Eli Lilly and Company (LLY) has reported robust third-quarter financial results, showcasing substantial growth driven by demand for its recent product launches, particularly in diabetes and obesity treatments.
Eli Lilly and Company, founded in 1876 by Colonel Eli Lilly in Indianapolis, Indiana, is a global pharmaceutical leader known for its pioneering work in biotechnology, chemistry, and genetic medicine. With nearly 150 years of innovation, the company has developed groundbreaking treatments in diabetes, cancer, immunology, and neuroscience, benefiting millions worldwide.
Lilly has been at the forefront of diabetes care with drugs like Humalog and Trulicity, while also advancing Alzheimer’s treatments and therapies for autoimmune diseases. Headquartered in Indianapolis, Lilly continues to invest heavily in R&D, with a focus on addressing significant global health challenges and making treatments more accessible.
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Mounjaro and Zepbound Boost Eli Lilly’s Q3 2024 Revenue to Record $11.4 Billion
Eli Lilly’s total revenue for Q3 reached $11.44 billion, marking a 20% increase from the previous year. Excluding divestitures, revenue surged by 42%, underscoring the solid performance of Lilly’s innovative treatments, including Mounjaro and Zepbound.
CEO David A. Ricks praised the quarterly results, emphasizing the continued demand for Lilly’s new therapies and the expanding impact of its portfolio.
“Lilly’s trajectory is driven by significant growth in both our incretin and non-incretin revenue streams,” Ricks noted, adding that the company’s pipeline advancements signal even greater growth prospects.
Key contributors to the quarter’s performance included:
- Revenue from New Products: Revenue from products launched since 2022, including Mounjaro and Zepbound, grew by $3.07 billion to $4.51 billion in Q3, while growth products introduced before 2022 also saw gains.
- U.S. Market Strength: Domestic revenue jumped 46% to $7.81 billion, propelled by a 35% volume increase and higher realized prices.
- Global Expansion: Excluding divested assets, international revenue rose 33%, largely fueled by strong sales of Mounjaro and Verzenio.
Eli Lilly’s Q3 2024 EPS Hits $1.07 as New Product Approvals Drive Revenue Growth
Lilly also posted earnings per share (EPS) of $1.07 on a reported basis, reflecting a net income turnaround from last year’s Q3 loss. Adjusted non-GAAP EPS stood at $1.18, driven by the volume and favorable pricing.
However, significant investment in research and development (up 13% to $2.73 billion) reflected Lilly’s commitment to its expanding pipeline, including new product approvals like Ebglyss for atopic dermatitis and Kisunla for Alzheimer’s.
In addition, Lilly raised its full-year revenue guidance to $45.4 to $46.0 billion, expecting to benefit from recent FDA and Japanese approvals, key R&D advances, and strengthened manufacturing infrastructure. The company’s adjusted EPS guidance was updated to between $13.02 and $13.52 to reflect ongoing investments.
As Eli Lilly continues its focus on bringing new treatments to market, its financial growth showcases strong market positioning, with further innovation in immunology, diabetes, and Alzheimer’s potentially enhancing its competitive edge.
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