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Sep 30, 2023
Eli Lilly Q3 2023 Earnings Report
Eli Lilly's Q3 2023 financial results were released, highlighting strong sales growth and business development activity.
Key Takeaways
Eli Lilly reported a strong Q3 2023, with revenue increasing by 37% driven by Mounjaro, Verzenio, and Jardiance, as well as revenue from the sale of rights for the olanzapine portfolio (Zyprexa). However, reported EPS was a loss of $0.06, and non-GAAP EPS was $0.10, both impacted by acquired IPR&D charges.
Revenue increased by 37%, driven by Mounjaro, Verzenio, and Jardiance, and the sale of rights for the olanzapine portfolio.
New Products contributed $1.44 billion to revenue, led by Mounjaro.
Growth Products revenue increased by 12%, led by Verzenio and Jardiance.
Pipeline progress included FDA approvals of Omvoh and an expanded indication for Jardiance, and positive results in the mirikizumab Phase 3 VIVID-1 study.
Eli Lilly
Eli Lilly
Eli Lilly Revenue by Segment
Eli Lilly Revenue by Geographic Location
Revenue by Segment
Mounjaro Revenue
CapyFin.comVerzenio Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comOutside U.S. Revenue
CapyFin.com Forward Guidance
The company updated certain elements of its 2023 financial guidance on both a reported and non-GAAP basis. Revenue guidance remains unchanged with the range of $33.4 to $33.9 billion. Based on these changes, EPS guidance decreased to the range of $5.95 to $6.15 on a reported basis and $6.50 to $6.70 on a non-GAAP basis.
Positive Outlook
- Revenue guidance remains unchanged with the range of $33.4 to $33.9 billion.
- Gross margin as a percent of revenue remains unchanged at approximately 78% on a reported basis and 80% on a non-GAAP basis, but is trending toward the higher end of this estimate.
- Marketing, selling and administrative expenses guidance remains unchanged with the range of $7.2 to $7.4 billion.
- Research and development expenses guidance also remains unchanged with the range of $8.9 to $9.1 billion.
- Other income (expense) guidance remains unchanged on a non-GAAP basis with the range of $0 to $100 million of income.
Challenges Ahead
- Acquired IPR&D guidance increased by $2.98 billion to $3.18 billion, reflecting charges incurred through Q3 2023.
- Other income (expense) guidance has been updated to the range of $150 to $50 million of expense on a reported basis.
- The estimated effective tax rate increased to 19% to 20%, primarily driven by the non-deductible acquired IPR&D charges incurred in Q3 2023.
- EPS guidance decreased to the range of $5.95 to $6.15 on a reported basis.
- EPS guidance decreased to the range of $6.50 to $6.70 on a non-GAAP basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income