Lilly reports Q3 2024 financial results highlighted by strong volume-driven revenue growth from New Products
Eli Lilly (LLY) reported strong Q3 2024 financial results with revenue increasing 20% to $11.44 billion. Excluding olanzapine portfolio revenue, total revenue grew 42%, driven by volume growth from Mounjaro and Zepbound. Q3 2024 EPS increased to $1.07 (reported) and $1.18 (non-GAAP). The company updated its 2024 guidance, projecting revenue of $45.4-$46.0 billion and EPS of $12.05-$12.55 (reported) and $13.02-$13.52 (non-GAAP). Key achievements included FDA approval of Ebglyss for atopic dermatitis and positive Phase 3 data showing 94% reduction in type 2 diabetes risk with tirzepatide.
Eli Lilly (LLY) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un aumento del fatturato del 20%, raggiungendo $11,44 miliardi. Escludendo i ricavi dal portafoglio di olanzapina, il fatturato totale è cresciuto del 42%, grazie alla crescita del volume di vendite di Mounjaro e Zepbound. L'EPS del terzo trimestre 2024 è aumentato a $1,07 (riportato) e $1,18 (non-GAAP). L'azienda ha aggiornato le sue previsioni per il 2024, prevedendo un fatturato di $45,4-$46,0 miliardi e un EPS di $12,05-$12,55 (riportato) e $13,02-$13,52 (non-GAAP). Tra i risultati chiave vi sono l'approvazione della FDA per Ebglyss per la dermatite atopica e dati positivi della fase 3 che mostrano una riduzione del 94% del rischio di diabete di tipo 2 con tirzepatide.
Eli Lilly (LLY) reportó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 20% en los ingresos, alcanzando los $11.44 mil millones. Excluyendo los ingresos del portafolio de olanzapina, los ingresos totales crecieron un 42%, impulsados por el crecimiento en volumen de Mounjaro y Zepbound. El EPS del tercer trimestre de 2024 aumentó a $1.07 (reportado) y $1.18 (non-GAAP). La empresa actualizó su guía para 2024, proyectando ingresos de $45.4-$46.0 mil millones y un EPS de $12.05-$12.55 (reportado) y $13.02-$13.52 (non-GAAP). Los logros clave incluyeron la aprobación de la FDA para Ebglyss para la dermatitis atópica y datos positivos de la Fase 3 que muestran una reducción del 94% en el riesgo de diabetes tipo 2 con tirzepatida.
엘리 릴리 (LLY)는 2024년 3분기 강력한 재무 성과를 보고하며, 매출이 20% 증가하여 114억 4천만 달러에 이르렀습니다. 올란자핀 포트폴리오 매출을 제외할 경우, 전체 매출은 42% 성장하였으며, 이는 마운자로와 젭바운드의 판매 증가에 기인합니다. 2024년 3분기 주당순이익(EPS)은 $1.07(보고됨) 및 $1.18(비-GAAP)로 증가했습니다. 회사는 2024년 매출 전망을 $454억-$460억 달러, 주당 순이익을 $12.05-$12.55(보고됨) 및 $13.02-$13.52(비-GAAP)으로 업데이트했습니다. 주요 성과 중에는 아토피 피부염을 위한 Ebglyss의 FDA 승인과 티르제파타이드로 인한 제2형 당뇨병 위험 94% 감소를 보여주는 3상 긍정적 데이터가 포함됩니다.
Eli Lilly (LLY) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un chiffre d'affaires en hausse de 20 %, atteignant 11,44 milliards de dollars. En excluant les revenus du portefeuille d'olanzapine, le chiffre d'affaires total a augmenté de 42 %, grâce à la croissance des volumes de Mounjaro et Zepbound. Le BPA pour le troisième trimestre 2024 a augmenté à 1,07 $ (rapporté) et 1,18 $ (non-GAAP). La société a mis à jour ses prévisions pour 2024, projetant un chiffre d'affaires de 45,4 à 46,0 milliards de dollars et un BPA de 12,05 à 12,55 $ (rapporté) et de 13,02 à 13,52 $ (non-GAAP). Parmi les réalisations clés figurent l'approbation de la FDA pour Ebglyss dans le traitement de la dermatite atopique et des données positives de Phase 3 montrant une réduction de 94 % du risque de diabète de type 2 avec le tirzepatide.
