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Jun 30, 2023
Eli Lilly Q2 2023 Earnings Report
Eli Lilly's financial results in Q2 2023 were marked by accelerating revenue growth and key pipeline advancements.
Key Takeaways
Eli Lilly's Q2 2023 financial performance was strong, with a 28% increase in revenue driven by volume growth from key products like Mounjaro, Verzenio, Jardiance, and Taltz, as well as revenue from the sale of rights for Baqsimi. The company also saw significant pipeline progress and business development activity.
Revenue in Q2 2023 increased 28%, driven by volume growth from Mounjaro, Verzenio, Jardiance, and Taltz, and the sale of rights for Baqsimi.
New Products contributed $1.00 billion to revenue in Q2 2023, led by Mounjaro, while Growth Products revenue increased 16% to $4.93 billion.
Q2 2023 EPS increased 86% to $1.95 on a reported basis and increased 69% to $2.11 on a non-GAAP basis, both inclusive of $0.43 of EPS associated with the sale of rights for Baqsimi, as well as $0.09 of acquired IPR&D charges.
2023 reported EPS guidance raised $1.02 to the range of $9.20 to $9.40 and non-GAAP EPS guidance raised $1.05 to the range of $9.70 to $9.90.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company updated its 2023 financial guidance on both a reported and non-GAAP basis. Revenue guidance increased by $2.2 billion to the range of $33.4 to $33.9 billion. EPS guidance increased to the range of $9.20 to $9.40 on a reported basis and $9.70 to $9.90 on a non-GAAP basis.
Positive Outlook
- Revenue guidance increased by $2.2 billion to the range of $33.4 to $33.9 billion.
- Gross margin as a percent of revenue guidance increased 1% on both a reported and non-GAAP basis to approximately 78% and 80%, respectively.
- The company's guidance for marketing, selling and administrative expenses increased by $200 million to the range of $7.2 to $7.4 billion.
- Research and development expenses guidance increased by $600 million to the range of $8.9 to $9.1 billion.
- EPS guidance increased to the range of $9.20 to $9.40 on a reported basis and $9.70 to $9.90 on a non-GAAP basis.
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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