Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q4 2024 Earnings Presentation
63 slides from Eli Lilly And's earnings presentation, Feb 6, 2025
Slide 1: A Medicine Company
A MEDICINE COMPANY
Slide 2: Eli Lilly and Company Q4 2024 Earnings Call
ELI LILLY AND COMPANY Q4 2024 EARNINGS CALL 02.06.25
Slide 3: Agenda
Agenda Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q4 2024 Financial Results & 2025 Financial Guidance Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific Officer Closing Remarks Dave Ricks, Chair and Chief Executive Officer
Slide 4: Safe Harbor Provision and Other Information
Safe Harbor Provision and Other Information This presentation contains forward-looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. The company's results may be affected by factors including, but not limited to, the
Slide 5: Strategic Deliverables
Strategic Deliverables Progress since the last earnings call Invest in Current Portfolio Deliver Revenue Growth • Gross Margin: Non-GAAP gross margin of 83.2% in Q4 • Revenue grew 45% in Q4; New Products1, led by Mounjaro and Zepbound, revenue grew by over $3.1 billion • SG&A: 26% increase primarily
Slide 6: Key Events Since Last Earnings Call
Key Events Since Last Earnings Call Regulatory Clinical (Cont) • Zepbound approved in the U.S. as the first and only prescription medicine • Presented imlunestrant data from the EMBER-3 trial at the SABC Symposium for moderate-to-severe obstructive sleep apnea in adults with obesity showing that iml
Slide 7: Reconciliation of GAAP Reported to Non-GAAP Adjusted (Q4 2024)
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information; Certain Line Items (Unaudited) Dollars in millions; except per share data Q4 2024 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $13,533 $– $13,533 45% GROSS MARGIN 82.2% 1.0pp 83.2% 0.9pp TOTAL
Slide 8: Reconciliation of GAAP Reported to Non-GAAP Adjusted (FY 2024)
Reconciliation of GAAP Reported to Non-GAAP Adjusted Information; Certain Line Items (Unaudited) Dollars in millions; except per share data FY 2024 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $45,043 $– $45,043 32% GROSS MARGIN 81.3% 1.2pp 82.5% 1.8pp TOTAL
Slide 9: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in millions Q4 2024 Amount Price FX Rate Volume Total CER U.S. $9,032 (5)% - 45% 40% 40% EUROPE 2,448 (1)% 1% 83% 83% 82% JAPAN 559 (2)% 0% 29% 27% 27% CHINA 429 4% 1% 9% 14% 13% REST OF WORLD 1,064 (1)% (3)% 46% 43% 46% TOTAL REVENUE $13,533 (4)% 0% 48% 4
Slide 10: Q4 2024 Update on Select Products
Q4 2024 Update on Select Products NEW PRODUCTS Millions MOUNJARO • U.S. T2D injectable incretins TRx SOM nearly 37% and NBRx SOM $12,000 nearly 44% at end of Q4 2024 • Lilly T2D injectable incretins TRx SOM over 50% at end of Q4 2024 ZEPBOUND $10,000 • U.S. branded anti-obesity TRx SOM over 48% and
Slide 11: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market 1,800 100.0% Total Prescriptions 90.0% Total prescriptions posted robust 1,600 80.0% growth: 45% in Q4 vs. prior year Total Prescriptions 4 Week Rolling Average 70.0% 1,400 Novo SOM 50.7% 60.0% Lilly share of market increased 3ppts in Q4 2024 and 5ppts vs. 2023 year-end
Slide 12: Capital Allocation
Capital Allocation $ in Billions FY 2024 Capital Allocation R&D* $9.3 Capital Growth Investments $5.1 Business Development** $4.8 Dividend $4.7 Return Share Repurchases $2.5 * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2024
Slide 13: Key Factors Influencing 2025 Financial Outlook