Eli Lilly (LLY) hat starke Finanzresultate für das dritte Quartal 2024 gemeldet, mit einem Umsatzanstieg von 20% auf 11,44 Milliarden US-Dollar. Ohne die Einnahmen aus dem Olanzapin-Portfolio wuchs der Gesamtumsatz um 42%, angetrieben durch das Volumenwachstum von Mounjaro und Zepbound. Das EPS für das dritte Quartal 2024 stieg auf 1,07 USD (berichtet) und 1,18 USD (non-GAAP). Das Unternehmen aktualisierte seine Prognose für 2024 und erwartet einen Umsatz von 45,4-46,0 Milliarden USD und ein EPS von 12,05-12,55 USD (berichtet) sowie 13,02-13,52 USD (non-GAAP). Zu den wichtigsten Erfolgen gehörten die FDA-Zulassung von Ebglyss für atopische Dermatitis und positive Phase-3-Daten, die eine 94%ige Risikominderung für Typ-2-Diabetes mit Tirzepatid zeigen.
- Revenue grew 42% excluding olanzapine portfolio
- Non-incretin revenue increased 17%
- New Products revenue grew by $3.07B to $4.51B in Q3
- Gross margin increased 21% to $9.27B with improved margin percentage
- Mounjaro revenue reached $3.11B, up from $1.41B in Q3 2023
- Verzenio revenue increased 32% to $1.37B
- Trulicity revenue decreased 22% to $1.30B due to competitive dynamics
- Jardiance revenue decreased 2% to $686.4M
- R&D expenses increased 13% to $2.73B
- Marketing, selling and administrative expenses increased 16% to $2.10B
- Company lowered full-year EPS guidance
Insights
Lilly delivered an exceptional Q3 with
Key metrics show robust fundamentals: gross margin improved to
The
The clinical data presents compelling evidence for Lilly's leadership in metabolic and neurological diseases. The 176-week SURMOUNT-1 study showing
The TRAILBLAZER-ALZ 6 trial's modified donanemab dosing achieved comparable amyloid plaque removal while reducing ARIA-E incidence to
New approvals for Ebglyss in atopic dermatitis and Kisunla for early Alzheimer's in Japan further diversify the portfolio. The ADjoin study showing
- Revenue in Q3 2024 increased
20% , driven by volume growth from Mounjaro and Zepbound, partially offset by of revenue in Q3 2023 from the sale of rights for the olanzapine portfolio (Zyprexa). Excluding revenue from the olanzapine portfolio, total revenue increased$1.42 billion 42% , and non-incretin revenue increased17% . - Q3 2024 EPS increased to
on a reported basis and$1.07 on a non-GAAP basis, both inclusive of$1.18 of acquired IPR&D charges.$3.08 - 2024 revenue guidance range updated to
to$45.4 . 2024 reported EPS guidance updated to the range of$46.0 billion to$12.05 , and non-GAAP EPS guidance updated to the range of$12.55 to$13.02 , both driven by the acquired IPR&D charges incurred in Q3.$13.52 - Approvals included Ebglyss in the
U.S. for moderate-to-severe atopic dermatitis and Kisunla inJapan for early symptomatic Alzheimer's disease. - Positive Phase 3 data included the 176-week study of tirzepatide showing
94% reduction in the risk of developing type 2 diabetes in adults with pre-diabetes, and obesity or overweight, and the six-month TRAILBLAZER-ALZ 6 trial showing that modified titration achieved similar levels of amyloid plaque removal while also reducing the incidence of ARIA-E to14% , compared with24% in the standard dosing regimen.
