Earnings Summary Article Lilly Reports Strong Q2 2024 Financial Results
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Earnings Summary Article: Lilly Reports Strong Q2 2024 Financial Results
Lilly Reports Strong Second Quarter 2024 Financial Results
Eli Lilly and Company (NYSE: LLY) released its financial results for the second quarter ending June 30, 2024, demonstrating robust revenue growth driven by higher demand and favorable product mix.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | % Change YoY | Q1 2024 | % Change QoQ | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $10.00 billion | $7.31 billion | 36.8% | $8.62 billion | 16.0% | $9.92 billion |
| Earnings Per Share (EPS) | $2.80 | $1.61 | 73.9% | $2.36 | 18.6% | $2.60 |
Lilly's strong financial performance for the quarter is highlighted by a 36.8% increase in total revenue year-over-year, reaching $10.00 billion. Earnings per share (EPS) saw an impressive growth of 73.9% compared to Q2 2023 and an 18.6% increase quarter-over-quarter, exceeding the consensus estimate of $2.60.
Segment Revenue Breakdown
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | % Change YoY |
|---|---|---|---|
| Mounjaro | $3.09 billion | $979.7 million | 215.5% |
| Trulicity | $1.80 billion | $2.50 billion | -28.0% |
| Verzenio | $1.26 billion | $857.1 million | 47.0% |
| Zepbound | $1.24 billion | $64.0 million | 1837.5% |
| Jardiance | $600.0 million | $507.0 million | 18.3% |
A significant driver of growth was the demand for Mounjaro and Zepbound, which saw revenue increases of 215.5% and 1837.5% year-over-year respectively. Verzenio also delivered a strong performance with a 47.0% increase. However, Trulicity revenue declined by 28.0% due to supply constraints and competitive dynamics.
Dividends and Share Repurchase Program
Lilly declared that there is $2.50 billion remaining under its $5.00 billion share repurchase program authorized in May 2021. Dividends paid during the six months ended June 30, 2024, were $2.34 billion, or $2.60 per share.
Forward Guidance
Based on the substantial performance in Q2 2024, Lilly reaffirmed its confidence in achieving its full-year financial targets, despite ongoing market and supply challenges. However, specific forward guidance details were not provided in the report.
Stock Price Movement
Following the earnings release, Lilly's stock experienced a significant positive movement of 9.5%, reflecting strong investor confidence in the company's financial health and growth prospects.
Overall, Eli Lilly and Company's Q2 2024 performance showcases its robust market position and the effectiveness of its strategic initiatives in driving revenue and earnings growth.
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