Eli Lilly's Q1 2024 net income up 67%

Eli Lilly has reported a significant improvement in its financial performance for the first quarter (Q1) of 2024. The company revealed that its net income on a reported basis surged to $2.24 billion, marking a 67% rise from $1.34 billion in the same quarter of the previous year. Earnings per share (EPS) also showed considerable growth, climbing to $2.48 from $1.49 in Q1 2023, an increase of 66%.

On a non-GAAP basis, which excludes certain items, Eli Lilly's net income was $2.34 billion, and EPS was $2.58. These figures are up from the net income of $1.46 billion and EPS of $1.62 recorded in the first quarter of the previous year.

The company's global revenue for Q1 2024 was $8.77 billion, up 26% from $6.9 billion in the same period last year. This increase was driven by a 16% rise in volume and a 10% increase from higher realized prices. Growth in product sales, particularly for Mounjaro, Zepbound, Verzenio, and Jardiance, contributed significantly to this surge, even as declines in Trulicity sales provided some offset.

In the US market, Eli Lilly's revenue grew by 28%, reaching $5.69 billion, while international revenue rose by 22% to $3.07 billion. The company has consequently updated its full-year revenue forecast for 2024, increasing it by $2 billion. The new projected revenue range stands between $42.4 billion and $43.6 billion. This revision is primarily due to the strong performance of key products like Mounjaro and Zepbound, along with enhanced visibility into production expansion plans.

Eli Lilly has also adjusted its EPS guidance. The new forecast ranges from $13.05 to $13.55 on a reported basis and $13.50 to $14.00 on a non-GAAP basis.

David Ricks, Eli Lilly’s chair and CEO, commented on the company's performance: “Lilly’s first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound. Our progress in addressing some of the world’s most significant healthcare challenges has resulted in increased demand for our medicines. As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients.”

In March 2024, the US Food and Drug Administration (FDA) announced a delay in convening an advisory committee to further evaluate the safety and efficacy of Lilly’s donanemab, a treatment for Alzheimer’s disease. This decision underscores the ongoing scrutiny and regulatory challenges that pharmaceutical companies face in bringing new treatments to market.

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