- Revenue in Q1 2024 increased 26%, driven by Mounjaro,
Zepbound, Verzenio and Jardiance.
- Pipeline progress included positive results from two Phase 3
trials of tirzepatide for obstructive sleep apnea;
submission of mirikizumab for Crohn's disease in the U.S. and
EU; resubmission of lebrikizumab for atopic dermatitis in the U.S.;
and initiation of lepodisiran in a Phase 3 study for
atherosclerotic cardiovascular disease.
- Q1 2024 EPS increased 66% to $2.48 on a reported basis and increased 59% to
$2.58 on a non-GAAP basis, both
inclusive of $0.10 of acquired
IPR&D charges.
- 2024 full-year revenue guidance raised by $2.0 billion; reported EPS guidance raised
$1.25 to be in the range of
$13.05 to $13.55 and non-GAAP EPS guidance raised
$1.30 to be in the range of
$13.50 to $14.00.
INDIANAPOLIS, April 30,
2024 /PRNewswire/ -- Eli Lilly and Company (NYSE:
LLY) today announced its financial results for the first quarter of
2024.
"Lilly's first quarter performance reflects solid year-over-year
revenue growth with strong sales of Mounjaro and Zepbound," said
David A. Ricks, Lilly's chair and
CEO. "Our progress in addressing some of the world's most
significant health care challenges has resulted in increased demand
for our medicines. As we continue to make pipeline investments that
position us for future growth, we are rapidly expanding
manufacturing capacity to make our incretin medicines available to
more patients."
Lilly shared numerous updates recently on key regulatory,
clinical, business development and other events, including:
- The announcement of positive topline results of the
SURMOUNT-OSA Phase 3 clinical trials that showed tirzepatide
significantly reduced the apnea-hypopnea index compared to placebo
in adults with moderate-to-severe obstructive sleep apnea and
obesity;
- Submission of mirikizumab for the treatment of adults with
moderately to severely active Crohn's disease in the U.S. and
EU;
- Resubmission of lebrikizumab for adult and adolescent patients
with moderate-to-severe atopic dermatitis in the U.S. with expected
regulatory action in the second half of 2024;
- Initiation of lepodisiran in a Phase 3 study evaluating the
efficacy in reducing cardiovascular risk in participants with high
lipoprotein(a) who have cardiovascular disease or are at risk of a
heart attack or stroke;
- The U.S. Food and Drug Administration's plan to convene an
Advisory Committee meeting to discuss the Phase 3 TRAILBLAZER-ALZ 2
trial, which evaluated the efficacy and safety of donanemab in
early symptomatic Alzheimer's disease;
- The announcement that the multi-dose Kwikpen delivery device
for Mounjaro® was approved in the EU, adding to the UK
approval earlier in 2024, for both the type 2 diabetes and chronic
weight management indications;
- Results from a Phase 3 study of lebrikizumab, specifically
designed for people with skin of color and moderate-to-severe
atopic dermatitis, showed improvement in skin clearance and itch
relief;
- The announcement that the EMPACT-MI Phase 3 clinical trial
showed a 10% relative risk reduction in time to first
hospitalization due to heart failure or all-cause mortality for
Jardiance® versus placebo, which did not reach
statistical significance;
- The decision to terminate the Phase 3 CYCLONE-3 trial
evaluating Verzenio® in metastatic hormone-sensitive
prostate cancer for futility following an interim analysis;
- The announcement of an agreement for Lilly to acquire a new
injectable medicine manufacturing facility from Nexus
Pharmaceuticals, LLC, which, upon completion of the transaction,
will expand Lilly's growing U.S. capacity to produce medicines;
and
- The company broke ground at the previously announced
$2.5 billion parenteral manufacturing
site in Germany.
For information on important public announcements, visit the
news section of Lilly's website.