"Lilly had another strong growth quarter in Q3, with total revenue increasing by
Lilly shared numerous updates recently on key regulatory, clinical, business development and other events, including:
U.S. Food and Drug Administration approval of Ebglyss™, a first-line biologic for the treatment of adults and children 12 years of age or older with moderate-to-severe atopic dermatitis;- Approval of Kisunla™ in
Japan for the treatment of early symptomatic Alzheimer's disease; - Positive topline results from the SURMOUNT-1 176-week study of tirzepatide (Zepbound® and Mounjaro®) showing
94% reduction in the risk of developing type 2 diabetes in adults with pre-diabetes, and obesity or overweight; - Positive six-month Phase 3 primary endpoint data from the TRAILBLAZER-ALZ 6 trial showing that modified titration achieved similar levels of amyloid plaque removal while also reducing the incidence of ARIA-E to
14% , compared with24% in the standard dosing regimen; - Positive Phase 3 EMBER-3 study evaluating imlunestrant oral SERD in patients with second-line ER+, HER2- metastatic breast cancer;
- Positive results from the ADjoin long-term extension study for Ebglyss showing sustained disease control for up to three years in more than
80% of adults and adolescents with moderate-to-severe atopic dermatitis who responded to Ebglyss treatment; - Launch of 2.5 mg and 5 mg single-dose Zepbound vials in the
U.S. exclusively through LillyDirect® to expand supply and increase access; - Completion of the acquisition of Morphic Holding, Inc., expanding Lilly's immunology pipeline;
- Expansion of the company's manufacturing footprint in
Ireland with a investment in Limerick ($1.8 billion ) and Kinsale ($1 billion ) to enhance global medicine production;$800 million - Opening of the Lilly Seaport Innovation Center, a research and development facility which serves as the central hub for Lilly's genetic medicines efforts;
- Announcement of
investment to develop the Lilly Medicine Foundry in$4.5 billion Indiana , the first-ever facility to combine research and manufacturing in a single location to increase capacity for clinical trial medicines; and - Appointment of Lucas Montarce as Lilly's executive vice president and chief financial officer.
For information on important public announcements, visit the news section of Lilly's website.
Financial Results
$ in millions, except per share data | Third Quarter | ||||
2024 | 2023 | % Change | |||
Revenue | $ 11,439.1 | $ 9,498.6 | 20 % | ||
Net income (loss) – Reported | 970.3 | (57.4) | NM | ||
Earnings (loss) per share – Reported | 1.07 | (0.06) | NM | ||
Net income – Non-GAAP | 1,064.5 | 94.8 | NM | ||
Earnings per share – Non-GAAP | 1.18 | 0.10 | NM | ||
NM – not meaningful |
A discussion of the non-GAAP financial measures is included below under "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)."
Third-Quarter Reported Results
In Q3 2024, worldwide revenue was
(i) Lilly defines New Products as select products launched since 2022, which currently consist of Ebglyss, Jaypirca, Kisunla, Mounjaro, Omvoh and Zepbound. |
(ii) Lilly defines Growth Products as select products launched prior to 2022, which currently consist of Cyramza, Emgality, Jardiance, Olumiant, Retevmo, Taltz, Trulicity, Tyvyt and Verzenio. |
Revenue in the
Revenue outside the
Gross margin increased
In Q3 2024, research and development expenses increased
Marketing, selling and administrative expenses increased
In Q3 2024, the company recognized acquired in-process research and development (IPR&D) charges of
Asset impairment, restructuring and other special charges of
Other income (expense) was income of
The effective tax rate was
In Q3 2024, net income and earnings per share (EPS) were
Third-Quarter Non-GAAP Measures
On a non-GAAP basis, Q3 2024 gross margin increased
The effective tax rate on a non-GAAP basis was
On a non-GAAP basis, Q3 2024 net income and EPS were
For further detail on non-GAAP measures, see the reconciliation below as well as the "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)" table later in this press release.
