust financial performance for the quarter and six months ended June 30, 2025. Revenue surged by 38% and 41% year-over-year, respectively, driven by strong demand for key products like Mounjaro and Zepbound, particularly in the U.S. market. This top-line growth translated into a significant increase in net income, up 91% for the quarter and 62% for the six-month period, with diluted EPS also showing substantial gains. The company's gross margin improved due to better production costs and product mix, even with increased R&D and SG&A expenses supporting pipeline development and commercialization efforts. Despite increased investments in research and development and marketing, Lilly demonstrated strong operational efficiency. The company also made strategic acquisitions, including Verve Therapeutics and SiteOne Therapeutics, to bolster its pipeline in cardiovascular disease and pain management, respectively. Financially, Lilly maintained a healthy cash position, though total debt increased due to recent debt issuances primarily to fund acquisitions and general business purposes. The company also continued its share repurchase program and dividend payments, reflecting a commitment to shareholder returns.

Aug 7, 2025 8-K

ELI LILLY & Co 8-K Report, Shareholder Vote Results (May 8, 2025)

Eli Lilly and Company (LLY) held its 2025 Annual Meeting of Shareholders on May 5, 2025, with a strong turnout of approximately 89% of outstanding shares represented. The meeting's primary focus was on voting matters, including the election of directors, advisory approval of executive compensation, and ratification of the independent auditor. All management-proposed items, such as the election of the four director nominees and the ratification of Ernst & Young LLP as the independent auditor, received overwhelming support from shareholders, indicating strong confidence in the company's leadership and governance. However, two significant shareholder proposals to amend the company's Articles of Incorporation – one to eliminate the classified board structure and another to eliminate supermajority voting provisions – failed to receive the required 80% of outstanding shares for approval. While a majority of votes cast were in favor of these changes, the high threshold for approval was not met. This outcome suggests that while a portion of shareholders desire more immediate board changes and simplified voting, the current board structure and voting requirements remain in place, supported by a significant majority.

May 8, 2025 10-Q

ELI LILLY & Co Quarterly Report for Q1 Ended Mar 31, 2025

Eli Lilly and Company (LLY) reported a strong first quarter for 2025, with revenue soaring by 45% year-over-year to $12.7 billion, driven by significant growth in key products like Mounjaro and Zepbound. Net income also saw a substantial increase of 23%, reaching $2.76 billion. This impressive performance reflects robust demand and improved gross margins, although offset by higher acquired in-process R&D charges and increased marketing expenses. The company's strategic focus on innovation and pipeline development continues, as evidenced by a significant increase in acquired in-process R&D, primarily related to the Scorpion Therapeutics acquisition. While R&D expenses saw a moderate increase, the company's commitment to developing new medicines remains a core driver of its long-term strategy. Lilly's financial position remains solid, with ample liquidity and cash flow to support its operations, ongoing investments in manufacturing capacity, and shareholder returns through its share repurchase program and dividends.

May 1, 2025 8-K

ELI LILLY & Co 8-K Report, Financial Results (May 1, 2025)

Eli Lilly reported first-quarter 2025 revenue of $12.73 billion, up 45% year over year, driven by a 53% volume increase that more than offset a 6% decline in realized prices. Growth was led by the obesity and diabetes franchise: Mounjaro revenue rose 113% to $3.84 billion and U.S. Zepbound revenue reached $2.31 billion, versus $517.4 million a year earlier. Gross margin improved to 82.5% of revenue on a reported basis (83.5% non-GAAP), reflecting better cost of production and favorable mix. Reported EPS was $3.06 (up 23%) and non-GAAP EPS was $3.34 (up 29%), both after a $1.72-per-share acquired IPR&D charge, primarily related to Scorpion Therapeutics' PI3Kα inhibitor STX-478. The charge is a non-cash acquisition cost that weighed on Q1 earnings and the tax rate, which rose to 20.2% because the IPR&D charge is non-deductible. The company reaffirmed 2025 revenue guidance of $58.0 to $61.0 billion, but lowered its 2025 EPS guidance. Reported EPS guidance fell to $20.17 to $21.67 from $22.05 to $23.55, and non-GAAP EPS guidance fell to $20.78 to $22.28 from $22.50 to $24.00. The cuts reflect the Q1 IPR&D charge and net losses on equity investments. Reported other expense guidance widened to $750 million to $850 million, and the expected tax rate rose to about 17% from about 16%. Guidance includes only IPR&D incurred through Q1 2025, so future acquisition charges could pressure reported EPS further. Management also highlighted positive Phase 3 results for oral GLP-1 orforglipron in type 2 diabetes, the first of seven late-stage obesity and diabetes trials. Outside the U.S., revenue rose 38% to $4.24 billion, but that figure includes a one-time $370 million benefit from an amendment to the Jardiance collaboration with Boehringer Ingelheim, so underlying growth was lower. Verzenio U.S. sales grew only 3%, reflecting wholesaler buying patterns and competitive pressure. Overall, the quarter shows strong demand momentum for Lilly's incretin franchise, with the key investor questions centering on pricing pressure, the durability of volume growth, and the impact of acquired IPR&D on reported earnings.

May 1, 2025 10-K

ELI LILLY & Co Annual Report, Year Ended Dec 31, 2024

Eli Lilly and Company (LLY) reported a substantial increase in revenue for the fiscal year ending December 31, 2024, with total revenue reaching $45.04 billion, a 32% increase over the prior year. This growth was primarily driven by strong performance in key products like Mounjaro and Zepbound, which saw significant revenue gains, along with continued growth from Verzenio and Taltz. The company also experienced substantial net income growth of 102%, reaching $10.59 billion, with diluted earnings per share rising to $11.71. This financial performance reflects increased volume and higher realized prices across its portfolio, particularly in the U.S. market. Lilly continues to aggressively invest in its research and development pipeline, with approximately 55 new medicine candidates in clinical development or under regulatory review. Significant progress has been made in areas such as obesity and Alzheimer's disease, with Mounjaro/Zepbound and Donanemab (Kisunla) showing promising results and regulatory approvals. The company also announced a new $15 billion share repurchase program, demonstrating confidence in its future prospects and commitment to returning capital to shareholders. However, investors should note ongoing risks related to pricing pressures, regulatory changes (such as the Inflation Reduction Act), intellectual property challenges, and potential supply chain disruptions.