Financial Results
|
|
|
|
|
|
$ in millions,
except
per share
data
|
First
Quarter
|
|
2024
|
|
2023
|
|
% Change
|
Revenue
|
$
8,768.0
|
|
$
6,960.0
|
|
26 %
|
|
|
|
|
|
|
Net income –
Reported
|
2,242.9
|
|
1,344.9
|
|
67 %
|
Earnings per share –
Reported
|
2.48
|
|
1.49
|
|
66 %
|
|
|
|
|
|
|
Net income –
Non-GAAP
|
2,335.3
|
|
1,463.9
|
|
60 %
|
Earnings per share –
Non-GAAP
|
2.58
|
|
1.62
|
|
59 %
|
|
|
|
|
|
|
A discussion of the non-GAAP financial measures is included
below under "Reconciliation of GAAP Reported to Selected Non-GAAP
Adjusted Information (Unaudited)."
First-Quarter Reported Results
In Q1 2024, worldwide revenue was $8.77
billion, an increase of 26% compared with Q1 2023, driven by
increases of 16% in volume and 10% due to higher realized prices.
The volume increase was primarily driven by growth from Mounjaro,
Zepbound®, Verzenio and Jardiance, partially offset by
declines in Trulicity®. Strong demand for the company's
incretin medicines outpaced supply increases. The company continues
to expand manufacturing capacity, with the most significant
production increases in 2024 expected in the second half of the
year. Higher realized prices were driven by Mounjaro in the U.S. as
Mounjaro saw net price positively impacted by savings card dynamics
compared with Q1 2023. In the second half of 2024, these savings
card dynamics should cease to have a notable effect on realized
price comparisons to base periods, as the $25 non-covered benefit expired June 30, 2023. New Products(i) revenue
grew by $1.79 billion to $2.39 billion in Q1 2024, led by Mounjaro and
Zepbound. Growth Products(ii) revenue increased 2% to
$4.66 billion in Q1 2024 as growth
led by Verzenio, Jardiance, Taltz® and
Emgality® was largely offset by lower Trulicity
sales.
(i) Lilly defines
New Products as select products launched since 2022, which
currently consist of Ebglyss, Jaypirca, 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 U.S. increased 28% to $5.69 billion, driven by a 16% increase in
realized prices and a 12% increase in volume. The higher realized
prices in the U.S. were driven by Mounjaro. The increase in U.S.
volume was driven by Zepbound, Mounjaro and Verzenio, partially
offset by a decrease in Trulicity. Exceptionally strong demand
for the company's incretin medicines led to wholesaler backorders
for these products at quarter end. The company expects tight supply
to continue as growing production volume is outpaced by demand. In
the short to mid-term, Lilly expects sales growth for incretin
medicines to primarily be a function of the quantity the company
can produce and ship.
Revenue outside the U.S. increased 22% to $3.07 billion, driven by a 23% increase in
volume, partially offset by a 1% decrease due to lower realized
prices. The increase in volume outside the U.S. was primarily
driven by Mounjaro, Verzenio, Jardiance and Tyvyt®.
Gross margin increased 33% to $7.09
billion in Q1 2024. Gross margin as a percent of revenue was
80.9%, an increase of 4.3 percentage points. The increase in gross
margin percent was primarily driven by higher realized prices,
favorable product mix, and, to a lesser extent, improvements in the
cost of production.
In Q1 2024, research and development expenses increased 27% to
$2.52 billion, or 29% of revenue,
driven by higher development expenses for late-stage assets and
additional investments in early-stage research, as well as a charge
of approximately $75 million in Q1
2024 associated with the termination of the Verzenio prostate
cancer program.
Marketing, selling and administrative expenses increased 12% to
$1.95 billion in Q1 2024, primarily
driven by promotional efforts associated with ongoing and future
launches, as well as increased compensation and benefit costs.
In Q1 2024, the company recognized acquired in-process research
and development (IPR&D) charges of $110.5 million compared with $105.0 million in Q1 2023.
The effective tax rate was 11.6% in Q1 2024 compared with 12.1%
in Q1 2023, driven by a larger net discrete tax benefit reflected
in Q1 2024 compared with the same period in 2023.
In Q1 2024, net income and earnings per share (EPS) were
$2.24 billion and $2.48, respectively, compared with net income of
$1.34 billion and EPS of
$1.49 in Q1 2023. EPS in both periods
included $0.10 of acquired IPR&D
charges.