Third Quarter | |||||
2024 | 2023 | % Change | |||
Earnings (loss) per share (reported) | $ 1.07 | $ (0.06) | NM | ||
Amortization of intangible assets | .12 | .11 | |||
Asset impairment, restructuring and other special charges | .07 | — | |||
Net (gains) losses on investments in equity securities | (.09) | .06 | |||
Earnings per share (non-GAAP) | $ 1.18 | $ 0.10 | NM | ||
Acquired IPR&D | 3.08 | 3.29 | (6) % | ||
Numbers may not add due to rounding | |||||
NM – not meaningful |
Selected Revenue Highlights
(Dollars in millions) | Third Quarter | Year-to-Date | |||||||||
Selected Products | 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||
Mounjaro | $ 3,112.7 | $ 1,409.3 | NM | $ 8,010.0 | $ 2,957.5 | NM | |||||
Trulicity | 1,301.4 | 1,673.6 | (22) % | 4,003.3 | 5,463.2 | (27) % | |||||
Verzenio | 1,369.3 | 1,040.2 | 32 % | 3,751.5 | 2,717.9 | 38 % | |||||
Zepbound | 1,257.8 | — | NM | 3,018.4 | — | NM | |||||
Taltz | 879.6 | 744.2 | 18 % | 2,308.4 | 1,975.0 | 17 % | |||||
Jardiance(a) | 686.4 | 700.8 | (2) % | 2,142.5 | 1,946.6 | 10 % | |||||
Humalog(b) | 534.6 | 395.4 | 35 % | 1,704.9 | 1,296.8 | 31 % | |||||
Total Revenue | 11,439.1 | 9,498.6 | 20 % | 31,509.9 | 24,770.7 | 27 % | |||||
(a) Jardiance includes Glyxambi®, Synjardy® and Trijardy® XR (b) Humalog includes Insulin Lispro NM – not meaningful |
Mounjaro
For Q3 2024, worldwide Mounjaro revenue was
Trulicity
For Q3 2024, worldwide Trulicity revenue decreased
Verzenio
For Q3 2024, worldwide Verzenio revenue increased
Zepbound
For Q3 2024,
Taltz
For Q3 2024, worldwide Taltz revenue increased
Jardiance
For Q3 2024, the company's worldwide Jardiance revenue decreased
Jardiance is part of the company's alliance with Boehringer Ingelheim. Lilly reports as revenue royalties received on net sales of Jardiance.
Humalog
For Q3 2024, worldwide Humalog revenue increased
2024 Financial Guidance
The company updated 2024 full-year revenue guidance to between
The ratio of (Gross Margin - OPEX) / Revenue, where OPEX is defined as the sum of research and development expenses and marketing, selling and administrative expenses, is still expected to be in the range of
Guidance now includes acquired IPR&D charges of
Guidance on a reported basis now includes asset impairment, restructuring and other special charges of
Other income (expense) is now expected to be in a range of (
Tax rate guidance is now approximately
Based on these changes, EPS guidance has been lowered to the ranges of
2024 Guidance(1) | |
Earnings per share (reported) | |
Amortization of intangible assets | .49 |
Asset impairment, restructuring, and other special charges | .45 |
Net losses on investments in equity securities | .03 |
Earnings per share (non-GAAP) | |
Numbers may not add due to rounding | |
(1) Reported and Non-GAAP EPS guidance both include |
The following table summarizes the company's 2024 financial guidance:
2024 Guidance(1) | |||
Prior | Updated(3) | ||
Revenue | |||
(Gross Margin - OPEX(2)) / Revenue: | |||
(reported) | unchanged | ||
(non-GAAP) | unchanged | ||
Other Income/(Expense) (reported) | ( | ( | |
Other Income/(Expense) (non-GAAP) | ( | unchanged | |
Tax Rate | Approx. | Approx. | |
Earnings per Share (reported) | |||
Earnings per Share (non-GAAP) | |||
(1) Non-GAAP guidance reflects adjustments presented in the earnings per share reconciliation table above. | |||
(2) OPEX is defined as the sum of research and development expenses and marketing, selling and administrative | |||
(3) Guidance includes acquired IPR&D charges through Q3 2024 of |
Webcast of Conference Call
As previously announced, investors and the general public can access a live webcast of the Q3 2024 financial results conference call through a link on Lilly's website at investor.lilly.com/webcasts-and-presentations. The conference call will begin at 10 a.m. Eastern time today and will be available for replay via the website.
