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Eli Lilly (LLY) FY2022 results: revenue $28.5 billion, up 0.8% on the year

Eli Lilly & Co. (LLY) reported revenue of $28.5 billion for fiscal 2022, the year ended 31 December 2022, up 0.8% on the year before. Net income was $6.2 billion, up 11.9%, and diluted earnings per share $6.90. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue
$28.5 billion
+0.8% on the year
FY2015FY2022
Operating margin
n/a
FY2015FY2022
Net income
$6.2 billion
+11.9% on the year
FY2015FY2022
Diluted EPS
$6.90
+12.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue28,54128,31824,540+0.8%
Cost of revenue6,6307,3135,483-9.3%
Gross profit21,91221,00619,056+4.3%
Gross margin76.8%74.2%77.7%
Research and development7,1916,9315,976+3.8%
Selling, general and administrative6,4406,4326,121+0.1%
Interest expense332340360-2.4%
Pre-tax income6,8066,1567,230+10.6%
Income tax5625741,036-2.1%
Effective tax rate8.3%9.3%14.3%
Net income6,2455,5826,194+11.9%
Net margin21.9%19.7%25.2%
Diluted EPS$6.90$6.12$6.79+12.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow7,5867,3666,500+3.0%
Capital expenditure1,8541,3101,388+41.6%
Free cash flow5,7316,0565,112-5.4%
Free cash flow margin20.1%21.4%20.8%
Cash from investing-3,763-2,868-2,259
Cash from financing-5,407-4,131-3,137
Depreciation and amortisation1,5221,5481,324-1.6%
Share-based compensation371343308+8.3%
Buybacks1,5001,250500+20.0%
Dividends paid3,5363,0872,687+14.5%
Dividend per share$4.07$3.53$3.07+15.3%
Diluted shares, weighted905m912m913m-0.8%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity10,6508,9795,642+18.6%
Non-controlling interest126176184-28.5%
Debt16,23916,88516,595-3.8%
Other liabilities22,47622,76624,213-1.3%
Total liabilities and equity49,49048,80646,633+1.4%
Fixed assets10,1448,9858,682+12.9%
Goodwill4,0733,8923,766+4.7%
Intangible assets7,2077,6927,450-6.3%
Investments3,0473,3032,991-7.8%
Cash and equivalents2,0673,8183,657-45.9%
Receivables6,8966,6735,875+3.3%
Inventory4,3103,8863,980+10.9%
Other assets11,74710,55710,231+11.3%
Total assets49,49048,80646,633+1.4%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.