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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2024
COMMISSION FILE NUMBER 001-6351
ELI LILLY AND COMPANY
(Exact name of Registrant as specified in its charter)
| | | | | | | | |
Indiana | | 35-0470950 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
Lilly Corporate Center, Indianapolis, Indiana 46285
(Address and zip code of principal executive offices)
Registrant's telephone number, including area code (317) 276-2000
Securities registered pursuant to Section 12(b) of the Exchange Act:
| | | | | | | | |
Title of Each Class | Trading Symbols | Name of Each Exchange On Which Registered |
Common Stock (no par value) | LLY | New York Stock Exchange |
7 1/8% Notes due 2025 | LLY25 | New York Stock Exchange |
1.625% Notes due 2026 | LLY26 | New York Stock Exchange |
2.125% Notes due 2030 | LLY30 | New York Stock Exchange |
0.625% Notes due 2031 | LLY31 | New York Stock Exchange |
0.500% Notes due 2033 | LLY33 | New York Stock Exchange |
6.77% Notes due 2036 | LLY36 | New York Stock Exchange |
1.625% Notes due 2043 | LLY43 | New York Stock Exchange |
1.700% Notes due 2049 | LLY49A | New York Stock Exchange |
1.125% Notes due 2051 | LLY51 | New York Stock Exchange |
1.375% Notes due 2061 | LLY61 | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | | | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | | Smaller reporting company | ☐ |
| | | | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
The number of shares of common stock outstanding as of October 25, 2024:
| | | | | | | | |
Class | | Number of Shares Outstanding |
Common | | 949,315,694 | |
Eli Lilly and Company
Form 10-Q
For the Quarter Ended September 30, 2024
Table of Contents
Forward-Looking Statements
This Quarterly Report on Form 10-Q and our other publicly available documents include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and generally can be identified by the use of words such as "may," "could," "aim," "seek," "believe," "will," "expect," "project," "estimate," "intend," "target," "anticipate," "plan," "continue," or similar expressions or future or conditional verbs.
Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ from those expressed in forward-looking statements. Forward-looking statements are based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any expectation or belief will result or will be achieved or accomplished. Investors therefore should not place undue reliance on forward-looking statements. The following include some but not all of the factors that could cause actual results or events to differ from those anticipated:
•the significant costs and uncertainties in the pharmaceutical research and development process, including with respect to the timing and process of obtaining regulatory approvals;
•the impact and uncertain outcome of acquisitions and business development transactions and related costs;
•intense competition affecting our products, pipeline, or industry;
•market uptake of launched products and indications;
•continued pricing pressures and the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and patient access to pharmaceuticals, or reporting obligations related thereto;
•safety or efficacy concerns associated with our products;
•dependence on relatively few products or product classes for a significant percentage of our total revenue and an increasingly consolidated supply chain;
•the expiration of intellectual property protection for certain of our products and competition from generic and biosimilar products, and risks from the proliferation of counterfeit or illegally compounded products;
•our ability to protect and enforce patents and other intellectual property and changes in patent law or regulations related to data package exclusivity;
•information technology system inadequacies, inadequate controls or procedures, security breaches, or operating failures;
•unauthorized access, disclosure, misappropriation, or compromise of confidential information or other data stored in our information technology systems, networks, and facilities, or those of third parties with whom we share our data and violations of data protection laws or regulations;
•issues with product supply and regulatory approvals stemming from manufacturing difficulties, disruptions, or shortages, including as a result of unpredictability and variability in demand, labor shortages, third-party performance, quality, cyber-attacks, or regulatory actions related to our and third-party facilities;
•reliance on third-party relationships and outsourcing arrangements;
•the use of artificial intelligence or other emerging technologies in various facets of our operations which may exacerbate competitive, regulatory, litigation, cybersecurity, and other risks;
•the impact of global macroeconomic conditions, including uneven economic growth or downturns or uncertainty, trade disruptions, international tension, conflicts, regional dependencies, or other costs, uncertainties, and risks related to engaging in business globally;
•fluctuations in foreign currency exchange rates or changes in interest rates and inflation;
•litigation, investigations, or other similar proceedings involving past, current, or future products or activities;
•changes in tax law and regulation, tax rates, or events that differ from our assumptions related to tax positions;
•regulatory changes and developments;
•regulatory actions regarding our operations and products;
•regulatory compliance problems or government investigations;
•actual or perceived deviation from environmental-, social-, or governance-related requirements or expectations;
•asset impairments and restructuring charges; and
•changes in accounting and reporting standards.
