Eli Lilly and Company Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Eli Lilly and Company submitted its Q1 2024 10-Q filing detailing financial performance and operations.</b>

AI Summary

ELI LILLY & Co (LLY) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Eli Lilly and Company filed a 10-Q report for the quarterly period ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's Central Index Key (CIK) is 0000059478. The Standard Industrial Classification (SIC) code is 2834 (Pharmaceutical Preparations). The filing was made as of April 30, 2024.

Why It Matters

For investors and stakeholders tracking ELI LILLY & Co, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, expenses, and balance sheet information, crucial for assessing the company's current financial health and performance trends. The detailed disclosures within the 10-Q allow for a deeper understanding of Eli Lilly's operational activities, potential risks, and strategic direction during the first quarter of 2024.

Risk Assessment

Risk Level: low — ELI LILLY & Co shows low risk based on this filing. The risk is low as this is a standard quarterly filing (10-Q) providing routine financial disclosures, not indicating any immediate or significant adverse events.

Analyst Insight

Monitor future filings for updates on product development pipelines, sales performance of key drugs, and any new regulatory or market challenges.

Key Numbers

• 2024-03-31 — Period of Report (Quarterly filing period)
• 2024-04-30 — Filed As Of Date (Date the report was filed)
• 2834 — SIC Code (Pharmaceutical Preparations)
• 0000059478 — Central Index Key (Company identifier)

Key Players & Entities

• ELI LILLY & Co (company) — Filer name
• 0000059478 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification
• 2024-03-31 (date) — Period of report
• 2024-04-30 (date) — Filed as of date
• INDIANAPOLIS (company) — Business address city
• IN (company) — Business address state
• 3172762000 (company) — Business phone

FAQ

Industry Context

Eli Lilly and Company operates within the pharmaceutical industry, focusing on the research, development, manufacturing, and marketing of medicines.

Regulatory Implications

The company is subject to extensive regulation by health authorities like the FDA for drug approval, manufacturing standards, and marketing practices.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management's discussion and analysis.
2. Analyze revenue breakdown by product and geographic region if available in the full filing.
3. Compare key financial metrics (e.g., revenue growth, net income) with previous quarters and the same quarter last year.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-04-30: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the most recent quarterly financial data for Eli Lilly and Company.

Filing Documents

• lly-20240331.htm (10-Q) — 1493KB
• lly-03312024x10qxexhibit311.htm (EX-31.1) — 10KB
• lly-03312024x10qxexhibit312.htm (EX-31.2) — 10KB
• lly-03312024x10qxexhibit32.htm (EX-32) — 7KB
• 0000059478-24-000118.txt (&nbsp;) — 8612KB
• lly-20240331.xsd (EX-101.SCH) — 44KB
• lly-20240331_cal.xml (EX-101.CAL) — 70KB
• lly-20240331_def.xml (EX-101.DEF) — 241KB
• lly-20240331_lab.xml (EX-101.LAB) — 588KB
• lly-20240331_pre.xml (EX-101.PRE) — 416KB
• lly-20240331_htm.xml (XML) — 1826KB

Financial Information

PART I. Financial Information 5 Item 1.

Financial Statements

Financial Statements 5 Consolidated Condensed Statements of Operations 5 Consolidated Condensed Statements of Comprehensive Income 6 Consolidated Condensed Balance Sheets 7 Consolidated Condensed Statements of Shareholders' Equity 8 Consolidated Condensed Statements of Cash Flows 9 Notes to Consolidated Condensed Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Results of Operations and Financial Condition 31 Executive Overview 31 Results of Operations 37 Financial Condition and Liquidity 39 Critical Accounting Estimates 40 Available Information on our Website 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

Other Information

PART II. Other Information 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 44

Forward-Looking Statements

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 re

Financial Information

PART I. Financial Information

Financial Statements

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 March 31, 2024 2023 Revenue (Note 2) $ 8,768.0 $ 6,960.0 Costs, expenses, and other: Cost of sales 1,673.5 1,626.7 Research and development 2,522.8 1,985.1 Marketing, selling, and administrative 1,952.2 1,749.2 Acquired in-process research and development (Note 3) 110.5 105.0 Other–net, (income) expense (Note 11) ( 27.1 ) ( 35.7 ) 6,231.9 5,430.3 Income before income taxes 2,536.1 1,529.7 Income taxes (Note 7) 293.2 184.8 Net income $ 2,242.9 $ 1,344.9 Earnings per share: Basic $ 2.49 $ 1.49 Diluted $ 2.48 $ 1.49 Shares used in calculation of earnings per share: Basic 900.8 901.0 Diluted 903.8 903.3 See notes to consolidated condensed financial statements. 5 Consolidated Condensed Statements of Comprehensive Income (Unaudited) ELI LILLY AND COMPANY AND SUBSIDIARIES (Dollars in millions) Three Months Ended March 31, 2024 2023 Net income $ 2,242.9 $ 1,344.9 Other comprehensive income, net of tax (Note 10) 27.5 67.3 Comprehensive income $ 2,270.4 $ 1,412.2 See notes to consolidated condensed financial statements. 6 Consolidated Condensed Balance Sheets ELI LILLY AND COMPANY AND SUBSIDIARIES (Dollars in millions) March 31, 2024 December 31, 2023 Assets (Unaudited) Current Assets Cash and cash equivalents (Note 6) $ 2,460.2 $ 2,818.6 Short-term investments (Note 6) 126.1 109.1 Accounts receivable, net of allowances of $ 14.3 (2024) and $ 14.8 (2023) 7,885.6 9,090.5 Other receivables 2,127.9 2,245.7 Inventories (Note 5) 6,101.8 5,772.8 Prepaid expenses 6,348.6 5,540.8 Other current assets 138.6 149.5 Total current assets 25,188.8 25,727.0 Investments (Note 6) 3,086.9 3,052.2 Goodwill 4,939.6 4,939.7 Other intangibles, net 6,762.2 6,906.6 Deferred tax assets 5,633.9 5,477.3 Property and equipment, net of a

View Full Filing

View this 10-Q filing on SEC EDGAR