Eli Lilly Q2 2023 financial results highlight robust 28% revenue growth
Eli Lilly and Company (NYSE: LLY) unveiled their Q2 2023 financials, showcasing a 28% revenue enhancement, predominantly driven by volume growth from Mounjaro, Verzenio, Jardiance, and Taltz. The revenue spike includes a notable $579.0 million from the Baqsimi rights sale. Excluding this sale and 2022’s COVID-19 antibodies, the Q2 2023 revenue surged by 22%.
Key Product Sales and EPS Insight
New Products contributed a robust $1.00 billion to the Q2 2023 revenue, majorly boosted by Mounjaro. Moreover, Growth Products saw a 16% increase, reaching $4.93 billion in Q2 2023, spearheaded by Verzenio, Jardiance, and Taltz. The EPS for Q2 2023 escalated by 86%, standing at $1.95 on a reported basis and 69% to $2.11 on a non-GAAP basis.
Detailed Revenue Analysis
In Q2 2023, the global revenue amounted to $8.31 billion, marking a 28% leap compared to Q2 2022. This increase was primarily attributed to a 29% volume augmentation, which, however, was marginally negated by a 1% dip due to unfavorable foreign exchange impacts. Notably, the U.S. revenue climbed by 41% to $5.53 billion, influenced by Mounjaro, Verzenio, Jardiance, and Taltz sales. Outside the U.S., the revenue growth was 9%, reaching $2.78 billion.
Eli Lilly Reports Stellar Q2 2023 Financial Results with 28% Revenue Uptick. Photo courtesy of Momoneymoproblemz/Wikimedia Commons.
Gross Margin and Expense Report
The gross margin for Q2 2023 jumped by 29%, amounting to $6.50 billion. Research and development costs surged by 32% to $2.36 billion. In contrast, marketing, selling, and administrative expenses rose by 18% to $1.93 billion.
Other Key Updates and Announcements
Eli Lilly publicized several pivotal updates, including positive Phase 3 TRAILBLAZER-ALZ 2 outcomes and the submissions of donanemab to the FDA and EMA. The US pharma company also completed the submission of tirzepatide for chronic weight management and obtained mirikizumab’s approval in the EU.
“Positive Phase 3 TRAILBLAZER-ALZ 2 results, which showed donanemab significantly slowed cognitive and functional decline in people with early symptomatic Alzheimer’s disease,” is particularly noteworthy, shedding light on the company’s ongoing endeavors.
In the business development segment, Eli Lilly announced agreements to acquire DICE Therapeutics, Inc., Sigilon Therapeutics, Inc., and Versanis Bio, enhancing their foothold in autoimmune and cardiometabolic disease treatments.