Eli Lilly and Company's latest 10-K report for the year ended December 31, 2024, reveals significant financial growth. The company reported a revenue of $45,042.7 million, marking a 32% increase from the previous year's revenue of $34,124.1 million. Net income also saw a substantial surge, reaching $10,590.0 million, representing a 102% increase from the previous year's figure of $5,240.4 million. Earnings per share * diluted also doubled, rising from $5.80 in 2023 to $11.71 in 2024.
The company attributes the revenue increase to higher volume and, to a lesser extent, higher realized prices. This growth was primarily driven by the performance of key products such as Mounjaro, Zepbound, and Verzenio, offset partially by Trulicity.
Eli Lilly's clinical development pipeline remains robust, with approximately 55 new medicine candidates in various stages of development or under regulatory review. Notable developments include the approval of Tirzepatide (Mounjaro, Zepbound) for obesity in the U.S. and the EU in 2023 and in Japan in 2024. Additionally, the company has several Phase 3 trials ongoing for various indications, including cardiovascular outcomes in type 2 diabetes, morbidity and mortality in obesity, and obstructive sleep apnea.
In the oncology segment, Pirtobrutinib (Jaypirca) received accelerated approval for chronic lymphocytic leukemia in the U.S. in 2023, and Mantle cell lymphoma in the U.S. in 2023, the EU in 2023, and in Japan in 2024. Moreover, Imlunestrant has been submitted for approval in the U.S., the EU, and Japan in 2024 for the treatment of ER+HER2* metastatic breast cancer.
The report also highlights the impact of regulatory developments on pharmaceutical pricing, reimbursement, and access. In particular, the Inflation Reduction Act of 2022 (IRA) in the U.S. has set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D, leading to potential revenue erosion prior to the expiry of exclusivities.
Eli Lilly's dependence on patents and intellectual property protection for its revenue, cash flows, and earnings is also emphasized in the report. The company is involved in legal proceedings regarding certain patents and acknowledges the uncertainties and risks associated with pharmaceutical research and development.
The market has reacted to these announcements by moving the company's shares 1.0% to a price of $865.53. For the full picture, make sure to review Eli Lilly and's 10-K report.