Key Factors Influencing 2025 Financial Outlook o U.S. incretin class growth consistent with 2024, including erosion of Trulicity volume o Additional launches of Mounjaro outside of the U.S. o Revenue growth from recently launched medicines Ebglyss, Jaypirca, Kisunla and Omvoh o Net price mid-to-high
Slide 14: 2025 Guidance
2025 Guidance 2024 Actuals 2025 Guidance 2025 Comments REVENUE $45.0 billion $58.0 – $61.0 billion Midpoint represents ~32% total growth GROSS MARGIN – OPEX 1 Research and development expense accelerates, driven by REVENUE ongoing and new late-phase programs (REPORTED) 37.8% 40.5% - 42.5% Marketing,
Slide 15: Lilly Select NME and NILEX Pipeline
Lilly Select NME and NILEX Pipeline February 4, 2025 LEGEND TIRZEPATIDE ELTREKIBART MASH Ulcerative Colitis MOVEMENT SINCE NME October 29, 2024 MORF-057 TIRZEPATIDE TIRZEPATIDE ORFORGLIPRON NILEX Crohn’s Disease Higher Doses MMO Obstructive Sleep Apnea ADDITION or MILESTONE ACHIEVED GLP-1R NPA II GB
Slide 16: Key Events 2024
Key Events 2024 New since last update Phase 3 Initiations Regulatory Submissions + Retatrutide for type 2 diabetes + Mirikizumab for Crohn’s disease [US + / EU + / J + ] + Retatrutide for cardiovascular outcomes in chronic weight management + Tirzepatide for obstructive sleep apnea [US/EU] +
Slide 17: Potential Key Events 2025
Potential Key Events 2025 Phase 3 Initiations Regulatory Submissions Orforglipron for hypertension Insulin efsitora alfa for type 2 diabetes [US/EU/J] Olomorasib for adjuvant NSCLC 1 Orforglipron for obesity [US/EU/J] Tirzepatide for cardiovascular outcomes [US] Phase 3 Data Readouts Pirtobrutinib C
Slide 18: Q4 2024 Summary
Q4 2024 Summary • Revenue grew 45%, driven by Mounjaro and Zepbound, while non-incretins grew 20%1 • Continued to speed life-changing medicines to patients: • Zepbound approved in the U.S. as the first and only prescription medicine for moderate-to-severe obstructive sleep apnea in adults with obesi
Slide 19: Supplemental Slides
Supplemental Slides Not for promotional use 19
Slide 20: 2024 Income Statement – Reported
2024 Income Statement – Reported Dollars in millions; except per share data Q4 2024 Change FY 2024 Change TOTAL REVENUE $13,533 45% $45,043 32% GROSS MARGIN 82.2% 1.3pp 81.3% 2.1pp TOTAL OPERATING EXPENSE* $5,980 16% $23,725 15% OPERATING INCOME $5,149 116% $12,899 100% OPERATING MARGIN 38.0% 12.5pp
Slide 21: (Gross Margin – OPEX) / Revenue Ratio
(Gross Margin – OPEX1) / Revenue Ratio 41.0% NON-GAAP MOVING ANNUAL TOTAL 39.0% 37.0% 35.0% 33.0% 31.0% 29.0% 27.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 Non-GAAP Ratio (Gross Margin – OPEX1) / Revenue: 24.8% 28.3% 37.4% 34.3% 31.5% 39.3% 40.0% 43.0% GAAP Ratio (Gross Margin – OPEX1) / Revenue: 23.0% 26
Slide 22: Effect of FX on 2024 Results
Effect of FX on 2024 Results Year-on-Year Change Q4 2024 FY 2024 REPORTED With FX w/o FX With FX w/o FX TOTAL REVENUE 45% 45% 32% 32% COST OF SALES 34% 34% 19% 19% GROSS MARGIN 47% 47% 35% 36% OPERATING EXPENSE 16% 15% 15% 15% OPERATING INCOME 116% 117% 100% 102% EARNINGS PER SHARE 102% 102% 102% 10
Slide 23: EPS Reconciliation
EPS Reconciliation Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change EARNINGS PER SHARE (REPORTED) $4.88 $2.42 102% $11.71 $5.80 102% AMORTIZATION OF INTANGIBLE ASSETS 0.12 0.11 9% 0.49 0.45 9% ASSET IMPAIRMENT, RESTRUCTURING AND 0.30 0.06 NM 0.75 0.06 NM OTHER SPECIAL CHARGES NET LOSSES (GAINS) ON
Slide 24: Q4 2024 Income Statement Notes
Q4 2024 Income Statement Notes Q4 2024 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • asset impairment, restructuring and other special charges totaling $344.0 million (pre-tax), or $0.30 per share (after-tax); • amortization of intangibles (cost of sales) primarily associated with costs of ma
