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Highlights
- 20% Revenue Surge: Growth was powered by high-demand products, especially Mounjaro and Zepbound.
- Revised Guidance: 2024 revenue estimates raised to between $45.4 billion and $46.0 billion.
- New Product Approvals: U.S. and Japan approvals for Ebglyss and Kisunla in atopic dermatitis and Alzheimer’s treatments.
Eli Lilly’s (TSX:LLY) Q3 2024 financial results, released today, reveal a robust revenue growth of 20%, primarily fueled by demand for the diabetes and obesity medications Mounjaro and Zepbound. However, revenue was slightly impacted by the absence of a one-time $1.42 billion revenue benefit in Q3 2023 from the sale of rights to the olanzapine (Zyprexa) portfolio. Excluding the Zyprexa-related revenue, total revenue growth reached an impressive 42%. Moreover, non-incretin revenue from other products climbed by 17%, showcasing the broad base of Lilly’s expanding pharmaceutical offerings.
The company’s reported earnings per share (EPS) for Q3 2024 rose to $1.07, and the non-GAAP EPS was recorded at $1.18, each impacted by a one-time charge related to acquired in-process research and development (IPR&D) expenses, which stood at $3.08 per share. In light of these earnings, Lilly has updated its revenue and EPS guidance for 2024. The revenue projection is now set between $45.4 billion and $46.0 billion, while the non-GAAP EPS guidance range is adjusted to $13.02 to $13.52, primarily reflecting the IPR&D charges incurred this quarter.
Alongside its financial accomplishments, Lilly also achieved significant regulatory and clinical milestones in Q3. The U.S. Food and Drug Administration approved Ebglyss for treating moderate-to-severe atopic dermatitis, offering new hope for patients with this chronic skin condition. Additionally, Japan approved Kisunla, a promising treatment for early symptomatic Alzheimer’s disease, further diversifying Lilly's portfolio in the neurology and immunology sectors.
Lilly's innovative treatments for diabetes and Alzheimer's showed promising clinical results as well. The Phase 3 trial for tirzepatide (the active ingredient in Mounjaro) demonstrated a remarkable 94% reduction in the risk of type 2 diabetes for individuals with pre-diabetes combined with obesity or overweight conditions, indicating its potential as a preventative treatment in high-risk groups. Additionally, the six-month TRAILBLAZER-ALZ 6 study, a pivotal Phase 3 clinical trial for Alzheimer’s, demonstrated that a modified titration approach achieved effective amyloid plaque removal in the brain while reducing the incidence of ARIA-E (a side effect often associated with Alzheimer's drugs) to 14% compared to the standard regimen's 24%.
John McKenzie, CEO of Lilly, commented on the quarter's achievements, emphasizing the importance of Lilly’s investment in research, pipeline development, and new product launches. With an ongoing focus on high-growth areas, including treatments for diabetes, immunology, and Alzheimer’s, the company remains confident in its ability to deliver sustained growth and maintain a competitive edge in the global pharmaceutical market.
