Eli Lilly and Company Files 2023 Annual Report on Form 10-K

TL;DR

<b>Eli Lilly and Company has filed its 2023 annual report (10-K) detailing financial performance and corporate information.</b>

AI Summary

ELI LILLY & Co (LLY) filed a Annual Report (10-K) with the SEC on February 21, 2024. Eli Lilly and Company filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Indiana and operates in the Pharmaceutical Preparations industry (SIC 2834). Key financial data and debt instruments are detailed within the report. The report includes financial statements and disclosures for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking ELI LILLY & Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Eli Lilly's financial health, operational performance, and strategic direction for the fiscal year 2023, crucial for investors and stakeholders. The detailed financial statements and disclosures within the report offer insights into the company's revenue streams, debt obligations, and equity structure, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — ELI LILLY & Co shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to drug development, clinical trials, regulatory approvals, and market competition, as evidenced by the detailed risk factors typically included in a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Eli Lilly's performance and future prospects, particularly concerning its drug pipeline and market position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-21 — Filing Date (Filed as of date)
• 132 — Public Document Count (Conformed document count)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ELI LILLY & Co (company) — Filer name
• INDIANAPOLIS (company) — Business and mailing address city
• IN (company) — Business and mailing address state
• 2023-12-31 (date) — Conformed period of report
• 2024-02-21 (date) — Filed as of date
• 2834 (industry) — Standard Industrial Classification

FAQ

Industry Context

Eli Lilly and Company operates within the Pharmaceutical Preparations industry, a sector characterized by extensive research and development, stringent regulatory oversight, and significant market competition.

Regulatory Implications

The pharmaceutical industry is subject to rigorous regulation by bodies such as the FDA, impacting drug approval processes, manufacturing standards, and marketing practices.

What Investors Should Do

1. Review Eli Lilly's detailed financial statements for the fiscal year 2023.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Compare key financial metrics with previous fiscal years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Filing Documents

• lly-20231231.htm (10-K) — 3138KB
• lly-20231231x10kexhibit43.htm (EX-4.3) — 23KB
• lly-20231231x10kexhibit103.htm (EX-10.3) — 106KB
• lly-20231231x10kexhibit104.htm (EX-10.4) — 112KB
• lly-20231231x10kexhibit105.htm (EX-10.5) — 105KB
• lly-20231231x10kexhibit1010.htm (EX-10.10) — 84KB
• lly-20231231x10kexhibit21.htm (EX-21) — 72KB
• lly-20231231x10kexhibit23.htm (EX-23) — 2KB
• lly-20231231x10kexhibit311.htm (EX-31.1) — 10KB
• lly-20231231x10kexhibit312.htm (EX-31.2) — 10KB
• lly-20231231x10kexhibit32.htm (EX-32) — 7KB
• lly-20231231x10kexhibit97.htm (EX-97) — 41KB
• lly-20231231_g1.jpg (GRAPHIC) — 86KB
• 0000059478-24-000065.txt (&nbsp;) — 17852KB
• lly-20231231.xsd (EX-101.SCH) — 91KB
• lly-20231231_cal.xml (EX-101.CAL) — 139KB
• lly-20231231_def.xml (EX-101.DEF) — 463KB
• lly-20231231_lab.xml (EX-101.LAB) — 1235KB
• lly-20231231_pre.xml (EX-101.PRE) — 788KB
• lly-20231231_htm.xml (XML) — 3659KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 24 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 Part II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 40 Item 7.

Management's Discussion and Analysis of Results of Operations and Financial Condition

Management's Discussion and Analysis of Results of Operations and Financial Condition 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 114 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 Part III Item 10. Directors, Executive Officers, and Corporate Governance 115 Item 11.

Executive Compensation

Executive Compensation 115 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 116 Item 13. Certain Relationships and Related Transactions, and Director Independence 116 Item 14. Principal Accountant Fees and Services 116 Item 15. Exhibits and Financial Statement Schedules 117 Item 16. Form 10-K Summary 118 2

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K 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 relate

Business

Item 1. Business Eli Lilly and Company (referred to as the company, Lilly, we, or us) was incorporated in 1901 in Indiana to succeed to the drug manufacturing business founded in Indianapolis, Indiana, in 1876 by Colonel Eli Lilly. We discover, develop, manufacture, and market products in a single business segment—human pharmaceutical products. Our purpose is to unite caring with discovery to create medicines that make life better for people around the world. Most of the products that we sell today were discovered or developed by our own scientists, and our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. We manufacture and distribute our products through facilities in the United States (U.S.), including Puerto Rico, and in Europe and Asia. Our products are sold in approximately 105 countries. Products Our products include: Therapeutic area Products Certain Indications Diabetes, Obesity and Other Cardiometabolic products Basaglar In collaboration with Boehringer Ingelheim, a long-acting human insulin analog for the treatment of diabetes. Humalog , Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, and insulin lispro mix 75/25 Human insulin analogs for the treatment of diabetes. Humulin , Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 Human insulins of recombinant DNA origin for the treatment of diabetes. Jardiance In collaboration with Boehringer Ingelheim, for the treatment of type 2 diabetes; to reduce the risk of cardiovascular death in adult patients with type 2 diabetes and established cardiovascular disease; to reduce the risk of cardiovascular death and hospitalizations for heart failure in adults; and to reduce the risk of sustained decline in estimated glomerular filtration rate (eGFR), end-stage kidney disease, cardiovascular death and hospitalization in adults with chronic kidney disease (CKD

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View this 10-K filing on SEC EDGAR