Slide 25: FY 2024 Income Statement Notes
FY 2024 Income Statement Notes FY 2024 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • asset impairment, restructuring and other special charges totaling $860.6 million (pre-tax), or $0.75 per share (after-tax); • amortization of intangibles (cost of sales) primarily associated with costs of ma
Slide 26: Comparative EPS Summary 2023/2024
Comparative EPS Summary 2023/2024 Dollars 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 Reported 1.49 1.95 (0.06) 2.42 5.80 2.48 3.28 1.07 4.88 11.71 Non-GAAP 1.62 2.11 0.10 2.49 6.32 2.58 3.92 1.18 5.32 12.99 Numbers may not add due to rounding For a complete reconciliation to reported earnings
Slide 27: Q4 2024 Mounjaro Sales Increased $1.3B
Q4 2024 Mounjaro Sales Increased $1.3B $ in Millions U.S. sales were $2.6 billion U.S. TRx SOM and Market Volume International sales were $899 million Market Lilly T2D Injectable Incretins Mounjaro Note: Lilly T2D Injectable Incretins consist of Mounjaro & Trulicity 13 Wk RA TRx SOM Source: IQVIA NP
Slide 28: Q4 2024 Verzenio Sales Increased 36%
Q4 2024 Verzenio Sales Increased 36% $ in Millions U.S. sales increased 35% U.S. TRx SOM and Market Volume International sales increased 38% Verzenio Market Source: IQVIA NPA TRx 3MMA, weekly data December 27, 2024; RA = rolling average 2024 Q4 EARNINGS Not for promotional use 28
Slide 29: Q4 2024 Trulicity Sales Decreased 25%
Q4 2024 Trulicity Sales Decreased 25% $ in Millions U.S. sales decreased 36% U.S. TRx SOM and Market Volume International sales increased 9% Market Lilly T2D Injectable Incretins Trulicity Note: Lilly T2D Injectable Incretins consist of Mounjaro & Trulicity 13 Wk RA TRx SOM Source: IQVIA NPA TRx 3MM
Slide 30: Q4 2024 Taltz Sales Increased 21%
Q4 2024 Taltz Sales Increased 21% $ in Millions U.S. sales increased 24% U.S. TRx SOM and Market Volume International sales increased 16% Taltz Market Source: IQVIA NPA TRx 3MMA, weekly data December 27, 2024; RA = rolling average TRx data is representative of the full molecule market 2024 Q4 EARNIN
Slide 31: Q4 2024 Jardiance Sales Increased 50%
Q4 2024 Jardiance Sales Increased 50% $ in Millions U.S. sales decreased 1% U.S. TRx SOM and Market Volume International sales increased 123%1 Market Jardiance2 Source: IQVIA NPA TRx 3MMA, weekly data December 27, 2024; RA = rolling average 1 The Q4 2024 growth in Jardiance revenue included a one-ti
Slide 32: Q4 2024 Humalog Sales Increased 69%
Q4 2024 Humalog Sales Increased 69% $ in Millions U.S. sales increased 142% U.S. TRx SOM and Market Volume International sales increased 8% Humalog + Insulin Lispro Humalog Lilly Insulin Lispro Source: IQVIA NPA TRx 3MMA, weekly data December 27, 2024; RA = rolling average 2024 Q4 EARNINGS Not for p
Slide 33: Select Trials – Donanemab
Select Trials – Donanemab Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Alzheimer’s A Study of Donanemab (LY3002813) in Participants Change from Baseline on the integrated Alzheimer's NCT04437511 3 1736 Apr 2023 Aug 2025 Disease With Early Alzheimer's Disease
Slide 34: Select Trials – Imlunestrant
Select Trials – Imlunestrant Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Imlunestrant, Investigator's Choice of Breast Endocrine Therapy, and Imlunestrant Plus Progression Free Survival (PFS) in the Intent-to-Treat NCT04975308 3 866 Jun 2024 Aug
Slide 35: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Lebrikizumab (LY3650150) in Adult and Percentage of Participants Achieving Eczema Area and Atopic Adolescent Participants With Moderate-to-Severe NCT05369403 3 120 Severity
Slide 36: Select Trials – Lebrikizumab (Cont.)