First-Quarter Non-GAAP Measures
On a non-GAAP basis, Q1 2024 gross margin increased 33% to
$7.23 billion. Gross margin as a
percent of revenue was 82.5%, an increase of 4.1 percentage points.
The increase in gross margin percent was primarily driven by higher
realized prices, favorable product mix, and, to a lesser extent,
improvements in the cost of production.
The effective tax rate on a non-GAAP basis was 11.9% in Q1 2024
compared with 12.8% in Q1 2023, driven by a larger net discrete tax
benefit reflected in Q1 2024 compared with the same period in
2023.
On a non-GAAP basis, Q1 2024 net income and EPS were
$2.34 billion and $2.58, respectively, compared with net income of
$1.46 billion and EPS of $1.62 in Q1 2023. Non-GAAP EPS in both periods
included $0.10 of acquired IPR&D
charges.
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.
|
First
Quarter
|
|
2024
|
|
2023
|
|
% Change
|
Earnings per share
(reported)
|
$
2.48
|
|
$
1.49
|
|
66 %
|
Amortization of
intangible assets
|
.12
|
|
.11
|
|
|
Net (gains) losses on
investments in equity
securities
|
(.02)
|
|
.02
|
|
|
Earnings per share
(non-GAAP)
|
$
2.58
|
|
$
1.62
|
|
59 %
|
Numbers may not add due
to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
Acquired
IPR&D
|
.10
|
|
.10
|
|
0 %
|
Selected Revenue Highlights
|
|
|
|
|
(Dollars in
millions)
|
First
Quarter
|
Selected Products
|
2024
|
|
2023
|
|
% Change
|
Mounjaro
|
$
1,806.5
|
|
$
568.5
|
|
NM
|
Trulicity
|
1,456.3
|
|
1,977.1
|
|
(26) %
|
Verzenio
|
1,050.3
|
|
750.9
|
|
40 %
|
Jardiance(a)
|
686.5
|
|
577.5
|
|
19 %
|
Taltz
|
604.1
|
|
527.0
|
|
15 %
|
Humalog®(b)
|
538.7
|
|
460.9
|
|
17 %
|
Zepbound
|
517.4
|
|
—
|
|
NM
|
|
|
|
|
|
|
Total
Revenue
|
8,768.0
|
|
6,960.0
|
|
26 %
|
|
|
|
|
|
|
(a)
Jardiance includes Glyxambi®,
Synjardy® and Trijardy® XR
(b)
Humalog includes Insulin
Lispro
NM – not
meaningful
|
Mounjaro
For Q1 2024, worldwide Mounjaro revenue was $1.81 billion compared with $568.5 million in Q1 2023. U.S. revenue was
$1.52 billion compared with
$536.4 million in Q1 2023, reflecting
higher realized prices due to decreased utilization of savings card
programs as access continued to expand, as well as increased
demand. In the second half of 2024, these savings card dynamics
should cease to have a notable effect on realized price comparisons
to base periods, as the $25
non-covered benefit expired June 30,
2023. Revenue outside the U.S. increased to $286.2 million compared with $32.0 million in Q1 2023, driven by volume.
Worldwide volume growth was linked to available supply.
Trulicity
For Q1 2024, worldwide Trulicity revenue decreased 26% compared
with Q1 2023 to $1.46 billion. U.S.
revenue decreased 30% to $1.08
billion, driven by decreased sales volume primarily due to
supply constraints and competitive dynamics. Revenue outside the
U.S. decreased 13% to $374.4 million,
driven by decreased volume and, to a lesser extent, lower realized
prices. In addition to the factors affecting U.S. volume,
international markets continue to be impacted by actions Lilly has
taken to manage demand amid tight supply, including measures to
minimize impact to existing patients.
Verzenio
For Q1 2024, worldwide Verzenio revenue increased 40% compared with
Q1 2023 to $1.05 billion. U.S.
revenue was $638.2 million, an
increase of 38%, primarily driven by increased demand. Revenue
outside the U.S. was $412.1 million,
an increase of 42%, primarily driven by increased demand.
Jardiance
For Q1 2024, the company's worldwide Jardiance revenue increased
19% compared with Q1 2023 to $686.5
million. U.S. revenue was $368.2
million, an increase of 12%, driven by increased demand.