Non-GAAP Financial Measures
Certain financial information is presented on both a reported and a non-GAAP basis. Some numbers in this press release may not add due to rounding. Reported results were prepared in accordance with
About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news. F-LLY
Cautionary Statement Regarding Forward-Looking Statements
This press release contains management's current intentions and expectations for the future, all of which are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words "estimate", "project", "intend", "expect", "believe", "target", "anticipate", "may", "could", "aim", "seek", "will", "continue", and similar expressions are intended to identify forward-looking statements. Actual results may differ materially due to various factors. The following include some but not all of the factors that could cause actual results or events to differ from those anticipated, including the significant costs and uncertainties in the pharmaceutical research and development process, including with respect to the timing and process of obtaining regulatory approvals; the impact and uncertain outcome of acquisitions and business development transactions and related costs; intense competition affecting the company's products, pipeline, or industry; market uptake of launched products and indications; continued pricing pressures and the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and patient access to pharmaceuticals, or reporting obligations related thereto; safety or efficacy concerns associated with the company's products; dependence on relatively few products or product classes for a significant percentage of the company's total revenue and an increasingly consolidated supply chain; the expiration of intellectual property protection for certain of the company's products and competition from generic and biosimilar products, and risks from the proliferation of counterfeit or illegally compounded products; the company's ability to protect and enforce patents and other intellectual property and changes in patent law or regulations related to data package exclusivity; information technology system inadequacies, inadequate controls or procedures, security breaches, or operating failures; unauthorized access, disclosure, misappropriation, or compromise of confidential information or other data stored in the company's information technology systems, networks, and facilities, or those of third parties with whom the company shares its data and violations of data protection laws or regulations; issues with product supply and regulatory approvals stemming from manufacturing difficulties, disruptions, or shortages, including as a result of unpredictability and variability in demand, labor shortages, third-party performance, quality, cyber-attacks, or regulatory actions related to the company's and third-party facilities; reliance on third-party relationships and outsourcing arrangements; the use of artificial intelligence or other emerging technologies in various facets of the company's operations which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risks; the impact of global macroeconomic conditions, including uneven economic growth or downturns or uncertainty, trade disruptions, international tension, conflicts, regional dependencies, or other costs, uncertainties, and risks related to engaging in business globally; fluctuations in foreign currency exchange rates or changes in interest rates and inflation; litigation, investigations, or other similar proceedings involving past, current, or future products or activities; changes in tax law and regulations, tax rates, or events that differ from our assumptions related to tax positions; regulatory changes and developments; regulatory actions regarding the company's operations and products; regulatory compliance problems or government investigations; actual or perceived deviation from environmental-, social-, or governance-related requirements or expectations; asset impairments and restructuring charges; and changes in accounting and reporting standards. For additional information about the factors that could cause actual results or events to differ materially from forward-looking statements, please see the company's latest Form 10-K and subsequent Forms 8-K and 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. Except as is required by law, the company expressly disclaims any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this release.
Cyramza® (ramucirumab, Lilly)
Ebglyss™ (lebrikizumab, Lilly)
Emgality® (galcanezumab-gnlm, Lilly)
Glyxambi® (empagliflozin/linagliptin, Boehringer Ingelheim)
Humalog® (insulin lispro injection of recombinant DNA origin, Lilly)
Jardiance® (empagliflozin, Boehringer Ingelheim)
Jaypirca® (pirtobrutinib, Lilly)
Kisunla™ (donanemab-azbt injection, Lilly)
Mounjaro® (tirzepatide injection, Lilly)
Olumiant® (baricitinib, Lilly)
Omvoh® (mirikizumab, Lilly)
Retevmo® (selpercatinib, Lilly)
Synjardy® (empagliflozin/metformin, Boehringer Ingelheim)
Taltz® (ixekizumab, Lilly)
Trijardy® XR (empagliflozin/linagliptin/metformin hydrochloride extended release tablets, Boehringer Ingelheim)
Trulicity® (dulaglutide, Lilly)
Tyvyt® (sintilimab injection, Innovent)
Verzenio® (abemaciclib, Lilly)
Zepbound® (tirzepatide injection, Lilly)
Third-party trademarks used herein are trademarks of their respective owners.