Feb 19, 2025 8-K

ELI LILLY & Co 8-K Report, Corporate Update (Feb 12, 2025)

Eli Lilly and Company (LLY) has filed an 8-K detailing a significant debt offering, successfully raising approximately $6.46 billion in net proceeds through the issuance of various senior notes. The offering includes $1 billion in 4.550% Notes due 2028, $1.25 billion in 4.750% Notes due 2030, $1 billion in 4.900% Notes due 2032, $1.25 billion in 5.100% Notes due 2035, $1.25 billion in 5.500% Notes due 2055, and $750 million in 5.600% Notes due 2065. This substantial capital raise will likely be utilized to support the company's ongoing research and development, clinical trials, and potential future acquisitions, aligning with its strategy to expand its product pipeline and market presence. Investors should note the diverse maturity profile and interest rates of these notes, reflecting current market conditions and Lilly's borrowing costs. The company has secured capital across short, medium, and long-term horizons, which can provide financial flexibility. The offering was registered on a Form S-3 registration statement, indicating a routine debt issuance for a company of Lilly's size and financial standing. The specifics of the underwriting agreements and note indentures are detailed in the filed exhibits for those seeking deeper financial insight.

Feb 12, 2025 8-K

ELI LILLY & Co 8-K Report, Financial Results (Feb 6, 2025)

Eli Lilly reported Q4 2024 revenue of $13.53 billion, up 45% year over year, driven by a 48% volume increase partially offset by a 4% decline in realized prices. Growth was led by the new incretin products Mounjaro and Zepbound, with New Products revenue reaching $5.64 billion in the quarter. Reported EPS rose 102% to $4.88 and non-GAAP EPS rose 114% to $5.32, both including $0.19 of acquired IPR&D charges. Gross margin expanded to 82.2% of revenue on favorable product mix. Full-year 2024 revenue was $45.04 billion, up 32%. For 2025, Lilly guided to revenue of $58.0 billion to $61.0 billion, about 32% growth at the midpoint, and reported EPS of $22.05 to $23.55 (non-GAAP $22.50 to $24.00). The guidance assumes continued incretin demand growth, new indications, and launches in additional markets, and the company expects to produce at least 1.6 times the salable incretin doses in the first half of 2025 versus the first half of 2024. Management also expects a higher effective tax rate of about 16% and higher interest expense. Other notable items include a $15 billion share repurchase program, a 15% increase in the quarterly dividend, a $3 billion Kenosha, Wisconsin manufacturing expansion, and several pipeline milestones such as the Zepbound sleep apnea approval, the Omvoh Crohn's approval, and positive SURMOUNT-5 results versus Wegovy. Key risks include pricing pressure, Trulicity's decline (down 25% in Q4), and the one-time $300 million Jardiance payment that boosted the quarter.

Feb 6, 2025 8-K

ELI LILLY & Co 8-K Report, Financial Results (Jan 14, 2025)

Eli Lilly (LLY) filed an 8-K on January 14, 2025, furnishing a press release ahead of a J.P. Morgan Healthcare Conference fireside chat. The company pre-announced preliminary 2024 results: full-year revenue of approximately $45.0 billion, up 32% year over year and $4.0 billion above the midpoint of its first-time 2024 guidance. However, Q4 2024 revenue of roughly $13.5 billion came in about $400 million below the low end of recently issued guidance, which the company attributed to slower-than-anticipated incretin growth acceleration and lower-than-expected channel inventory at year-end. Note that the release frames the $400 million shortfall as about 3% against the October 30, 2024 guidance range, so the 2024 total is itself below that prior range. The key forward-looking item is 2025 revenue guidance of $58.0 billion to $61.0 billion, implying roughly 32% growth at the midpoint versus expected 2024 revenue. Management cited contributions from newer medicines such as Jaypirca, Ebglyss, Omvoh and Kisunla, new indications, Mounjaro launches in additional markets, and potential approval of imlunestrant. Incretin market and channel dynamics are said to be factored into the range. CEO David Ricks also stated that U.S. supply of all tirzepatide doses was available throughout Q4 and that the company expects to produce at least 60% more salable incretin doses in the first half of 2025 than in the first half of 2024. All figures are unaudited and preliminary, and the company warned that final results may vary materially. Full Q4 2024 results and formal 2025 financial guidance are scheduled for release on February 6, 2025. Investors should treat the preliminary numbers as subject to closing adjustments and weigh the Q4 miss against the strong full-year growth and the ambitious 2025 outlook.

Jan 14, 2025 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Nov 19, 2024)

Eli Lilly (LLY) disclosed in an 8-K filed November 19, 2024 that its Board has elected Jon Moeller, Chairman, President and CEO of Procter & Gamble, as a new director effective December 1, 2024. Moeller, who will sit on the Audit Committee and the Directors and Corporate Governance Committee, is deemed independent under NYSE standards and is not party to any related-party transaction under Item 404(a) of Regulation S-K. He will receive the standard non-employee director compensation and must stand for shareholder election at the May 2026 annual meeting. Karen Walker, a director since 2018 and a member of the Audit and Talent and Compensation Committees, will resign from the Board effective December 31, 2024. The company states her departure did not result from any disagreement with management on operations, policies or practices. Starting in 2025, she is expected to collaborate with Lilly on digital commercial activities, a signal that the company is investing in its digital and commercial capabilities as it scales. For investors, the filing is a routine governance change with no financial figures, guidance, or material transactions disclosed. The main points are the addition of an experienced consumer-goods executive with finance and strategy background to the Audit Committee, and the transition of a longtime director into an operating role. The filing does not indicate any change in Lilly's financial position or outlook.

