Daily Newsletter

03 November 2023

Daily Newsletter

03 November 2023

Eli Lilly reports net loss of $57.4m in Q3 2023 

A 37% surge in worldwide revenue to $9.5bn was reported, versus $6.9bn in Q3 2022.

Vishnu Priyan November 03 2023

Eli Lilly and Company has posted a net loss of $57.4m on a reported basis for the third quarter (Q3) of 2023 compared to a net income of $1.4bn in the same quarter of 2022.

For the quarter ended 30 September 2023, loss per share (LPS) was $0.06. Earnings per share (EPS) were $1.6 in the same period of the previous year. 

A 37% surge in worldwide revenue to $9.5bn was reported, versus $6.9bn in Q3 2022.

The revenue growth was steered by a 31% rise in volume, with higher realised prices resulting in a 6% rise and a 1% rise due to the favourable foreign exchange rate. 

Lilly’s Mounjaro alone generated revenues of $1.4bn while Verzenio and Jardiance generated $1.04bn and $700.8m.

In the US, the company’s revenue rose 21% to $5.3bn while those outside the region grew 64% to $4.1bn.

A 73% drop in operating income to $450.4m was reported compared to $1.6bn in Q3 2022.

The company declared dividends paid per share of $1.1 versus $0.9 in the same quarter of 2022, a rise of 15%.

Eli Lilly and Company chair and CEO David Ricks stated: “Lilly had another strong quarter in Q3 as Mounjaro and Verzenio continued to gain momentum. 

“Lilly executed on business development priorities in the third quarter, including multiple acquisitions that expanded our already robust pipeline. We remain focused on growth and delivering new, innovative medicines that make life better for millions of patients around the globe.”

In October 2023, Lilly entered a definitive agreement to acquire radiopharmaceutical company POINT Biopharma for $1.4bn.

Analyzing the key M&A trends in the Contract Manufacturing industry

Despite challenging business conditions in 2021 and 2022, large CMOs were still involved in acquisitions to enhance their capabilities or scale of production. Catalent and Recipharm were particularly active in acquiring companies during this period, and these acquisitions had a focus on advanced biologic capabilities related to cell and gene therapies. CMOs are increasingly targeting companies with sophisticated (biologic and specialized) capabilities to manufacture modern drugs and seek high-value contracts.

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