More information on factors that could cause our actual results or events to differ from those expressed in forward looking statements is included from time to time in our reports filed with the Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2023, particularly under Part I, Item 1A, "Risk Factors." Investors should understand that it is not possible to predict or identify all such factors and should not consider the risks described above and under Part I, Item 1A, "Risk Factors" of our Annual Report on Form 10-K to be a complete statement of all potential risks and uncertainties. All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this Quarterly Report on Form 10-Q. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this Quarterly Report on Form 10-Q.
PART I. Financial Information
Item 1. Financial Statements
Consolidated Condensed Statements of Operations
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars and shares in millions, except per-share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue (Note 2) | $ | 11,439.1 | | | $ | 9,498.6 | | | $ | 31,509.9 | | | $ | 24,770.7 | |
Costs, expenses, and other: | | | | | | | |
Cost of sales | 2,170.8 | | | 1,860.1 | | | 6,014.5 | | | 5,294.2 | |
Research and development | 2,734.1 | | | 2,409.1 | | | 7,968.1 | | | 6,750.7 | |
Marketing, selling, and administrative | 2,099.8 | | | 1,803.9 | | | 6,169.3 | | | 5,478.5 | |
Acquired in-process research and development (Note 3) | 2,826.4 | | | 2,975.1 | | | 3,091.2 | | | 3,177.2 | |
Asset impairment, restructuring, and other special charges (Note 5) | 81.6 | | | — | | | 516.6 | | | — | |
Other–net, (income) expense (Note 12) | (62.0) | | | 23.2 | | | 108.5 | | | 24.3 | |
| 9,850.7 | | | 9,071.4 | | | 23,868.2 | | | 20,724.9 | |
Income before income taxes | 1,588.4 | | | 427.2 | | | 7,641.7 | | | 4,045.8 | |
Income taxes (Note 8) | 618.1 | | | 484.6 | | | 1,461.5 | | | 995.1 | |
Net income (loss) | $ | 970.3 | | | $ | (57.4) | | | $ | 6,180.2 | | | $ | 3,050.7 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Earnings (loss) per share: | | | | | | | |
Basic | $ | 1.08 | | | $ | (0.06) | | | $ | 6.86 | | | $ | 3.39 | |
| | | | | | | |
Diluted | $ | 1.07 | | | $ | (0.06) | | | $ | 6.83 | | | $ | 3.38 | |
| | | | | | | |
| | | | | | | |
Shares used in calculation of earnings (loss) per share: | | | | | | | |
Basic | 901.0 | | 899.8 | | 900.9 | | 900.2 |
Diluted | 905.0 | | 899.8 | | 904.4 | | 903.1 |
See notes to consolidated condensed financial statements.
Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income (loss) | $ | 970.3 | | | $ | (57.4) | | | $ | 6,180.2 | | | $ | 3,050.7 | |
Other comprehensive income, net of tax (Note 11) | 103.7 | | | 3.8 | | | 52.2 | | | 59.7 | |
Comprehensive income (loss) | $ | 1,074.0 | | | $ | (53.6) | | | $ | 6,232.4 | | | $ | 3,110.4 | |
See notes to consolidated condensed financial statements.