Nov 19, 2024 10-Q

ELI LILLY & Co Quarterly Report for Q3 Ended Sep 30, 2024

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.

Oct 30, 2024 8-K

ELI LILLY & Co 8-K Report, Financial Results (Oct 30, 2024)

Eli Lilly reported Q3 2024 revenue of $11.44 billion, up 20% year over year, with the headline growth muted by the prior-year olanzapine (Zyprexa) rights sale of $1.42 billion. Excluding that divestiture, revenue rose 42%, with worldwide volume up 36%. The growth was led by Mounjaro and Zepbound, while non-incretin revenue grew 17%. Reported EPS was $1.07 and non-GAAP EPS was $1.18, both absorbing $3.08 per share of acquired IPR&D charges, primarily from the Morphic Holding acquisition. Net income was $970.3 million, compared with a loss in Q3 2023. Lilly lowered 2024 EPS guidance to $12.05–$12.55 reported and $13.02–$13.52 non-GAAP, down from $15.10–$15.60 and $16.10–$16.60. The cut reflects the $3.33 per share of IPR&D charges now included in guidance, which investors should treat as a one-time, acquisition-driven reduction rather than an operating deterioration. Revenue guidance was narrowed to $45.4–$46.0 billion, from $45.4–$46.6 billion, which implies a modestly lower top end. Management also noted that wholesaler inventory destocking reduced Q3 U.S. sales of Mounjaro and Zepbound by a mid-single-digit percentage of aggregate U.S. sales of those products. The release also highlighted pipeline and capacity progress: FDA approval of Ebglyss, Japanese approval of Kisunla, positive SURMOUNT-1 176-week data showing a 94% reduction in type 2 diabetes risk, and a $1.8 billion Irish manufacturing expansion plus a $4.5 billion Indiana Medicine Foundry investment. Supply expansion is a central lever for meeting tirzepatide demand, and these investments support longer-term growth.

Oct 30, 2024 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Sep 9, 2024)

Eli Lilly announced on September 9, 2024 that Lucas Montarce, a 25-year Lilly veteran, has been appointed executive vice president and chief financial officer, effective immediately, and joins the Executive Committee. He follows a competitive search across health care, tech and general industries. Montarce most recently served as Lilly president and general manager for the Spain, Portugal and Greece hub, and previously led finance at Lilly Research Laboratories (as controller and CFO), Lilly International, and Elanco Health. The filing is a leadership transition rather than a financial disclosure, so it contains no earnings, guidance, or balance sheet data. Compensation is modest relative to the company's scale: an annualized base salary of $1,000,000 and an annualized target bonus of $1,000,000. The filing states there are no arrangements under which he was selected, no family relationships with directors or executive officers, and no related-party transactions under Item 404(a) of Regulation S-K. CEO David Ricks publicly expressed high confidence in Montarce, citing more than a decade of working directly with him. For investors, the key takeaway is continuity and an internally developed successor. Montarce's background spans finance, controllership, and international operations, which aligns with Lilly's expanding global footprint and its focus on long-term value creation. The filing itself does not indicate any change in strategy or financial outlook.

Sep 9, 2024 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Aug 16, 2024)

Eli Lilly and Company (LLY) disclosed in this Form 8-K, filed August 16, 2024, that director Dr. Marschall S. Runge will retire from the Board of Directors effective August 31, 2024. Per the filing, his decision did not arise from any disagreement with the Company on its operations, policies or practices. The disclosure is a governance update under Item 5.02 and does not include financial results, guidance, or material financial statements; the only attached exhibit is the press release (Exhibit 99.1) and the XBRL cover page. Runge has served on the board since 2013, sitting on the Science and Technology Committee and the Ethics and Compliance Committee. The press release notes that he is CEO of Michigan Medicine and dean of the University of Michigan Medical School, and that he plans to retire from those leadership roles on June 30, 2025, after which he will remain on the faculty. CEO David A. Ricks thanked him for his service and his expertise in science and medical affairs. For investors, this is a routine board transition with limited direct financial impact. The main considerations are the loss of a director with clinical trial, biomedical research, and diabetes/obesity expertise, and the Science and Technology and Ethics and Compliance committee seats that will need to be filled or reassigned. The filing does not name a successor or describe any compensation or other arrangements.

Aug 16, 2024 8-K

ELI LILLY & Co 8-K Report, Corporate Update (Aug 14, 2024)

Eli Lilly and Company (LLY) has announced the successful issuance and sale of $4.75 billion in aggregate principal amount of senior notes across multiple tranches, maturing between 2027 and 2064. This significant debt offering, which closed on August 14, 2024, generated net proceeds of approximately $4.96 billion after underwriting discounts. The company utilized this debt issuance to raise substantial capital, likely to support ongoing research and development, potential acquisitions, or general corporate purposes, aligning with its growth strategies in the pharmaceutical sector. Investors should note the diverse maturities and interest rates associated with these notes, ranging from 4.150% for the 2027 Notes to 5.200% for the 2064 Notes. The company has established terms for potential redemption and has outlined conditions under which the principal could become immediately due and payable in the event of a default. This financing action is a key event for the company, demonstrating its ability to access capital markets efficiently.

Aug 14, 2024 10-Q

ELI LILLY & Co Quarterly Report for Q2 Ended Jun 30, 2024

Eli Lilly and Company (LLY) reported strong financial results for the second quarter and first half of 2024, showcasing significant revenue and net income growth. Revenue surged by 36% year-over-year for the quarter and 31% for the first half, driven by robust sales of key products like Mounjaro®, Zepbound®, and Verzenio®. This growth was further bolstered by increased volume and higher realized prices, particularly in the U.S. market, and improved channel dynamics for their incretin medicines. Profitability also saw substantial improvement, with diluted earnings per share rising by 68% for both the quarter and the first half. This strong performance was supported by an improved gross margin, reflecting favorable pricing and product mix. While research and development and marketing, selling, and administrative expenses increased to support pipeline development and launches, the company maintained a healthy increase in net income. Eli Lilly also announced a proposed acquisition of Morphic Holding, Inc. for approximately $3.2 billion, indicating continued strategic investment in its pipeline. The company continues to invest heavily in expanding manufacturing capacity, particularly for its incretin medicines, though periodic supply tightness is still a consideration. The pipeline remains robust with numerous new medicine candidates in late-stage development across key therapeutic areas, including cardiometabolic health, immunology, neuroscience, and oncology. These developments, combined with strong financial performance, position Eli Lilly for continued growth.

