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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.
Eli Lilly
Eli Lilly
Eli Lilly Revenue by Segment
Eli Lilly Revenue by Geographic Location
Revenue by Segment
Mounjaro Revenue
CapyFin.comZepbound Revenue
CapyFin.comVerzenio Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comOutside U.S. Revenue
CapyFin.com 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.
- 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 & Expenses
Visualization of income flow from segment revenue to net income