Consolidated Condensed Balance Sheets
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
Assets | (Unaudited) | | |
Current Assets | | | |
Cash and cash equivalents (Note 7) | $ | 3,369.0 | | | $ | 2,818.6 | |
Short-term investments (Note 7) | 149.4 | | | 109.1 | |
Accounts receivable, net of allowances of $15.7 (2024) and $14.8 (2023) | 10,294.8 | | | 9,090.5 | |
Other receivables | 1,756.9 | | | 2,245.7 | |
Inventories (Note 6) | 7,459.8 | | | 5,772.8 | |
Prepaid expenses | 8,250.6 | | | 5,540.8 | |
Other current assets | 134.6 | | | 149.5 | |
Total current assets | 31,415.1 | | | 25,727.0 | |
Investments (Note 7) | 3,200.2 | | | 3,052.2 | |
Goodwill | 5,768.4 | | | 4,939.7 | |
Other intangibles, net | 6,537.3 | | | 6,906.6 | |
Deferred tax assets | 7,392.3 | | | 5,477.3 | |
Property and equipment, net of accumulated depreciation of $11,816.0 (2024) and $11,099.3 (2023) | 16,171.8 | | | 12,913.6 | |
Other noncurrent assets | 5,121.8 | | | 4,989.9 | |
Total assets | $ | 75,606.9 | | | $ | 64,006.3 | |
Liabilities and Equity | | | |
Current Liabilities | | | |
Short-term borrowings and current maturities of long-term debt | $ | 2,074.3 | | | $ | 6,904.5 | |
Accounts payable | 2,886.5 | | | 2,598.8 | |
Employee compensation | 1,703.3 | | | 1,650.4 | |
Sales rebates and discounts | 12,429.7 | | | 11,689.0 | |
Dividends payable | — | | | 1,169.2 | |
| | | |
Other current liabilities | 5,580.3 | | | 3,281.3 | |
Total current liabilities | 24,674.1 | | | 27,293.2 | |
Noncurrent Liabilities | | | |
Long-term debt | 29,045.4 | | | 18,320.8 | |
Accrued retirement benefits (Note 9) | 1,448.5 | | | 1,438.8 | |
Long-term income taxes payable | 3,878.8 | | | 3,849.2 | |
Other noncurrent liabilities | 2,239.4 | | | 2,240.6 | |
Total noncurrent liabilities | 36,612.1 | | | 25,849.4 | |
Commitments and Contingencies (Note 10) | | | |
Eli Lilly and Company Shareholders' Equity | | | |
Common stock | 593.9 | | | 593.6 | |
Additional paid-in capital | 7,339.6 | | | 7,250.4 | |
Retained earnings | 13,627.2 | | | 10,312.3 | |
Employee benefit trust | (3,013.2) | | | (3,013.2) | |
Accumulated other comprehensive loss (Note 11) | (4,274.8) | | | (4,327.0) | |
Cost of common stock in treasury | (32.7) | | | (44.2) | |
Total Eli Lilly and Company shareholders' equity | 14,240.0 | | | 10,771.9 | |
Noncontrolling interests | 80.7 | | | 91.8 | |
Total equity | 14,320.7 | | | 10,863.7 | |
Total liabilities and equity | $ | 75,606.9 | | | $ | 64,006.3 | |
See notes to consolidated condensed financial statements.
Consolidated Condensed Statements of Shareholders' Equity
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity of Eli Lilly and Company Shareholders | | |
(Dollars in millions, except per-share data, and shares in thousands) | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Employee Benefit Trust | | Accumulated Other Comprehensive Loss | | Common Stock in Treasury(1) | | Noncontrolling Interests |
Shares | | Amount | Shares | | Amount |
Balance at July 1, 2023 | 949,688 | | | $ | 593.6 | | | $ | 6,948.6 | | | $ | 10,368.5 | | | $ | (3,013.2) | | | $ | (3,788.7) | | | 402 | | | $ | (45.0) | | | $ | 85.5 | |
Net income (loss) | | | | | | | (57.4) | | | | | | | | | | | 4.1 | |
Other comprehensive income, net of tax | | | | | | | | | | | 3.8 | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Issuance of stock under employee stock plans, net | 17 | | | | | (4.2) | | | | | | | | | | | | | |
Stock-based compensation | | | | | 215.6 | | | | | | | | | | | | | |
Other | | | | | | | (1.2) | | | | | | | | | | | (2.6) | |
Balance at September 30, 2023 | 949,705 | | | $ | 593.6 | | | $ | 7,160.0 | | | $ | 10,309.9 | | | $ | (3,013.2) | | | $ | (3,784.9) | | | 402 | | | $ | (45.0) | | | $ | 87.0 | |