Select Trials – Lebrikizumab (Cont.) Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Perennial A Study of Lebrikizumab in Adult Participants With Mean Change From Baseline (CFBL) in Total Nasal NCT06339008 Allergic 3 450 Oct 2025 Feb 2027 Perennial Allergic Rhi
Slide 37: Select Trials – Lepodisiran
Select Trials – Lepodisiran Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Atherosclerotic A Study to Investigate the Effect of Lepodisiran on the Time to First Occurrence of Any Component of the NCT06292013 Cardiovascular Reduction of Major Adverse Cardiovasc
Slide 38: Select Trials – Mirikizumab
Select Trials – Mirikizumab Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Long-term Extension Study of Mirikizumab Crohn's Percentage of Participants Achieving Endoscopic NCT04232553 (LY3074828) in Participants With Crohn's Disease 3 778 Nov 2024 Dec 2026 D
Slide 39: Select Trials – Olomorasib
Select Trials – Olomorasib Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of olomorasib (LY3537982) Plus Carcinoma, Immunotherapy With or Without Chemotherapy in Dose Optimization and Safety Lead-In Part B: Number NCT06119581 Non-Small-Cell Participant
Slide 40: Select Trials – Orforglipron
Select Trials – Orforglipron Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Adult Type 2 NCT05971940 Participants With Type 2 Diabetes and Inadequate 3 520 Change from Baseline in Hemoglobin A1c (HbA1c) Apr 2025 Apr 2025
Slide 41: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Once-Daily Oral Orforglipron (LY3502970) NCT05931380 Obesity in Japanese Adult Participants With Obesity Disease 3 236 Mean Percent Change in Body Weight Jun 2025 Ju
Slide 42: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Study of LOXO-305 Versus Investigator's Choice To evaluate progression-free survival (PFS) of LOXO- Chronic (IdelaR or BR) in Patients With Previously Treated 305 monotherapy (Arm A)
Slide 43: Select Trials – Pirtobrutinib (Cont.)
Select Trials – Pirtobrutinib (Cont.) Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion To compare progression-free survival (PFS) of Study of BTK Inhibitor LOXO-305 Versus Approved pirtobrutinib as monotherapy (Arm A) to investigator Lymphoma, NCT04662255 BTK In
Slide 44: Select Trials – Remternetug
Select Trials – Remternetug Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Percentage of Participants Who Reach Amyloid Plaque Alzheimer’s A Study of Remternetug (LY3372993) in Participants NCT05463731 3 1667 Clearance on Amyloid PET Scan for Remternetug Jun 2
Slide 45: Select Trials – Retatrutide
Select Trials – Retatrutide Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) in Participants NCT05929066 Obesity 3 2300 Percent Change From Baseline in Body Weight Apr 2026 May 2026 Who Have Obesity or Overweight (TRIUMPH-1) A
Slide 46: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) on Renal Function Chronic Kidney in Participants With Overweight or Obesity and Change from Baseline in Glomerular Filtration Rate NCT05936151
Slide 47: Select Trials – Retevmo
Select Trials – Retevmo Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Selpercatinib (LY3527723) in Participants Medullary Progression Free Survival (PFS) by Blinded NCT04211337 With RET-Mutant Medullary Thyroid Cancer 3 291 May 2023 Feb 2026 Thyroi
Slide 48: Select Trials – Taltz
Select Trials – Taltz Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Ixekizumab Concomitantly Administered With Percentage of Participants Who Simultaneously NCT06588283 Psoriasis Tirzepatide in Adults With Moderate-to-Severe Plaque 3 250 Achieved Psoriasis Ar
Slide 49: Select Trials – Tirzepatide
Select Trials – Tirzepatide Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) For the Maintenance of Body Weight Reduction in Percent Maintenance of Body Weight (BW) Reduction NCT06047548 Obesity Participants Who Have Obesity or
Slide 50: Select Trials – Tirzepatide (Cont.)