Aug 8, 2024 8-K

ELI LILLY & Co 8-K Report, Financial Results (Aug 8, 2024)

Eli Lilly reported strong second-quarter 2024 results, with revenue up 36% year over year to $11.30 billion, driven by volume growth of 27%. Excluding the $579.0 million Baqsimi rights sale in Q2 2023, revenue grew 46%. Growth was led by Mounjaro ($3.09 billion, up from $979.7 million) and Zepbound ($1.24 billion in U.S. sales), while Trulicity declined 31%. Reported EPS rose 68% to $3.28, and non-GAAP EPS rose 86% to $3.92, both including $0.14 of acquired IPR&D charges. Gross margin expanded to 80.8% of revenue on a reported basis, and 82.0% on a non-GAAP basis, reflecting favorable product mix and higher realized prices. Lilly raised its full-year 2024 revenue guidance by $3.0 billion to $45.4–$46.6 billion, and raised reported EPS guidance by $2.05 to $15.10–$15.60 and non-GAAP EPS guidance by $2.60 to $16.10–$16.60. Management attributed the revenue raise to Mounjaro and Zepbound performance, non-incretin medicines, and improved clarity on production expansion timing. Investors should note that the U.S. incretin results were partly supported by channel stocking, which the company estimated at high-teens to mid-20s percent of U.S. Mounjaro and Zepbound sales, and that management flagged possible periodic supply tightness for certain presentations. Q2 results also included a $435.0 million charge for anticipated litigation payments, which is excluded from non-GAAP results but reflected in reported figures and guidance. Other expense rose to $197.6 million, reflecting larger net losses on equity investments and higher net interest expense. The filing also highlighted FDA approval of Kisunla for Alzheimer's disease, positive Phase 3 SUMMIT data for tirzepatide in heart failure with preserved ejection fraction, the pending Morphic Holding acquisition, a $5.3 billion Indiana manufacturing investment, and a public warning about counterfeit and compounded tirzepatide products.

Aug 8, 2024 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Jul 10, 2024)

Eli Lilly and Company (LLY) has announced a change in its Chief Financial Officer (CFO) role. Anat Ashkenazi will be stepping down from her position as executive vice president and CFO to pursue opportunities outside the pharmaceutical industry. She will remain with the company until the end of July 2024 to ensure a smooth handover of her duties. Taking over as interim CFO, effective July 15, 2024, will be Gordon Brooks. Mr. Brooks brings extensive experience to the role, having been with Eli Lilly for 29 years and holding various senior finance positions. This includes his recent role as group vice president, controller, and corporate strategy, as well as prior leadership positions in financial planning, procurement, and internal audit. The company has stated there are no specific arrangements or understandings related to his selection, no family ties to current executives, and no related-party transactions.

Jul 10, 2024 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Jun 5, 2024)

Eli Lilly and Company (LLY) disclosed on June 5, 2024 that Chief Financial Officer Anat Ashkenazi has resigned to pursue a career opportunity outside the pharmaceutical industry. The filing is a leadership change rather than a financial disclosure: no financial results, guidance, or operational metrics are reported. Under the terms disclosed, Ashkenazi remains in her role at full capacity and as a member of the Executive Committee through July 2024, which gives the company a transition window. The press release frames the departure positively. CEO David A. Ricks thanked Ashkenazi for 23 years of service and credited her last three years as CFO with significant growth and groundwork for reaching more patients. Her background includes overseeing the CFOs of Lilly's commercial, R&D, manufacturing and quality, and G&A functions, as well as leading the corporate strategy team and business transformation office. That breadth of oversight makes the succession search a meaningful governance matter for investors. The company has started both an internal and external search for her successor, but the filing names no replacement, interim CFO, or timeline beyond the July 2024 date. Investors should watch for the successor announcement, any interim arrangements, and whether the change affects financial reporting continuity or the company's capital allocation priorities during a period of significant growth.

Jun 5, 2024 8-K

ELI LILLY & Co 8-K Report, Shareholder Vote Results (May 9, 2024)

Eli Lilly and Company (LLY) held its 2024 Annual Meeting of Shareholders on May 6, 2024, where a significant majority of outstanding shares (approximately 90%) were represented. The meeting's primary outcome was the election of four director nominees to three-year terms, with overwhelming support from shareholders. Additionally, shareholders advisory approved the compensation of the Company's named executive officers and ratified the appointment of Ernst & Young LLP as the independent auditor for 2024. However, two key governance proposals seeking to eliminate the classified board structure and supermajority voting provisions did not receive the required 80% of outstanding shares to pass. Several shareholder proposals regarding lobbying activities, diversity and inclusion effectiveness, the impact of patent exclusivities on product access, and the adoption of a comprehensive human rights policy also failed to gain majority approval. These voting outcomes indicate shareholder confidence in the current board and executive compensation, while also signaling a preference to maintain existing governance structures and a lack of consensus on specific governance and social responsibility initiatives presented.

May 9, 2024 10-Q

ELI LILLY & Co Quarterly Report for Q1 Ended Mar 31, 2024

Eli Lilly and Company (LLY) reported robust financial results for the first quarter of 2024, with total revenue reaching $8.77 billion, a significant 26% increase year-over-year. This growth was largely driven by strong performance in key products like Mounjaro, Zepbound, Verzenio, and Jardiance, despite supply constraints for some incretin medicines. Net income surged by 67% to $2.24 billion, translating to diluted earnings per share of $2.48, a 66% increase from the prior year's first quarter. The company continues to invest heavily in research and development, with R&D expenses increasing by 27% to $2.52 billion, reflecting its commitment to pipeline expansion. Marketing, selling, and administrative expenses also saw an increase of 12%. Despite increased operational costs, Eli Lilly demonstrated improved profitability, with gross margin as a percentage of revenue rising to 80.9%, up from 76.6% in the prior year's comparable quarter, attributed to favorable pricing and product mix. The company's financial position remains strong, with sufficient liquidity to fund operations and planned capital expenditures.