| | | | | | | | | | | | | | | | | |
Balance at July 1, 2024 | 950,781 | | | $ | 594.2 | | | $ | 7,214.2 | | | $ | 13,178.0 | | | $ | (3,013.2) | | | $ | (4,378.5) | | | 365 | | | $ | (32.7) | | | $ | 73.5 | |
Net income | | | | | | | 970.3 | | | | | | | | | | | 11.8 | |
Other comprehensive income, net of tax | | | | | | | | | | | 103.7 | | | | | | | |
| | | | | | | | | | | | | | | | | |
Retirement of treasury shares | (582) | | | (0.3) | | | | | (520.8) | | | | | | | (582) | | | 521.1 | | | |
Purchase of treasury shares | | | | | | | | | | | | | 582 | | | (521.1) | | | |
Issuance of stock under employee stock plans, net | 16 | | | | | (7.8) | | | | | | | | | | | | | |
Stock-based compensation | | | | | 133.2 | | | | | | | | | | | | | |
Other | | | | | | | (0.3) | | | | | | | | | | | (4.6) | |
Balance at September 30, 2024 | 950,215 | | | $ | 593.9 | | | $ | 7,339.6 | | | $ | 13,627.2 | | | $ | (3,013.2) | | | $ | (4,274.8) | | | 365 | | | $ | (32.7) | | | $ | 80.7 | |
(1) As of September 30, 2024, there was $1.98 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.
See notes to consolidated condensed financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity of Eli Lilly and Company Shareholders | | |
(Dollars in millions, except per-share data, and shares in thousands) | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Employee Benefit Trust | | Accumulated Other Comprehensive Loss | | Common Stock in Treasury(1) | | Noncontrolling Interests |
Shares | | Amount | Shares | | Amount |
Balance at January 1, 2023 | 950,632 | | | $ | 594.1 | | | $ | 6,921.4 | | | $ | 10,042.6 | | | $ | (3,013.2) | | | $ | (3,844.6) | | | 450 | | | $ | (50.5) | | | $ | 125.6 | |
Net income | | | | | | | 3,050.7 | | | | | | | | | | | 4.6 | |
Other comprehensive income, net of tax | | | | | | | | | | | 59.7 | | | | | | | |
Cash dividends declared per share: $2.26 | | | | | | | (2,034.0) | | | | | | | | | | | |
Retirement of treasury shares | (2,299) | | | (1.4) | | | | | (748.6) | | | | | | | (2,299) | | | 750.0 | | | |
Purchase of treasury shares | | | | | | | | | | | | | 2,299 | | | (750.0) | | | |
Issuance of stock under employee stock plans, net | 1,372 | | | 0.9 | | | (269.7) | | | | | | | | | (48) | | | 8.8 | | | |
Stock-based compensation | | | | | 508.3 | | | | | | | | | | | | | |
Other | | | | | | | (0.8) | | | | | | | | | (3.3) | | | (43.2) | |
Balance at September 30, 2023 | 949,705 | | | $ | 593.6 | | | $ | 7,160.0 | | | $ | 10,309.9 | | | $ | (3,013.2) | | | $ | (3,784.9) | | | 402 | | | $ | (45.0) | | | $ | 87.0 | |
| | | | | | | | | | | | | | | | | |
Balance at January 1, 2024 | 949,781 | | | $ | 593.6 | | | $ | 7,250.4 | | | $ | 10,312.3 | | | $ | (3,013.2) | | | $ | (4,327.0) | | | 402 | | | $ | (44.2) | | | $ | 91.8 | |
Net income (loss) | | | | | | | 6,180.2 | | | | | | | | | | | (3.2) | |
Other comprehensive income, net of tax | | | | | | | | | | | 52.2 | | | | | | | |
Cash dividends declared per share: $2.60 | | | | | | | (2,342.9) | | | | | | | | | | | |
Retirement of treasury shares | (582) | | | (0.3) | | | | | (520.8) | | | | | | | (582) | | | 521.1 | | | |
Purchase of treasury shares | | | | | | | | | | | | | 582 | | | (521.1) | | | |
Issuance of stock under employee stock plans, net | 1,016 | | | 0.6 | | | (414.5) | | | | | | | | | (37) | | | 11.5 | | | |
Stock-based compensation | | | | | 503.7 | | | | | | | | | | | | | |
Other | | | | | | | (1.6) | | | | | | | | | | | (7.9) | |
Balance at September 30, 2024 | 950,215 | | | $ | 593.9 | | | $ | 7,339.6 | | | $ | 13,627.2 | | | $ | (3,013.2) | | | $ | (4,274.8) | | | 365 | | | $ | (32.7) | | | $ | 80.7 | |
(1) As of September 30, 2024, there was $1.98 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.
