On November 2, 2023, Eli Lilly and Co (LLY, Financial) announced its financial results for the third quarter of 2023. The company reported a 37% increase in revenue, driven by growth from Mounjaro, Verzenio, and Jardiance, as well as $1.42 billion from the sale of rights for the olanzapine portfolio (Zyprexa).
Financial Performance
Worldwide revenue for Q3 2023 was $9.50 billion, an increase of 37% compared with Q3 2022. The volume increase was primarily driven by the sale of rights for the olanzapine portfolio and volume growth from Verzenio, Mounjaro, Jardiance, Taltz, and Trulicity. New Products contributed $1.44 billion to revenue in Q3 2023. Growth Products revenue increased 12% to $4.96 billion in Q3 2023.
Income Statement Highlights
The company reported a net loss of $57.4 million in Q3 2023, compared to a net income of $1.45 billion in Q3 2022. Earnings per share (EPS) for Q3 2023 was a loss of $0.06 on a reported basis and income of $0.10 on a non-GAAP basis. The EPS decrease was primarily due to acquired IPR&D charges.
Balance Sheet and Cash Flow Highlights
The company did not provide specific details on its balance sheet or cash flow statement in the earnings release.
Business Development and Future Outlook
Eli Lilly and Co (LLY, Financial) completed acquisitions of DICE Therapeutics, Inc., Versanis Bio, Inc., Emergence Therapeutics AG, and Sigilon Therapeutics, Inc., expanding its robust pipeline. The company lowered its 2023 reported EPS guidance to the range of $5.95 to $6.15 and non-GAAP EPS guidance to the range of $6.50 to $6.70, primarily driven by the acquired IPR&D charges incurred in Q3.
Commentary
Lilly had another strong quarter in Q3 as Mounjaro and Verzenio continued to gain momentum," said David A. Ricks, Lilly's chair and CEO. "Lilly executed on business development priorities in the third quarter, including multiple acquisitions that expand our already robust pipeline. We remain focused on growth and delivering new, innovative medicines that make life better for millions of patients around the globe."
Explore the complete 8-K earnings release (here) from Eli Lilly and Co for further details.
