Eli Lilly & Co. Q2 FY2024 results: revenue $11.3 billion, up 36.0% on the year

Eli Lilly & Co. (LLY) reported revenue of $11.3 billion for Q2 FY2024, the quarter ended 30 June 2024, up 36.0% on the same quarter a year earlier. Net income was $3.0 billion, up 68.3% on the year, and diluted earnings per share $3.28. The figures are the company's own, from the 10-Q it filed with the SEC on 8 August 2024.

Revenue$11.3 billionup 36.0%

Net income$3.0 billionup 68.3%

Diluted EPS$3.28

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	11,303	8,768	n/a	n/a
Cost of revenue	2,170	1,674	n/a	n/a
Gross profit	9,133	7,094	n/a	n/a
Gross margin	80.8%	80.9%	n/a
Research and development	2,711	2,523	n/a	n/a
Selling, general and administrative	2,117	1,952	n/a	n/a
Interest expense	184	180	n/a	n/a
Pre-tax income	3,517	2,536	n/a	n/a
Income tax	550	293	n/a	n/a
Effective tax rate	15.6%	11.6%	n/a
Net income	2,967	2,243	n/a	n/a
Net margin	26.3%	25.6%	n/a
Diluted EPS	$3.28	$2.48	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	1,466	1,166	n/a	n/a
Capital expenditure	1,225	986	n/a	n/a
Free cash flow	241	180	n/a	n/a
Free cash flow margin	2.1%	2.0%	n/a
Depreciation and amortisation	414	401	n/a	n/a
Share-based compensation	211	159	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	1,172	1,169	n/a	n/a
Dividend per share	$2.60	n/a	n/a	n/a
Diluted shares, weighted	904m	904m	n/a	n/a
Shares outstanding at period end	950m	950m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	71,875	63,944	n/a	n/a
Cash and equivalents	3,224	2,460	n/a	n/a
Receivables	11,028	7,886	n/a	n/a
Inventory	6,482	6,102	n/a	n/a
Goodwill	5,768	4,940	n/a	n/a
Long-term debt	23,730	24,560	n/a	n/a
Shareholders' equity	13,562	12,812	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	9,499	9,353	8,768	11,303	11,439	13,533	12,728	15,558	17,601	19,292	19,799	22,974
Cost of revenue	1,860	1,788	1,674	2,170	2,171	2,404	2,224	2,448	3,008	3,372	3,577	3,268
Gross profit	7,638	7,565	7,094	9,133	9,268	11,129	10,504	13,110	14,592	15,920	16,222	19,706
Gross margin	80%	81%	81%	81%	81%	82%	83%	84%	83%	83%	82%	86%
R&D	2,409	2,563	2,523	2,711	2,734	3,022	2,734	3,336	3,466	3,802	3,510	3,819
SG&A	1,804	1,925	1,952	2,117	2,100	2,424	2,469	2,753	2,741	3,132	2,934	3,430
Interest expense	125	138	180	184	193	225	244	249	180	223	n/a	n/a
Pre-tax income	427	2,509	2,536	3,517	1,588	5,039	3,456	6,776	7,232	8,266	8,850	9,247
Tax rate	113%	13%	12%	16%	39%	12%	20%	16%	23%	20%	16%	23%
Net income	-57.4	2,190	2,243	2,967	970	4,410	2,759	5,660	5,582	6,638	7,396	7,095
Net margin	-1%	23%	26%	26%	8%	33%	22%	36%	32%	34%	37%	31%
Diluted EPS	-$0.06	$2.42	$2.48	$3.28	$1.07	$4.88	$3.06	$6.29	$6.21	$7.39	$8.26	$7.94
Operating cash flow	2,190	-312	1,166	1,466	3,712	2,474	1,666	3,087	8,836	3,225	5,333	10,690
Capital expenditure	970	1,071	986	1,225	1,351	1,496	1,510	1,697	2,088	2,547	2,326	2,933
Free cash flow	1,219	-1,382	180	241	2,361	978	156	1,390	6,748	678	3,007	7,757
Buybacks	0.0	0.0	0.0	0.0	446	2,054	1,200	692	708	1,508	2,356	1,601
Dividends paid	1,016	1,018	1,169	1,172	1,170	1,168	1,346	1,347	1,345	1,346	1,548	1,546
Shares outstanding	949m	950m	950m	950m	949m	948m	948m	946m	945m	943m	942m	941m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 8 August 2024, accession 0000059478-24-000187: the filing on EDGAR. All of Eli Lilly & Co.'s filings: EDGAR company page.

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