Eli Lilly said revenue rose in 2024 3- and 6-month periods on higher volume and higher realized prices. The company cited higher sales of Mounjaro, Zepbound and Verzenio as offsetting declines in Trulicity and the sale of rights for Baqsimi in Q2 2023.

10-QQuarterly reportFiled Aug 8, 2024Period of report Jun 30, 2024Summary published (UTC) Oct 23, 2026

Key points

AI summary

Eli Lilly said revenue rose in 2024 3- and 6-month periods on higher volume and higher realized prices. The company cited higher sales of Mounjaro, Zepbound and Verzenio as offsetting declines in Trulicity and the sale of rights for Baqsimi in Q2 2023.
Eli Lilly said U.S. revenue for Mounjaro was $2.41 billion and for Zepbound was $1.24 billion in Q2 2024. The company estimated that channel stocking affected U.S. sales of Mounjaro and Zepbound in the quarter by high teens to mid-mid-20s as a percentage of U.S. sales.
The company said gross margin as a percentage of revenue rose 2.5 percentage points and 3.3 percentage points in the 3- and 6-month periods of 2024. It also said research and development expenses rose 15% and 21%, and marketing, selling and administrative expenses rose 10% and 11% over the same periods.
Eli Lilly said it agreed to acquire Morphic for $57.00 per share in cash, or about $3.2 billion in total, in July 2024. As of June 30, 2024, total debt was $28.89 billion ($25.23 billion as of year-end 2023), and cash was $3.22 billion.

Key figures

Quarter ended June 30, 2024

Revenue: $11.3B
Net income: $3.0B
EPS: $3.28

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.

Revenue Growth Led by Mounjaro, Zepbound and Verzenio

Eli Lilly said revenue rose in 2024 3- and 6-month periods on higher volume and higher realized prices. The company cited higher sales of Mounjaro, Zepbound and Verzenio as offsetting declines in Trulicity and the sale of rights for Baqsimi in Q2 2023.

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

U.S. Mounjaro and Zepbound Revenue and Channel Stocking

Eli Lilly said U.S. revenue for Mounjaro was $2.41 billion and for Zepbound was $1.24 billion in Q2 2024. The company estimated that channel stocking affected U.S. sales of Mounjaro and Zepbound in the quarter by high teens to mid-mid-20s as a percentage of U.S. sales.

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

Higher Gross Margin Offset by Higher Expenses

The company said gross margin as a percentage of revenue rose 2.5 percentage points and 3.3 percentage points in the 3- and 6-month periods of 2024. It also said research and development expenses rose 15% and 21%, and marketing, selling and administrative expenses rose 10% and 11% over the same periods.

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

Debt, Cash and Morphic Acquisition Agreement

Eli Lilly said it agreed to acquire Morphic for $57.00 per share in cash, or about $3.2 billion in total, in July 2024. As of June 30, 2024, total debt was $28.89 billion ($25.23 billion as of year-end 2023), and cash was $3.22 billion.

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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