Eli Lilly Posts 36% Revenue Increase

By Bobby Samwell • Thursday, August 08 08:06 • Permanent Link

Eli Lilly and Company has reported a significant increase in revenue for the second quarter of 2024, with a 36% rise compared to the same period in 2023, reaching $11.30 billion. When excluding the $579.0 million revenue from the sale of rights for Baqsimi in Q2 2023, the revenue in Q2 2024 increased by 46%. Moreover, the non-incretin revenue increased by 17% worldwide and 25% in the U.S. The company's earnings per share (EPS) also saw a substantial increase, rising by 68% to $3.28 on a reported basis and 86% to $3.92 on a non-GAAP basis for Q2 2024.

The company's gross margin increased by 40% to $9.13 billion in Q2 2024, with a gross margin as a percentage of revenue at 80.8%, up by 2.5 percentage points. Research and development expenses rose by 15% to $2.71 billion, while marketing, selling, and administrative expenses increased by 10% to $2.12 billion in the same period. The company recognized acquired in-process research and development (IPR&D) charges of $154.3 million in Q2 2024.

Several of the company's key products contributed to this growth. Mounjaro, Trulicity, Verzenio, Zepbound, Jardiance, Taltz, and Humalog all saw significant changes in revenue compared to Q2 2023. Notably, Mounjaro reported a substantial increase in revenue to $3.09 billion in Q2 2024 from $979.7 million in Q2 2023, while Trulicity experienced a decrease of 31% in revenue to $1.25 billion in the same period.

Looking ahead, the company raised its full-year revenue guidance by $3 billion, now expecting to reach a range of $45.4 billion to $46.6 billion. Additionally, the company adjusted its reported EPS guidance, raising it by $2.05 to a range of $15.10 to $15.60, and non-GAAP EPS guidance by $2.60 to a range of $16.10 to $16.60 for 2024.

The company's CEO, David A. Ricks, emphasized the strong financial performance in the second quarter and highlighted the significant progress across various therapeutic areas, including Alzheimer's disease, metabolic disorders, and other serious diseases.

These financial results reflect the company's continued commitment to advancing its portfolio and addressing unmet medical needs worldwide. Today the company's shares have moved -2.7% to a price of $772.14. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.