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Dec 31, 2023
Eli Lilly Q4 2023 Earnings Report
Eli Lilly's Q4 2023 earnings report revealed strong revenue growth driven by new products like Mounjaro and Zepbound, alongside pipeline advancements and strategic acquisitions.
Key Takeaways
Eli Lilly reported a robust 28% increase in Q4 2023 revenue, driven by new products and growth products. EPS increased by 13% on a reported basis and 19% on a non-GAAP basis. The company issued 2024 guidance with revenue expected to be in the range of $40.4 billion to $41.6 billion.
Q4 2023 revenue increased by 28%, driven by new products like Mounjaro and Zepbound.
New Products revenue grew by $2.19 billion to $2.49 billion in Q4 2023.
Q4 2023 EPS increased 13% to $2.42 on a reported basis and increased 19% to $2.49 on a non-GAAP basis.
2024 revenue guidance is in the range of $40.4 billion to $41.6 billion, with EPS between $11.80 and $12.30 (reported) and $12.20 and $12.70 (non-GAAP).
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
The company anticipates 2024 revenue to be in the range of $40.4 billion to $41.6 billion. EPS for 2024 is expected to be in the range of $11.80 to $12.30 on a reported basis and $12.20 to $12.70 on a non-GAAP basis.
Positive Outlook
- Revenue growth is expected to be largely driven by New Products.
- Marketing, selling and administrative expenses are expected to grow at a pace slower than revenue growth.
- Gross Margin - OPEX/Revenue (reported) is expected to be 30% to 32%.
- Gross Margin - OPEX/Revenue (non-GAAP) is expected to be 31% to 33%.
- The company continues to execute on its manufacturing expansion agenda.
Challenges Ahead
- An expected continuation of the decline in Trulicity sales.
- Demand for incretins is likely to outpace supply in 2024.
- Other income (expense) is expected to be expense in the range of $400 million to $500 million, primarily driven by higher interest expense.
- The 2024 effective tax rate is expected to be approximately 14%.
- The company is not including any potential or pending acquired IPR&D charges in its initial 2024 guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income