Apr 30, 2024 8-K

ELI LILLY & Co 8-K Report, Financial Results (Apr 30, 2024)

Eli Lilly reported first-quarter 2024 results on April 30, 2024 that were strong on the top line and margins. Revenue rose 26% year over year to $8.77 billion, driven by volume growth of 16% and higher realized prices of 10%. Growth was led by Mounjaro ($1.81 billion, up from $568.5 million) and the newly launched Zepbound ($517.4 million in its first full quarter of U.S. sales), with Verzenio up 40% and Jardiance up 19%, partly offset by a 26% decline in Trulicity to $1.46 billion. Reported EPS rose 66% to $2.48 and non-GAAP EPS rose 59% to $2.58, both including $0.10 of acquired IPR&D charges. Gross margin expanded to 80.9% of revenue (82.5% non-GAAP), reflecting higher realized prices and favorable mix. Management raised full-year 2024 revenue guidance by $2.0 billion to $42.4–$43.6 billion, citing strong incretin demand and better visibility into production expansion. Reported EPS guidance was raised to $13.05–$13.55 and non-GAAP EPS guidance to $13.50–$14.00. Management noted that demand for Mounjaro and Zepbound continues to exceed supply, with wholesaler backorders at quarter end, and that the most significant production increases are expected in the second half of 2024. Investors should weigh the upside against several watch items: R&D expense rose 27% to 29% of revenue, Trulicity continues to decline, the EMPACT-MI trial for Jardiance missed statistical significance, and the CYCLONE-3 Verzenio prostate cancer trial was stopped for futility. Future incretin growth depends heavily on how quickly Lilly can expand manufacturing capacity.

Apr 30, 2024 10-K

ELI LILLY & Co Annual Report, Year Ended Dec 31, 2023

Eli Lilly and Company (LLY) reported strong performance in its 2023 10-K filing, driven by significant growth in key therapeutic areas, particularly diabetes, obesity, and oncology. Revenue increased by 20% year-over-year, with notable contributions from Mounjaro, Verzenio, and Jardiance. The company is heavily investing in its late-stage pipeline, with approximately 50 new medicine candidates in clinical development or under regulatory review, including promising treatments for Alzheimer's disease (Donanemab) and obesity. This robust pipeline, coupled with strategic acquisitions like POINT Biopharma for radiopharmaceutical capabilities, positions Lilly for continued innovation and market leadership. However, the company faces ongoing challenges including intense competition, increasing government price controls (like those from the Inflation Reduction Act), and supply chain complexities for high-demand products like Mounjaro and Trulicity. Despite these headwinds, Lilly's strategic focus on innovation and expansion of manufacturing capacity provides a foundation for future growth, though investors should monitor regulatory developments and competitive pressures.

Feb 21, 2024 8-K

ELI LILLY & Co 8-K Report, Corporate Update (Feb 9, 2024)

Eli Lilly and Company (LLY) announced on February 7, 2024, its successful issuance of $6.45 billion in aggregate principal amount of senior notes through an underwriting agreement with several major financial institutions. This offering comprised five tranches of notes with varying maturities ranging from 2027 to 2064 and coupon rates from 4.500% to 5.100%. The net proceeds from this significant debt issuance, totaling approximately $6.45 billion after deducting underwriting discounts, are expected to bolster Lilly's financial flexibility. This substantial capital raise indicates Lilly's strategic approach to financing its operations, research and development, and potential future growth initiatives. The diverse maturity profile of the notes allows for a structured approach to debt management. Investors should note that the company retains the option to redeem these notes under specific conditions, and the principal amount may become immediately due and payable in the event of a default, as outlined in the indenture agreement.

Feb 9, 2024 8-K

ELI LILLY & Co 8-K Report, Financial Results (Feb 6, 2024)

Eli Lilly reported strong Q4 2023 results on February 6, 2024, with revenue up 28% year-over-year to $9.35 billion, driven mainly by a 16% increase in realized prices and an 11% increase in volume. Growth was led by Mounjaro, which generated $2.21 billion in Q4 revenue versus $279 million a year earlier, and by Verzenio, Jardiance and Taltz. Reported EPS rose 13% to $2.42 and non-GAAP EPS rose 19% to $2.49, both after absorbing $0.62 per share of acquired IPR&D charges. Gross margin expanded to 80.9% of revenue on a reported basis, reflecting higher realized prices. The filing also notes the sharp decline in Trulicity (down 14%) and Humalog (down 33%), and that Lilly expects incretin demand to outpace supply through 2024. For full-year 2024, Lilly guided to revenue of $40.4 billion to $41.6 billion, reported EPS of $11.80 to $12.30 and non-GAAP EPS of $12.20 to $12.70. The guidance excludes any future acquired IPR&D charges, which management said it will update each quarter as they are incurred. Management also introduced a new operating-expense ratio metric, expected at 30% to 32% reported and 31% to 33% non-GAAP, and expects an effective tax rate of about 14%. Other expense is projected at $400 million to $500 million, mainly from higher interest expense. Pipeline and corporate developments during the quarter included FDA approval of Zepbound for obesity, accelerated approval of Jaypirca in CLL/SLL, positive Phase 2 SYNERGY-NASH data for tirzepatide in MASH, and a negative Phase 3 CYCLONE-2 readout for Verzenio in prostate cancer. The company also completed the POINT Biopharma and Mablink acquisitions, announced a $2.5 billion injectable manufacturing site in Germany, and raised its quarterly dividend by 15%, the sixth consecutive year of that size of increase.