See notes to consolidated condensed financial statements.
Consolidated Condensed Statements of Cash Flows
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
Cash Flows from Operating Activities | |
Net income | $ | 6,180.2 | | | $ | 3,050.7 | |
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities: | | | |
| | | |
Depreciation and amortization | 1,281.8 | | | 1,139.6 | |
Change in deferred income taxes | (1,716.4) | | | (1,834.8) | |
| | | |
Stock-based compensation expense | 503.7 | | | 508.3 | |
| | | |
Net investment losses | 29.8 | | | 144.5 | |
| | | |
Gains on sale of product rights | (100.7) | | | (1,853.9) | |
Acquired in-process research and development | 3,091.2 | | | 3,177.2 | |
Other changes in operating assets and liabilities, net of acquisitions and divestitures | (3,160.1) | | | 117.2 | |
Other operating activities, net | 234.6 | | | 103.2 | |
Net Cash Provided by Operating Activities | 6,344.1 | | | 4,552.0 | |
Cash Flows from Investing Activities | | | |
Purchases of property and equipment | (3,561.8) | | | (2,377.0) | |
Proceeds from sales and maturities of short-term investments | 107.3 | | | 155.2 | |
Purchases of short-term investments | (68.6) | | | (79.2) | |
Proceeds from sales of and distributions from noncurrent investments | 318.0 | | | 476.2 | |
Purchases of noncurrent investments | (525.1) | | | (474.8) | |
Proceeds from sale of product rights | 530.9 | | | 1,604.3 | |
Cash paid for acquisitions, net of cash acquired | (947.7) | | | — | |
Purchases of in-process research and development | (3,094.6) | | | (3,364.0) | |
Other investing activities, net | (139.4) | | | (169.1) | |
Net Cash Used for Investing Activities | (7,381.0) | | | (4,228.4) | |
Cash Flows from Financing Activities | | | |
Dividends paid | (3,512.1) | | | (3,051.2) | |
Net change in short-term borrowings | (4,894.1) | | | 97.0 | |
Proceeds from issuance of long-term debt | 11,417.1 | | | 3,958.5 | |
Repayments of long-term debt | (664.2) | | | — | |
Purchases of common stock | (446.1) | | | (750.0) | |
| | | |
Other financing activities, net | (445.1) | | | (303.4) | |
Net Cash Provided by (Used for) Financing Activities | 1,455.5 | | | (49.1) | |
Effect of exchange rate changes on cash and cash equivalents | 131.8 | | | 39.3 | |
| | | |
Net increase in cash and cash equivalents | 550.4 | | | 313.8 | |
Cash and cash equivalents at January 1 | 2,818.6 | | | 2,067.0 | |
Cash and Cash Equivalents at September 30 | $ | 3,369.0 | | | $ | 2,380.8 | |
See notes to consolidated condensed financial statements.
Notes to Consolidated Condensed Financial Statements
(Tables present dollars in millions, except per-share data)
Note 1: Basis of Presentation and Implementation of New Financial Accounting Standards
We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the consolidated condensed financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates.
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. We issued our financial statements by filing them with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing of this Quarterly Report on Form 10-Q. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis; that is, based on the weighted-average number of common shares outstanding plus the effect of incremental shares from our stock-based compensation programs, if dilutive.
We operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Regional commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.
Implementation of New Financial Accounting Standards
Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures.