Eli Lilly and Company |
Operating Results (Unaudited) – REPORTED |
(Dollars in millions, except per share data) |
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2024 | 2023 | % Chg. | 2024 | 2023 | % Chg. | ||||||||
Revenue | $ | 11,439.1 | $ | 9,498.6 | 20 % | $ | 31,509.9 | $ | 24,770.7 | 27 % | |||
Cost of sales | 2,170.8 | 1,860.1 | 17 % | 6,014.5 | 5,294.2 | 14 % | |||||||
Research and development | 2,734.1 | 2,409.1 | 13 % | 7,968.1 | 6,750.7 | 18 % | |||||||
Marketing, selling and administrative | 2,099.8 | 1,803.9 | 16 % | 6,169.3 | 5,478.5 | 13 % | |||||||
Acquired IPR&D | 2,826.4 | 2,975.1 | (5) % | 3,091.2 | 3,177.2 | (3) % | |||||||
Asset impairment, restructuring and other special charges | 81.6 | — | NM | 516.6 | — | NM | |||||||
Operating income | 1,526.4 | 450.4 | NM | 7,750.2 | 4,070.1 | 90 % | |||||||
Net interest income (expense) | (144.9) | (75.7) | (425.0) | (218.6) | |||||||||
Net other income (expense) | 206.9 | 52.5 | 316.5 | 194.3 | |||||||||
Other income (expense) | 62.0 | (23.2) | NM | (108.5) | (24.3) | NM | |||||||
Income before income taxes | 1,588.4 | 427.2 | NM | 7,641.7 | 4,045.8 | 89 % | |||||||
Income tax expense | 618.1 | 484.6 | 28 % | 1,461.5 | 995.1 | 47 % | |||||||
Net income (loss) | $ | 970.3 | $ | (57.4) | NM | $ | 6,180.2 | $ | 3,050.7 | NM | |||
Earnings (loss) per share - diluted | $ | 1.07 | $ | (0.06) | NM | $ | 6.83 | $ | 3.38 | NM | |||
Dividends paid per share | $ | 1.30 | $ | 1.13 | 15 % | $ | 3.90 | $ | 3.39 | 15 % | |||
Weighted-average shares outstanding (thousands) - diluted | 905,027 | 899,838 | 904,359 | 903,051 |
Eli Lilly and Company | ||||||
Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited) | ||||||
(Dollars in millions, except per share data) | ||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||
Gross Margin - As Reported | $ 9,268.3 | $ 7,638.5 | $ 25,495.4 | $ 19,476.5 | ||
Increase for excluded items: | ||||||
Amortization of intangible assets (Cost of sales)(i) | 139.4 | 125.0 | 417.6 | 377.2 | ||
Gross Margin - Non-GAAP | $ 9,407.7 | $ 7,763.5 | $ 25,913.0 | $ 19,853.7 | ||
Gross Margin as a percent of revenue - As Reported | 81.0 % | 80.4 % | 80.9 % | 78.6 % | ||
Gross Margin as a percent of revenue - Non-GAAP(ii) | 82.2 % | 81.7 % | 82.2 % | 80.1 % |
Numbers may not add due to rounding. |
i. Exclude amortization of intangibles primarily associated with costs of marketed products acquired or licensed from third parties. |
ii. Non-GAAP gross margin as a percent of revenue reflects the gross margin effects of the adjustments presented above. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||
2024 | 2023 | 2024 | 2023 | |||
Net income (loss) - Reported | $ 970.3 | $ (57.4) | $ 6,180.2 | $ 3,050.7 | ||
Increase (decrease) for excluded items: | ||||||
Amortization of intangible assets (Cost of sales)(i) | 139.4 | 125.0 | 417.6 | 377.2 | ||
Asset impairment, restructuring and other special charges(ii) | 81.6 | — | 516.6 | — | ||
Net (gains) losses on investments in equity securities | (103.0) | 65.3 | 21.3 | 141.8 | ||
Corresponding tax effects (Income taxes) | (23.8) | (38.1) | (194.7) | (106.6) | ||
Net income - Non-GAAP | $ 1,064.5 | $ 94.8 | $ 6,941.0 | $ 3,463.1 | ||
Effective tax rate - Reported | 38.9 % | 113.4 % | 19.1 % | 24.6 % | ||
Effective tax rate - Non-GAAP(iii) | 37.6 % | 84.6 % | 19.3 % | 24.1 % | ||
Earnings (loss) per share (diluted) - Reported | $ 1.07 | $ (0.06) | $ 6.83 | $ 3.38 | ||
Earnings per share (diluted) - Non-GAAP | $ 1.18 | $ 0.10 | $ 7.68 | $ 3.83 |
Numbers may not add due to rounding. |
i. Exclude amortization of intangibles primarily associated with costs of marketed products acquired or licensed from third parties. |
ii. For the three and nine months ended September 30, 2024, excludes charges related to impairment of an intangible asset associated with a molecule in development. For the nine months ended September 30, 2024, also excludes charges related to litigation. |
iii. Non-GAAP tax rate reflects the tax effects of the adjustments presented above. |
Refer to: | Jordan Bishop; jordan.bishop@lilly.com; (317) 374-1878 (Media) |
Joe Fletcher; jfletcher@lilly.com; (317) 296-2884 (Investors) |
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SOURCE Eli Lilly and Company
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