Feb 6, 2024 10-Q

ELI LILLY & Co Quarterly Report for Q3 Ended Sep 30, 2023

Eli Lilly and Company (LLY) reported a significant increase in revenue for the third quarter of 2023, driven by strong sales of key products like Mounjaro® and Verzenio®, alongside revenue from the divestiture of the olanzapine portfolio. Despite the revenue growth, the company reported a net loss for the quarter, primarily due to substantial acquired in-process research and development (IPR&D) charges related to recent acquisitions, as well as increased research and development and marketing expenses. For the nine-month period ending September 30, 2023, revenue also saw a healthy increase, though net income and diluted EPS declined year-over-year. This decline is largely attributed to the same factors impacting the quarterly results: significant IPR&D expenses and higher operating costs, partially offset by robust top-line growth. The company continues to invest heavily in its late-stage pipeline, with numerous promising candidates in development across various therapeutic areas, including diabetes, obesity, immunology, neuroscience, and oncology.

Nov 2, 2023 8-K

ELI LILLY & Co 8-K Report, Financial Results (Nov 2, 2023)

Eli Lilly reported third-quarter 2023 results that were headline-strong on revenue but sharply weaker on earnings. Revenue rose 37% to $9.50 billion, helped by $1.42 billion from the sale of rights to the olanzapine (Zyprexa) portfolio. Excluding that sale and prior-year COVID-19 antibody sales, revenue grew 24%. Growth was led by New Products (Mounjaro, Omvoh, Jaypirca), which contributed $1.44 billion, and by Verzenio, Mounjaro and Jardiance. Gross margin expanded to 80.4% reported and 81.7% non-GAAP. Profitability was hit by a $2.98 billion acquired IPR&D charge, mainly tied to the DICE Therapeutics, Versanis Bio and Emergence Therapeutics acquisitions. As a result, Q3 reported EPS was a loss of $0.06 (vs. $1.61 a year earlier) and non-GAAP EPS fell 95% to $0.10. The olanzapine sale added $1.22 per share, which partly offset the IPR&D drag. Research and development rose 34% to $2.41 billion, reflecting late-stage spending and early-stage research investment. Management kept full-year revenue guidance unchanged at $33.4 to $33.9 billion and left gross margin, MS&A and R&D guidance intact. It lowered reported 2023 EPS guidance to $5.95 to $6.15 and non-GAAP EPS guidance to $6.50 to $6.70, both driven by acquired IPR&D charges. Investors should read the lower EPS as largely a one-time, acquisition-accounting effect, while the underlying revenue trajectory of the new obesity and diabetes franchises is the key driver going forward.

Nov 2, 2023 10-Q

ELI LILLY & Co Quarterly Report for Q2 Ended Jun 30, 2023

Eli Lilly and Company reported robust financial results for the second quarter and first half of 2023, demonstrating significant revenue and net income growth. Total revenue increased by 28% in the second quarter and 7% year-to-date, driven by strong volume increases in key products like Mounjaro, Verzenio, Jardiance, and Taltz, along with a notable contribution from the sale of Baqsimi rights. Net income saw a substantial rise of 85% in the quarter and 9% year-to-date, attributed to higher revenues, reduced acquired in-process R&D charges, and strategic pipeline investments. The company continues to invest heavily in research and development, with expenses increasing by 32% and 28% for the respective periods, reflecting a strong commitment to its late-stage pipeline, including promising treatments for diabetes, obesity, immunology, and neuroscience. Acquisitions, such as the announced deal for DICE Therapeutics, underscore Lilly's strategy to expand its portfolio and therapeutic reach. Despite supply chain challenges for incretin products like Mounjaro and Trulicity, the company is actively expanding manufacturing capacity to meet demand. Looking ahead, Lilly faces potential headwinds from evolving pharmaceutical pricing regulations, including the Inflation Reduction Act, but remains focused on innovation and growth.

Aug 8, 2023 8-K

ELI LILLY & Co 8-K Report, Financial Results (Aug 8, 2023)

Eli Lilly reported Q2 2023 revenue of $8.31 billion, up 28% year over year, driven by a 29% volume increase and $579.0 million from the sale of rights to Baqsimi. Excluding Baqsimi and prior-year COVID-19 antibody sales, revenue grew 22%. Reported EPS rose 86% to $1.95 and non-GAAP EPS rose 69% to $2.11, both including $0.43 from the Baqsimi sale and $0.09 of acquired IPR&D charges. Growth was led by Mounjaro, which generated $979.7 million in its first full quarter of meaningful sales, along with Verzenio (+57%) and Jardiance (+45%). Growth Products rose 16% to $4.93 billion, and New Products contributed $1.00 billion. Management raised full-year 2023 guidance substantially. Revenue guidance increased $2.2 billion to $33.4 to $33.9 billion, with roughly $1.5 billion attributed to business development (including the olanzapine portfolio sale closing in July 2023 and Baqsimi) and the remainder to underlying performance. Reported EPS guidance rose $1.02 to $9.20 to $9.40, and non-GAAP EPS guidance rose $1.05 to $9.70 to $9.90. R&D spending guidance increased $600 million to $8.9 to $9.1 billion, reflecting late-stage investment and recent deals. Pipeline and business development news was also significant. Donanemab's TRAILBLAZER-ALZ 2 Phase 3 results were positive, with traditional approval submissions to the FDA and EMA and U.S. regulatory action expected by year-end 2023. Tirzepatide's chronic weight management submission was completed with the FDA, supported by SURMOUNT-3 and -4 data. Lilly also announced agreements to acquire DICE Therapeutics, Sigilon Therapeutics and Versanis Bio. Investors should note that Trulicity sales declined 5% amid supply constraints, and Alimta fell 73% due to loss of exclusivity.

