The company said revenue rose for the three months ended March 31, 2024, driven by higher volume and higher realized prices. It said sales of Mounjaro, Zepbound, Verzenio and Jardiance increased, while sales of Trulicity decreased.

10-QQuarterly reportFiled Apr 30, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said revenue rose for the three months ended March 31, 2024, driven by higher volume and higher realized prices. It said sales of Mounjaro, Zepbound, Verzenio and Jardiance increased, while sales of Trulicity decreased.
The company said U.S. revenue of Mounjaro for the 3 months ended 2024 was $1.52 billion ($536.4 million in the same period of the prior year), and Zepbound revenue was $517.4 million. It also said it expects demand for its incretin medicines to continue to exceed production, leaving supply tight.
The company said gross margin as a percentage of revenue rose 4.3 percentage points for the 3 months ended March 31, 2024, and research and development expenses increased 27% and marketing, selling and administrative expenses increased 12%. Research and development expenses include a charge of approximately $75 million related to the termination of the Verzenio prostate cancer program.
The company said cash and cash equivalents were $2.46 billion and total debt was $26.21 billion as of March 31, 2024. It paid dividends of $1.17 billion over the 3 months, and did not repurchase any shares under its $5.00 billion share repurchase program, leaving $2.50 billion remaining under the program.

Key figures

Quarter ended March 31, 2024

Revenue: $8.8B
Net income: $2.2B
EPS: $2.48
Operating cash flow: $1.2B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Revenue Growth and Product Sales Changes

The company said revenue rose for the three months ended March 31, 2024, driven by higher volume and higher realized prices. It said sales of Mounjaro, Zepbound, Verzenio and Jardiance increased, while sales of Trulicity decreased.

Source · Based on the MD&A text of the filing

Mounjaro and Zepbound U.S. Revenue and Supply Constraints

The company said U.S. revenue of Mounjaro for the 3 months ended 2024 was $1.52 billion ($536.4 million in the same period of the prior year), and Zepbound revenue was $517.4 million. It also said it expects demand for its incretin medicines to continue to exceed production, leaving supply tight.

Source · Based on the MD&A text of the filing

Gross Margin, R&D and SG&A Changes

The company said gross margin as a percentage of revenue rose 4.3 percentage points for the 3 months ended March 31, 2024, and research and development expenses increased 27% and marketing, selling and administrative expenses increased 12%. Research and development expenses include a charge of approximately $75 million related to the termination of the Verzenio prostate cancer program.

Source · Based on the MD&A text of the filing

Debt, Cash, Dividends and Share Repurchases

The company said cash and cash equivalents were $2.46 billion and total debt was $26.21 billion as of March 31, 2024. It paid dividends of $1.17 billion over the 3 months, and did not repurchase any shares under its $5.00 billion share repurchase program, leaving $2.50 billion remaining under the program.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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