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2024. We are currently evaluating the potential impact of adopting this standard on our disclosures.
Note 2: Revenue
The following table summarizes our revenue recognized in our consolidated condensed statements of operations:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net product revenue | $ | 10,571.6 | | | $ | 7,306.2 | | | $ | 28,723.0 | | | $ | 20,524.2 | |
Collaboration and other revenue | 867.5 | | | 2,192.4 | | | 2,786.9 | | | 4,246.5 | |
Revenue | $ | 11,439.1 | | | $ | 9,498.6 | | | $ | 31,509.9 | | | $ | 24,770.7 | |
We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements includes our share of profits from the collaborations, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Jardiance® and Trajenta® families of products resulting from our collaboration with Boehringer Ingelheim, as well as from the 2023 sales of rights for the olanzapine portfolio, including Zyprexa®, and for Baqsimi®, all of which are discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers. Collaboration and other revenue associated with intellectual property licensed in prior periods was not material during the three and nine months ended September 30, 2024 and 2023.
Adjustments to Revenue
Adjustments to revenue recognized as a result of changes in estimates for our most significant United States (U.S.) sales returns, rebates, and discounts liability balances for products shipped in previous periods were 6 percent and 2 percent of U.S. revenue during the three months ended September 30, 2024 and 2023, respectively, and 4 percent and less than 1 percent of U.S. revenue during the nine months ended September 30, 2024 and 2023, respectively.
Contract Liabilities
Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract.
The following table summarizes contract liability balances:
| | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
Contract liabilities | $ | 173.2 | | | $ | 193.6 | |
During the three and nine months ended September 30, 2024 and 2023, revenue recognized from contract liabilities as of the beginning of the respective year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year.
Disaggregation of Revenue
The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the three months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
| 2024 | | 2023 |
| U.S. | Outside U.S. | Total | | U.S. | Outside U.S. | Total |
| | | | | | | |
Cardiometabolic Health: | | | | | | | |
Mounjaro® | $ | 2,384.7 | | $ | 728.0 | | $ | 3,112.7 | | | $ | 1,277.0 | | $ | 132.4 | | $ | 1,409.3 | |
Trulicity® | 935.3 | | 366.0 | | 1,301.4 | | | 1,259.0 | | 414.6 | | 1,673.6 | |
Zepbound® | 1,257.8 | | — | | 1,257.8 | | | — | | — | | — | |
Jardiance(1) | 335.9 | | 350.5 | | 686.4 | | | 415.9 | | 284.8 | | 700.8 | |
Humalog® (2) | 323.9 | | 210.8 | | 534.6 | | | 194.2 | | 201.2 | | 395.4 | |
Humulin® | 149.9 | | 57.1 | | 207.1 | | | 145.5 | | 61.2 | | 206.7 | |
Basaglar® (3) | 85.5 | | 76.2 | | 161.6 | | | 111.4 | | 68.2 | | 179.6 | |
Baqsimi | 8.2 | | 5.1 | | 13.4 | | | 3.8 | | 9.3 | | 13.1 | |
Other cardiometabolic health | 35.8 | | 96.3 | | 132.0 | | | 53.2 | | 88.6 | | 141.9 | |
