Eli Lilly and Co reported a significant increase in financial performance for the three and six months ended June 30, 2024. The company's revenue saw a substantial rise, with a 36% increase for the quarter, up from $11.3 billion in 2023 to $8.3 billion in 2024. Similarly, for the six-month period, revenue grew by 31%, from $20.1 billion in 2023 to $15.3 billion in 2024. Net income followed a similar trend, surging by 68% for both the quarter and six-month periods, reaching $3.0 billion and $5.2 billion respectively. Diluted earnings per share also saw a significant jump of 68% for the quarter, rising from $1.95 to $3.28, and a 67% increase for the six-month period, from $3.44 to $5.76. The growth in revenue and earnings was primarily attributed to increased sales of Mounjaro, Zepbound, and Verzenio, despite...Show More

Eli Lilly and Co reported a significant increase in financial performance for the three and six months ended June 30, 2024. The company's revenue saw a substantial rise, with a 36% increase for the quarter, up from $11.3 billion in 2023 to $8.3 billion in 2024. Similarly, for the six-month period, revenue grew by 31%, from $20.1 billion in 2023 to $15.3 billion in 2024. Net income followed a similar trend, surging by 68% for both the quarter and six-month periods, reaching $3.0 billion and $5.2 billion respectively. Diluted earnings per share also saw a significant jump of 68% for the quarter, rising from $1.95 to $3.28, and a 67% increase for the six-month period, from $3.44 to $5.76. The growth in revenue and earnings was primarily attributed to increased sales of Mounjaro, Zepbound, and Verzenio, despite declines in Trulicity and the sale of rights for Baqsimi. The company's net income and earnings per share benefited from a higher gross margin, although this was partially offset by increased expenses in research and development, asset impairment, restructuring, and other special charges, as well as marketing, selling, and administrative expenses. Eli Lilly's business development has been marked by the successful performance of its products in the market, particularly the newer offerings. The company's future plans and strategic initiatives, while not detailed in the announcement, are likely to continue focusing on innovation and market expansion to sustain growth.