Eli Lilly and Co reported a significant increase in revenue for both the three and nine months ending September 30, 2024, with a 20% and 27% rise respectively compared to the same periods in 2023. The revenue for the quarter was $9,498.6 million, while the nine-month revenue reached $24,770.7 million. This growth was attributed to increased sales of Mounjaro, Zepbound, and Verzenio, despite a decline in Trulicity sales and the sale of rights for the olanzapine portfolio in 2023. Net income and diluted earnings per share saw a notable turnaround from a loss in the previous year to gains in the current period, with net income reaching $6,180.2 million and earnings per share at $6.83 for the nine months ended September 30, 2024. The improvement in net income and earnings per...Show More

Eli Lilly and Co reported a significant increase in revenue for both the three and nine months ending September 30, 2024, with a 20% and 27% rise respectively compared to the same periods in 2023. The revenue for the quarter was $9,498.6 million, while the nine-month revenue reached $24,770.7 million. This growth was attributed to increased sales of Mounjaro, Zepbound, and Verzenio, despite a decline in Trulicity sales and the sale of rights for the olanzapine portfolio in 2023. Net income and diluted earnings per share saw a notable turnaround from a loss in the previous year to gains in the current period, with net income reaching $6,180.2 million and earnings per share at $6.83 for the nine months ended September 30, 2024. The improvement in net income and earnings per share was primarily due to a higher gross margin, although this was partially offset by increased expenses in research and development, marketing, selling, administrative expenses, and charges related to asset impairment, restructuring, and other special items. Eli Lilly's financial performance indicates a robust growth trajectory, driven by successful product sales and effective cost management strategies. The company's business development has been marked by the strong performance of key products in its portfolio, which has contributed to the overall positive financial results. Looking ahead, Eli Lilly is likely to continue focusing on its late-stage pipeline developments and addressing the challenges within the industry to sustain its growth momentum.