Eli Lilly has announced a $2.19bn net income on a reported basis for the fourth quarter of 2023 - a 13% rise compared with $1.94bn in the same quarter of the previous year.

Its earnings per share (EPS) on a reported basis grew from $2.14 to $2.42 in Q4 2022, up 13% during Q4 2023 ending 31 December 2023.

The EPS for Q4 2023 included acquired intellectual property and research and development charges of $0.62 compared to $0.23 in the same quarter of the previous year.

On a non-GAAP [generally accepted accounting principles] basis, the latest quarter's net income stood at $2.25bn and EPS at $2.49, compared with a net income of $1.89bn and EPS of $2.09 in Q4 2022.

Revenue was $9.35bn, up 28% compared with $7.30bn in the same quarter of the previous year.

The revenue growth was attributed to a combination of higher realised prices, increased volume and a favourable impact from foreign exchange rates.

The company's higher realised prices were notably caused by its product Mounjaro in the US market, although this was partially offset by lower prices for other key products such as Humalog and Trulicity.

In the US, revenue soared by 39% to $6.46bn, fuelled by a 27% increase in realised prices and a 12% rise in volume.

Outside the US, revenue climbed by 10% to $2.90bn, propelled by volume growth and positive foreign exchange rates, despite a decrease due to lower realised prices.

Additionally, the dividends paid per share increased by 15% to $1.13 from $0.98 in the same quarter of the previous year.

The company’s full-year 2023 revenue was $34.12bn, a 20% increase from $28.54bn in 2022 while its net income dropped 16% to $5.24bn in 2023 against $6.24bn in 2022.

Lilly chair and CEO David Ricks stated: "2023 was a year of tremendous achievement for Lilly, which delivered life-changing medicines to more patients than ever before resulting in strong revenue growth."

“Entering 2024, we remain focused on the opportunity in front of us, to help solve some of the most challenging healthcare problems in the world and make life better for millions of patients.”

The company expects its 2024 revenue to be between $40.4bn and $41.6bn, and EPS to be between $11.80 and $12.30 on a reported basis and $12.20 to $12.70 on a non-GAAP basis.

In December 2023,  the company received approval from the US Food and Drug Administration for Jaypirca to treat chronic lymphocytic leukaemia or small lymphocytic lymphoma in adults.