Q3 2024 Eli Lilly and Co Earnings Call Transcript
Key Points
- Eli Lilly and Co (LLY) reported a strong revenue growth of 42% in Q3 2024, driven by new products like Mounjaro and Zepbound.
- The company achieved several key pipeline milestones, including approvals for Eliquis in the US and Kisunla in Japan and Great Britain.
- Eli Lilly and Co (LLY) invested nearly $2 billion to expand its manufacturing footprint in Ireland, contributing to a total of over $20 billion in commitments since 2020.
- The company returned over $1.6 billion to shareholders through dividends and share repurchases.
- Eli Lilly and Co (LLY) is on track to exceed its production target of incretin medicines by at least 1.5 times in the second half of 2024 compared to the same period in 2023.
- The company faced channel inventory decreases, impacting Q3 sales of Mounjaro and Zepbound by mid-single digits.
- R&D expenses increased by 13%, driven by continued investment in both early and late-stage portfolios.
- The effective tax rate was high at 37.6%, reflecting the unfavorable impact of nondeductible acquired IPR&D charges.
- There were concerns about the impact of compounded drugs on demand, although the financial impact was deemed minimal.
- Eli Lilly and Co (LLY) faced challenges with supply and channel dynamics, affecting quarter-by-quarter revenue growth in 2024.
Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q3 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to your host, Joe Fletcher, Senior Vice President of Investor Relations. Please go ahead.
Thank you, Paul, and good morning, everybody. Thanks for joining us for Eli Lilly and company's Q3 2024 earnings call. I'm Joe Fletcher, Senior Vice President of Investor Relations.
And joining me on today's call are Dave Ricks, Lilly's Chair and CEO; Dr. Dan Skovronsky, Chief Scientific Officer and President of Lilly Immunology; Lucas Montarce, Chief Financial Officer; Anne White, President of Lilly Neuroscience; Ilya Yuffa, President of Lilly International; Jake Van Naarden, President of Lilly Oncology; and Patrik Jonsson, President of Lilly Cardiometabolic Health and Lilly USA. We're also joined by Susan Hedgelin, Michaela Irons, Mike Sprengnether and Lauren Zierke of the IR team.
During this call, we anticipate
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