Select Trials – Tirzepatide (Cont.) Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) Compared With Time to First Occurrence of Death from Cardiovascular Type 2 NCT04255433 Dulaglutide on Major Cardiovascular Events in 3 13299 (
Slide 51: Select Trials – Verzenio
Select Trials – Verzenio Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Endocrine Therapy With or Without Abemaciclib NCT031559971 Breast Cancer (LY2835219) Following Surgery in Participants With 3 5637 Invasive Disease-Free Survival (IDFS) Mar 2020 May 2029 B
Slide 52: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Safety and Efficacy of Bimagrumab and Semaglutide in Bimagrumab NCT05616013 Obesity 2 507 Change from baseline in body weight at 48 weeks May 2024 Jun 20
Slide 53: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate Weight Management With GLP-1R NPA II NCT06683508 Obesity LY3549492 Compared With Placebo in Adult 2 275 Percent Change fro
Slide 54: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Part A: Number of Participants with One or More A Study of LY3885125 in Participants With Dyslipidemia SCAP siRNA NCT06007651 Dyslipidemias 1 112
Slide 55: Select Trials – Early Phase Immunology
Select Trials – Early Phase Immunology Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Proportion of participants in clinical remission at Week Ulcerative A Study to Evaluate MORF-057 in Adults with MORF-057 NCT05611671 2 280 12 as determined using the
Slide 56: Select Trials – Early Phase Immunology (Cont.)
Select Trials – Early Phase Immunology (Cont.) Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Rheumatoid An Adaptive Phase 2a/2b Study of LY3871801 in Adult Phase 2a: Change from Baseline in Disease Activity Ocadusertib1 NCT05848258 2 380 Feb 2026 Jul
Slide 57: Select Trials – Early Phase Neurodegeneration
Select Trials – Early Phase Neurodegeneration Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Alzheimer’s A Study of Mevidalen (LY3154207) in Participants With Change from Baseline in Integrated Alzheimer's Disease Mevidalen NCT06538116 2 300 Dec 2025
Slide 58: Select Trials – Early Phase Neurodegeneration (Cont.)
Select Trials – Early Phase Neurodegeneration (Cont.) Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Sensorineural OTOF Gene Gene Therapy Trial for Otoferlin Gene-mediated NCT05821959 Hearing Loss, 1|2 14 Frequency of Adverse Events (AEs) Oct 2028 Oct
Slide 59: Select Trials – Early Phase Oncology
Select Trials – Early Phase Oncology Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Urinary Phase 1a: To determine the recommended phase 2 dose A Study of LOXO-435 in Participants With Cancer With FGFR3 Selective NCT05614739 Bladder 1 180 (RP2D)/optim
Slide 60: Select Trials – Early Phase Oncology (Cont.)
Select Trials – Early Phase Oncology (Cont.) Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Phase 1a: Number of Participants with One or More SMARCA2 Metastatic A Study of LY4050784 in Participants With Advanced or NCT06561685 1 160 Treatment Emergent
Slide 61: Select Trials – Early Phase Pain
Select Trials – Early Phase Pain Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Diabetic A Study of LY3556050 in Adult Participants With Mean Change from Baseline for Average Pain Intensity Mazisotine NCT06074562 Peripheral 2 410 Jul 2025 Jul 2025 Dia
Slide 62: Trademarks
Trademarks All trademarks and trade names referred to in this earnings update are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this press release, the property of their respective owners. Solely for convenience, the trademark
Slide 63: A Medicine Company
A MEDICINE COMPANY
Eli Lilly and Company — Q4 2024 Earnings Presentation on 6ix