Aug 8, 2023 8-K

ELI LILLY & Co 8-K Report, Shareholder Vote Results (May 4, 2023)

Eli Lilly and Company (LLY) filed an 8-K report detailing the results of its 2023 Annual Meeting of Shareholders held on May 1, 2023. The report indicates strong shareholder participation, with approximately 90% of outstanding shares represented. Key outcomes include the election of four director nominees to three-year terms and the advisory approval of executive compensation. Shareholders also voted to continue advisory votes on executive compensation on an annual basis and ratified the appointment of Ernst & Young LLP as the independent auditor. Notably, proposals to eliminate the company's classified board structure and to remove supermajority voting provisions did not achieve the required 80% shareholder approval. Several shareholder proposals concerning lobbying activities, patent exclusivity impacts, abortion support risks, diversity and inclusion efforts, and political expenditure reporting were also not approved.

May 4, 2023 10-Q

ELI LILLY & Co Quarterly Report for Q1 Ended Mar 31, 2023

Eli Lilly and Company reported a decrease in revenue for the first quarter of 2023, down 11% year-over-year to $7.0 billion, primarily due to the cessation of COVID-19 antibody sales and lower realized prices. Net income also saw a significant decline of 29% to $1.34 billion, or $1.49 per diluted share. This downturn was partially offset by strong growth in key products like Mounjaro and Verzenio, and a notable improvement in gross margin percentage, driven by the shift away from lower-margin COVID-19 antibody sales. Despite the top-line decrease, the company continues to invest heavily in research and development, with expenses up 23% driven by late-stage asset development. The company also announced significant divestiture agreements for the olanzapine portfolio (Zyprexa) and Baqsimi, which are expected to close in April 2023, generating substantial cash proceeds. Eli Lilly's financial position remains robust, with an increase in cash and cash equivalents and continued share repurchases, indicating confidence in future growth prospects, particularly from its innovative pipeline.

Apr 27, 2023 8-K

ELI LILLY & Co 8-K Report, Financial Results (Apr 27, 2023)

Eli Lilly reported first-quarter 2023 results that were mixed beneath the headline. Reported revenue fell 11% to $6.96 billion, but this decline was driven almost entirely by the roughly $1.47 billion of COVID-19 antibody sales recognized in Q1 2022. Excluding COVID-19 antibodies, revenue grew 10%, and worldwide volume rose 18%. Growth was led by Mounjaro (a new product launched in June 2022, generating $568.5 million), Verzenio (up 60%), Trulicity (up 14%) and Jardiance (up 38%). Lower realized prices, notably for Humalog in China and the U.S., partially offset volume gains. Profitability declined sharply. Reported EPS fell 29% to $1.49 and non-GAAP EPS fell 38% to $1.62, both including $0.10 of acquired IPR&D. The decline reflects the absence of high-margin COVID-19 antibody sales, which had inflated the prior-year gross margin. R&D expense rose 23% to $1.99 billion, or 29% of revenue, as late-stage development spending increased. Gross margin as a percent of revenue was 76.6% reported, up 3.1 points year over year, but that comparison is distorted by the prior-year antibody sales. Management raised 2023 reported EPS guidance by $0.28 to $8.18–$8.38 and non-GAAP EPS guidance by $0.30 to $8.65–$8.85. Most of the revenue guidance increase ($900 million, to $31.2–$31.7 billion) reflects a weaker U.S. dollar, with about $650 million from foreign exchange assumptions. Guidance excludes the pending olanzapine (Zyprexa) and Baqsimi divestitures. The company also disclosed pipeline progress, including positive Phase 3 SURMOUNT-2 data for tirzepatide, and announced several divestitures and a $1.6 billion expansion of Indiana manufacturing.

Apr 27, 2023 8-K

ELI LILLY & Co 8-K Report, Executive Changes (Mar 17, 2023)

Eli Lilly & Company (LLY) filed an 8-K on March 17, 2023, to disclose a non-competition and non-solicitation agreement entered into with Daniel Skovronsky, a key officer. This agreement outlines restrictions on competitive activities and solicitation of company relationships for a period following his employment. The agreement includes a provision for Dr. Skovronsky to receive up to $5 million if the Company chooses to enforce its terms. This filing is primarily an administrative disclosure regarding executive compensation and post-employment obligations, rather than a report of significant operational changes or financial performance. Investors should note this as part of the company's standard governance practices for executive arrangements.

Mar 17, 2023 8-K

ELI LILLY & Co 8-K Report, Corporate Update (Feb 24, 2023)

Eli Lilly and Company (LLY) announced on February 23, 2023, the successful issuance and sale of a substantial debt offering totaling approximately $4 billion. This offering consisted of four tranches of notes with varying maturities and coupon rates: $750 million of 5.000% Notes due 2026, $1 billion of 4.700% Notes due 2033, $1.25 billion of 4.875% Notes due 2053, and $1 billion of 4.950% Notes due 2063. The net proceeds from this offering, estimated at approximately $3.96 billion after underwriting discounts and before other expenses, are expected to provide significant financial flexibility for the company. This substantial capital raise indicates Lilly's strategic intent to strengthen its balance sheet, potentially to fund ongoing research and development, business development activities, or general corporate purposes. Investors should note the long-term nature of some of these notes, particularly the 2053 and 2063 tranches, reflecting the company's long-term financial planning and commitment to growth. The details of the underwriting agreement and the terms of the notes have been filed with the SEC, offering transparency on the transaction.

Feb 24, 2023 10-K

ELI LILLY & Co Annual Report, Year Ended Dec 31, 2022

Eli Lilly and Company (LLY) reported strong performance in its 2022 10-K filing, with total revenue reaching $28.54 billion, a slight increase from the previous year, driven by volume growth in key products like Trulicity, Verzenio, Jardiance, and Taltz. The company's profitability also saw a notable increase, with net income rising 12% to $6.24 billion. This growth was underpinned by robust clinical development progress, particularly in areas like diabetes with Mounjaro and cardiovascular disease. Despite facing patent expirations for some older products like Alimta, which led to significant revenue declines in those segments, Lilly demonstrated resilience through its strong pipeline and successful launches of newer, high-growth products. The company is heavily investing in research and development, with R&D expenses increasing to $7.19 billion, reflecting its commitment to innovation in therapeutic areas such as obesity, immunology, neuroscience, and oncology. Lilly is also strategically expanding its manufacturing capabilities to meet strong demand for its incretin products. While the company faces ongoing challenges from generic competition, pricing pressures, and evolving regulatory landscapes (including the Inflation Reduction Act), its strategic focus on innovation, pipeline development, and operational efficiency positions it for continued growth and value creation for shareholders.

