PR Newswire
INDIANAPOLIS, April 30, 2024
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:
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 | (.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 % |
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