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Sep 30, 2024
Eli Lilly Q3 2024 Earnings Report
Eli Lilly's Q3 2024 financial performance was marked by strong revenue growth, driven by key products and strategic initiatives.
Key Takeaways
Eli Lilly reported a robust Q3 2024, with revenue increasing by 20% and 42% excluding the olanzapine portfolio divestiture. The growth was primarily driven by Mounjaro and Zepbound. EPS increased to $1.07 on a reported basis and $1.18 on a non-GAAP basis, both inclusive of $3.08 of acquired IPR&D charges. The company updated its 2024 revenue guidance to $45.4 to $46.0 billion and EPS guidance to $12.05 to $12.55 (reported) and $13.02 to $13.52 (non-GAAP).
Revenue increased by 20% driven by volume growth from Mounjaro and Zepbound.
Excluding the olanzapine portfolio sale, revenue increased by 42%.
EPS increased to $1.07 reported and $1.18 non-GAAP, including acquired IPR&D charges.
2024 revenue guidance updated to $45.4 to $46.0 billion.
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 updated its 2024 full-year revenue guidance to between $45.4 billion and $46.0 billion and EPS guidance to the ranges of $12.05 to $12.55 on a reported basis and $13.02 to $13.52 on a non-GAAP basis.
Positive Outlook
- Revenue guidance updated to $45.4 to $46.0 billion.
- The ratio of (Gross Margin - OPEX) / Revenue is still expected to be in the range of 36% to 38% on a reported basis and 37% to 39% on a non-GAAP basis.
- Tax rate guidance is now approximately 17% on both a reported and non-GAAP basis, driven by the impact of non-deductible acquired IPR&D charges in Q3 2024.
- Non-GAAP guidance reflects adjustments presented in the earnings per share reconciliation table.
- Guidance includes acquired IPR&D charges through Q3 2024 of $3.09 billion or $3.33 on a per share basis.
Challenges Ahead
- EPS guidance has been lowered to the ranges of $12.05 to $12.55 on a reported basis.
- EPS guidance has been lowered to the ranges of $13.02 to $13.52 on a non-GAAP basis.
- Guidance now includes acquired IPR&D charges of $3.09 billion, or $3.33 on a per share basis.
- Guidance on a reported basis now includes asset impairment, restructuring and other special charges of $517 million.
- Other income (expense) is now expected to be in a range of ($425) to ($325) million of expense on a reported basis.
Revenue & Expenses
Visualization of income flow from segment revenue to net income