Total cardiometabolic health | 5,517.0 | | 1,890.0 | | 7,407.0 | | | 3,460.0 | | 1,260.3 | | 4,720.4 | |
| | | | | | | |
Oncology: | | | | | | | |
Verzenio® | 878.8 | | 490.4 | | 1,369.3 | | | 684.6 | | 355.7 | | 1,040.2 | |
Cyramza® | 106.5 | | 129.4 | | 236.0 | | | 88.0 | | 136.1 | | 224.1 | |
Erbitux® | 133.2 | | 18.7 | | 152.0 | | | 134.0 | | 19.9 | | 153.9 | |
Tyvyt® | — | | 150.2 | | 150.2 | | | — | | 115.1 | | 115.1 | |
Other oncology | 175.8 | | 148.8 | | 324.3 | | | 95.0 | | 118.7 | | 213.8 | |
Total oncology | 1,294.3 | | 937.5 | | 2,231.8 | | | 1,001.6 | | 745.5 | | 1,747.1 | |
| | | | | | | |
Immunology: | | | | | | | |
Taltz® | 600.3 | | 279.3 | | 879.6 | | | 509.3 | | 234.9 | | 744.2 | |
Olumiant® | 68.9 | | 181.8 | | 250.8 | | | 65.7 | | 165.7 | | 231.4 | |
Other immunology | 24.9 | | 30.5 | | 55.3 | | | — | | 11.4 | | 11.4 | |
Total immunology | 694.1 | | 491.6 | | 1,185.7 | | | 575.0 | | 412.0 | | 986.9 | |
| | | | | | | |
Neuroscience: | | | | | | | |
Emgality® | 141.3 | | 61.6 | | 202.9 | | | 126.5 | | 42.1 | | 168.5 | |
| | | | | | | |
Zyprexa (4) | 1.9 | | 29.8 | | 31.7 | | | 49.9 | | 1,431.5 | | 1,481.4 | |
Other neuroscience | 58.1 | | 59.1 | | 117.2 | | | 31.0 | | 87.0 | | 118.2 | |
Total neuroscience | 201.3 | | 150.5 | | 351.8 | | | 207.4 | | 1,560.6 | | 1,768.1 | |
| | | | | | | |
| | | | | | | |
Other: | | | | | | | |
Forteo® | 71.7 | | 46.4 | | 118.1 | | | 101.2 | | 45.2 | | 146.4 | |
Cialis® | 4.2 | | 87.3 | | 91.5 | | | 4.9 | | 82.0 | | 86.8 | |
Other | 31.1 | | 22.1 | | 53.2 | | | 18.0 | | 24.8 | | 42.9 | |
Total other | 107.0 | | 155.8 | | 262.8 | | | 124.1 | | 152.0 | | 276.1 | |
Revenue | $ | 7,813.6 | | $ | 3,625.5 | | $ | 11,439.1 | | | $ | 5,368.1 | | $ | 4,130.5 | | $ | 9,498.6 | |
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Numbers may not add due to rounding.
(1) Jardiance revenue includes Glyxambi®, Synjardy®, and Trijardy® XR.
(2) Humalog revenue includes insulin lispro.
(3) Basaglar revenue includes Rezvoglar®.
(4) Zyprexa revenue includes sale of rights for the olanzapine portfolio in July 2023.
The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the nine months ended September 30, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2024 | | 2023 |
| U.S. | Outside U.S. | Total | | U.S. | Outside U.S. | Total |
| | | | | | | |
Cardiometabolic Health: | | | | | | | |
Mounjaro | $ | 6,318.7 | | $ | 1,691.3 | | $ | 8,010.0 | | | $ | 2,729.1 | | $ | 228.4 | | $ | 2,957.5 | |
Trulicity | 2,894.0 | | 1,109.3 | | 4,003.3 | | | 4,177.7 | | 1,285.6 | | 5,463.2 | |
Zepbound | 3,018.4 | | — | | 3,018.4 | | | — | | — | | — | |
Jardiance(1) | 1,133.1 | | 1,009.4 | | 2,142.5 | | | 1,131.5 | | 815.1 | | 1,946.6 | |
Humalog(2) | 1,096.8 | | 608.1 | | 1,704.9 | | | 695.6 | | 601.2 | | 1,296.8 | |
Humulin | 472.3 | | 164.5 | | 636.8 | | | 488.6 | | 175.4 | | 664.0 | |
Basaglar(3) | 273.9 | | 226.1 | | 500.0 | | | 329.7 | | 213.4 | | 543.1 | |
Baqsimi | 1.4 | | 23.4 | | 24.8 | | | 633.1 | | 25.4 | | 658.4 | |
Other cardiometabolic health | 114.4 | | 259.5 | | 373.9 | | | 131.1 | | 260.7 | | 392.0 | |
Total cardiometabolic health | 15,323.0 | | 5,091.6 | | 20,414.6 | | | 10,316.4 | | 3,605.2 | | 13,921.6 | |
| | | | | | | |
Oncology: | | | | | | | |
Verzenio | 2,378.4 | | |