Revenue outside the U.S. was $318.3
million, an increase of 28%, driven by increased volume.
Jardiance is part of the company's alliance with Boehringer
Ingelheim. Lilly reports as revenue royalties received on net sales
of Jardiance.
Taltz
For Q1 2024, worldwide Taltz revenue increased 15% compared with Q1
2023 to $604.1 million. U.S.
revenue increased 11% to $347.1 million, driven by increased demand
and higher realized prices. Revenue outside the U.S. increased 20%
to $257.0 million, driven by
increased demand.
Humalog
For Q1 2024, worldwide Humalog revenue increased 17% compared with
Q1 2023 to $538.7 million. U.S.
revenue was $338.3 million, an
increase of 25%, driven by higher realized prices primarily due to
changes to estimates for rebates and discounts, partially offset by
decreased demand. Revenue outside the U.S. was $200.4 million, an increase of 6%, driven by
increased volume.
Zepbound
For Q1 2024, U.S. Zepbound revenue was $517.4 million. Similar to other Lilly incretin
medicines, volume growth was linked to available supply. Zepbound
launched in the U.S. for the treatment of adult patients with
obesity or overweight with weight-related comorbidities in
November 2023.
2024 Financial Guidance
2024 full-year revenue guidance increased by $2.0 billion to the range of $42.4 billion to $43.6
billion, primarily driven by the strong performance of
Mounjaro and Zepbound and greater visibility into the company's
production expansion for the remainder of the year.
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 now expected to
be in the range of 32% to 34% on a reported basis and 33% to 35% on
a non-GAAP basis. Both ratios reflect the $2.0 billion increase in revenue guidance.
Other income (expense) guidance remains unchanged at a range of
($500) to ($400) million of expense on both a reported and
non-GAAP basis. The reported guidance reflects net gains in Q1 2024
on investments in equity securities.
Tax rate guidance also remains unchanged at approximately 14% on
both a reported and non-GAAP basis.
Based on these changes, EPS guidance increased to the range of
$13.05 to $13.55 on a reported basis and $13.50 to $14.00 on
a non-GAAP basis. The company's 2024 financial guidance reflects
adjustments shown in the reconciliation table below.
|
2024
Guidance
|
Earnings per share
(reported)
|
$13.05 to
$13.55
|
Amortization of
intangible assets
|
.48
|
Net gains on
investments in equity securities
|
(.02)
|
Earnings per share
(non-GAAP)
|
$13.50 to
$14.00
|
Numbers may not add due
to rounding
|
|
|
|
The following table summarizes the company's 2024 financial
guidance:
|
2024
Guidance(1)
|
|
|
|
|
|
|
Prior
|
Updated(3)
|
Revenue
|
|
$40.4 to $41.6
billion
|
$42.4 to $43.6
billion
|
|
|
|
|
(Gross Margin -
OPEX(2)) / Revenue:
|
|
|
|
(reported)
|
|
30% to 32%
|
32% to 34%
|
(non-GAAP)
|
|
31% to 33%
|
33% to 35%
|
|
|
|
|
Other
Income/(Expense)
|
|
($500) to ($400)
million
|
Unchanged
|
|
|
|
|
Tax Rate
|
|
Approx. 14%
|
Unchanged
|
|
|
|
|
Earnings per Share
(reported)
|
|
$11.80 to
$12.30
|
$13.05 to
$13.55
|
Earnings per Share
(non-GAAP)
|
|
$12.20 to
$12.70
|
$13.50 to
$14.00
|
|
|
|
|
(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
expenses.
|
(3)
Guidance does not include Acquired
IPR&D either incurred, or expected to be incurred, after Q1
2024.
|
Webcast of Conference Call
As previously announced,
investors and the general public can access a live webcast of the
Q1 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 U.S. generally
accepted accounting principles (GAAP) and include all revenue and
expenses recognized during the periods. Non-GAAP measures reflect
adjustments for the items described in the reconciliation tables
later in the release. Related materials provide certain GAAP and
non-GAAP figures excluding the impact of foreign exchange rates.
