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Mar 31, 2024
Eli Lilly Q1 2024 Earnings Report
Eli Lilly's Q1 2024 performance reflected solid revenue growth, driven by key products and pipeline advancements.
Key Takeaways
Eli Lilly reported a strong first quarter in 2024, with revenue increasing by 26% to $8.77 billion, driven by sales of Mounjaro, Zepbound, Verzenio, and Jardiance. EPS increased by 66% to $2.48 on a reported basis and by 59% to $2.58 on a non-GAAP basis. The company raised its full-year revenue guidance by $2 billion and EPS guidance by $1.25-$1.30.
Revenue 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 and submission of mirikizumab for Crohn's disease in the U.S. and EU.
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.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Lilly increased its full-year 2024 revenue guidance to a range of $42.4 billion to $43.6 billion and EPS guidance to $13.05 to $13.55 on a reported basis and $13.50 to $14.00 on a non-GAAP basis.
Positive Outlook
- Strong performance of Mounjaro and Zepbound
- Greater visibility into the company's production expansion for the remainder of the year
- The ratio of (Gross Margin - OPEX) / Revenue is now expected to be in the range of 32% to 34% on a reported basis
- The ratio of (Gross Margin - OPEX) / Revenue is now expected to be in the range of 33% to 35% on a non-GAAP basis
- Tax rate guidance remains unchanged at approximately 14% on both a reported and a non-GAAP basis
Challenges Ahead
- Other income (expense) guidance remains unchanged at a range of ($500) to ($400) million of expense on both a reported and non-GAAP basis
- Guidance does not include Acquired IPR&D either incurred, or expected to be incurred, after Q1 2024.
- Exceptionally strong demand for the company's incretin medicines led to wholesaler backorders for these products at quarter end.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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