Feb 22, 2023 8-K

ELI LILLY & Co 8-K Report, Financial Results (Feb 2, 2023)

Eli Lilly (LLY) reported fourth-quarter 2022 results on February 2, 2023. Q4 reported revenue fell 9% to $7.30 billion, driven by a 4% unfavorable FX impact, a 3% decline in realized prices, and a 2% volume decline. Excluding COVID-19 antibodies, revenue rose 5% (10% constant currency) and worldwide volume rose 13%. Key growth products (Verzenio, Mounjaro, Jardiance, Taltz, Trulicity and others) grew 21% and made up 70% of revenue. Reported EPS rose 13% to $2.14, while non-GAAP EPS fell 4% to $2.09. Both figures include $0.23 of acquired IPR&D and development milestone charges. Full-year 2022 revenue was $28.54 billion (up 1%) and reported EPS was $6.90 (up 13%). The quarter's headline decline is largely explained by the fall-off in COVID-19 antibody sales (down 96% in Q4 to $38 million) and Alimta's loss of exclusivity (down 46%). Underlying growth was strong, led by Verzenio (up 100%), Mounjaro (launched June 2022, $279 million in Q4), and Jardiance (up 42%). Management guided 2023 revenue to $30.3–30.8 billion, unchanged, and raised reported EPS guidance to $7.90–8.10 (from $7.65–7.85) and non-GAAP EPS guidance to $8.35–8.55 (from $8.10–8.30). The EPS increase comes entirely from a lower assumed tax rate of about 13%, down from about 16%, because the expected deferral or repeal of the 2017 Tax Act R&D capitalization provision did not occur. Management said 2023 could bring up to four new medicine launches and expects mid-teens core revenue growth. Investors should weigh the strong volume and pipeline momentum against ongoing headwinds: China government pricing (VBP and NRDL), Alimta generic erosion, COVID-19 product decline, and rising R&D spending ($2.0 billion in Q4, 27% of revenue). The 2023 EPS raise is driven by tax assumptions rather than operating improvement, so its durability depends on future tax legislation. The guidance excludes any future acquired IPR&D charges.

Feb 2, 2023 8-K

ELI LILLY & Co 8-K Report, Financial Results (Dec 13, 2022)

Eli Lilly (LLY) filed an 8-K on December 13, 2022, furnishing (not filing) a press release under Item 2.02 that provides its 2023 financial guidance and reaffirms 2022 guidance. For 2023, management expects revenue of $30.3 to $30.8 billion, reported EPS of $7.65 to $7.85, and non-GAAP EPS of $8.10 to $8.30. Growth is expected to be volume-driven, led by Mounjaro and other key growth products, partially offset by lower Alimta revenue following loss of patent exclusivity, no COVID-19 antibody revenue, and foreign exchange headwinds. Management highlighted a pipeline-driven outlook, with potential 2023 launches for donanemab, mirikizumab, lebrikizumab and pirtobrutinib, possible regulatory submissions for tirzepatide in obesity, and planned Phase 3 starts for retatrutide and orforglipron. Key 2023 readouts include donanemab in early Alzheimer's and mirikizumab in Crohn's disease. Spending is set to rise, with R&D guided to $8.2 to $8.4 billion and MS&A to $6.9 to $7.1 billion. The 2023 guidance excludes acquired IPR&D and milestone charges, which Lilly will update quarterly as incurred. The tax rate is expected to be about 16%, reflecting the assumed deferral of the Tax Act R&D capitalization provision and Puerto Rico legislation. The company also announced a fifth consecutive 15% annual dividend increase for 2023, which doubles the dividend relative to 2018. Investors should note that the 2023 EPS guidance range is roughly 4% to 6% above the 2022 non-GAAP range midpoint, and that guidance is forward-looking and subject to pipeline, regulatory, pricing, and currency risks.

Dec 13, 2022 8-K

ELI LILLY & Co 8-K Report, Financial Results (Nov 1, 2022)

Eli Lilly reported Q3 2022 results that were mixed on the surface but showed strong underlying momentum in its growth franchises. Worldwide revenue rose 2% to $6.94 billion (7% on a constant-currency basis), with volume up 14% offset by lower realized prices (-7%) and unfavorable FX (-4%). Key growth products grew 19% and made up 70% of revenue, and the newly launched Mounjaro generated $97.3 million in U.S. revenue plus $86.0 million in collaboration revenue from Japan. Reported EPS rose 32% to $1.61 and non-GAAP EPS rose 12% to $1.98, though both figures include $0.06 of acquired IPR&D and milestone charges. Operating margin was 24.2% on a reported basis, and gross margin fell 1.6 points to 77.3%, partly due to inflation and logistics costs. The filing's most important item for investors is the guidance cut. Management lowered 2022 revenue guidance to $28.5-$29.0 billion from $28.8-$29.3 billion, citing about $1.0 billion of full-year FX headwind. Reported EPS guidance fell to $6.50-$6.65 from $6.96-$7.11 and non-GAAP EPS guidance fell to $7.70-$7.85 from $7.90-$8.05. Reported operating margin guidance was reduced by roughly 100 basis points to about 26%, driven by a $206.5 million intangible impairment on the GBA1 gene therapy (PR001) due to delayed launch timing. Acquired IPR&D and milestone charges for 2022 were raised to about $670 million. Pipeline and business development news was active during the quarter. The FDA granted Fast Track designation for tirzepatide in obesity, with a rolling submission planned for 2022 and completion expected after SURMOUNT-2 data in April 2023. Management also highlighted pending regulatory submissions for lebrikizumab and an agreement to acquire Akouos. Investors will focus on whether Mounjaro's launch can offset pricing pressure and generic erosion from Alimta, and on the timing of obesity and other late-stage readouts.

Nov 1, 2022