Lilly recalculates current period figures on a constant currency
basis by keeping constant the exchange rates from the base period.
The company's 2024 financial guidance is provided on both a
reported and a non-GAAP basis. The non-GAAP measures are presented
to provide additional insights into the underlying trends in the
company's business.
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 more than 51 million 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 or
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; devaluations 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)
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
|
|
|
March 31,
|
|
|
2024
|
|
2023
|
|
% Chg.
|
|
|
|
|
|
|
|
Revenue
|
$
|
8,768.0
|
$
|
6,960.0
|
|
26 %
|
|
|
|
|
|
|
|
Cost of
sales
|
|
1,673.5
|
|
1,626.7
|
|
3 %
|
Research and
development
|
|
2,522.8
|
|
1,985.1
|
|
27 %
|
Marketing, selling and
administrative
|
|
1,952.2
|
|
1,749.2
|
|
12 %
|
Acquired
IPR&D
|
|
110.5
|
|
105.0
|
|
5 %
|
|
|
|
|
|
|
|
Operating
income
|
|
2,509.0
|
|
1,494.0
|
|
68 %
|
|
|
|
|
|
|
|
Net interest income
(expense)
|
|
(133.8)
|
|
(68.6)
|
|
|
Net other income
(expense)
|
|
160.9
|
|
104.3
|
|
|
Other income
(expense)
|
|
27.1
|
|
35.7
|
|
(24) %
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
2,536.1
|
|
1,529.7
|
|
66 %
|
Income tax
expense
|
|
293.2
|
|
184.8
|
|
59 %
|
|
|
|
|
|
|
|
Net income
|
$
|
2,242.9
|
$
|
1,344.9
|
|
67 %
|
|
|
|
|
|
|
|
Earnings per share -
diluted
|
$
|
2.48
|
$
|
1.49
|
|
66 %
|
|
|
|
|
|
|
|
Dividends paid per
share
|
$
|
1.30
|
$
|
1.13
|
|
15 %
|
Weighted-average shares
outstanding (thousands) - diluted
|
|
903,802
|
|
903,283
|
|
|
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
March 31,
|
|
|
2024
|
2023
|
Gross Margin - As
Reported
|
|
$
7,094.5
|
$
5,333.3
|
|
|
|
|
Increase for excluded
items:
|
|
|
|
Amortization of
intangible assets (Cost of sales)(i)
|
|
139.1
|
125.8
|
|
|
|
|
Gross Margin -
Non-GAAP
|
|
$
7,233.6
|
$
5,459.1
|
|
|
|
|
Gross Margin as a
percent of revenue - As Reported
|
|
80.9 %
|
76.6 %
|
Gross Margin as a
percent of revenue - Non-GAAP(ii)
|
|
82.5 %
|
78.4 %
|
|
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
March 31,
|
|
|
2024
|
2023
|
Net Income - As
Reported
|
|
$
2,242.9
|
$
1,344.9
|
|
|
|
|
Increase (decrease) for
excluded items:
|
|
|
|
Amortization of
intangible assets (Cost of sales)(i)
|
|
139.1
|
125.8
|
Net (gains) losses on
investments in equity securities
(Other income/expense)
|
|
(23.4)
|
22.6
|
Corresponding tax
effects (Income taxes)
|
|
(23.3)
|
(29.4)
|
|
|
|
|
Net Income -
Non-GAAP
|
|
$
2,335.3
|
$
1,463.9
|
|
|
|
|
Effective tax rate -
As Reported
|
|
11.6 %
|
12.1 %
|
Effective tax rate -
Non-GAAP(ii)
|
|
11.9 %
|
12.8 %
|
Earnings per share
(diluted) - As Reported
|
|
$
2.48
|
$
1.49
|
Earnings per share
(diluted) - Non-GAAP
|
|
$
2.58
|
$
1.62
|
|
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 tax rate
reflects the tax effects of the adjustments presented
above.
|
Refer
to:
|
Jordan Bishop;
jordan.bishop@lilly.com; (317) 473-5712 (Media)
|
|
Joe Fletcher;
jfletcher@lilly.com; (317) 296-2884 (Investors)
|
View original content to download
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SOURCE Eli Lilly and Company