{"id":424418,"date":"2021-01-29T06:23:23","date_gmt":"2021-01-29T11:23:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=424418"},"modified":"2021-01-29T06:23:23","modified_gmt":"2021-01-29T11:23:23","slug":"lilly-reports-strong-fourth-quarter-and-full-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lilly-reports-strong-fourth-quarter-and-full-year-2020-financial-results\/","title":{"rendered":"Lilly Reports Strong Fourth-Quarter and Full-Year 2020 Financial Results"},"content":{"rendered":"
\n

– Revenue in the fourth quarter of 2020 increased 22 percent, driven by volume growth of 24 percent. Excluding bamlanivimab revenue of $871 million, fourth-quarter 2020 revenue grew 7 percent.<\/h2>\n

– Full-year 2020 revenue increased 10 percent, driven by volume growth of 15 percent. Excluding bamlanivimab, full-year 2020 revenue grew 6 percent, driven by volume growth of 11 percent.<\/h2>\n

– Key growth products launched since 2014, consisting of Trulicity, Verzenio, Taltz, Tyvyt, Olumiant, Jardiance, Emgality, Cyramza, Retevmo, Baqsimi and Basaglar contributed nearly 12 percentage points of revenue growth and represented approximately 48 percent of total revenue in the fourth quarter of 2020, or 55 percent of total revenue excluding bamlanivimab.<\/h2>\n

– Fourth-quarter 2020 operating expenses increased 3 percent, driven by higher research and development investments, including expenses of $265 million to develop COVID-19 therapies.<\/h2>\n

– Notable pipeline events included Emergency Use Authorizations from the FDA for both bamlanivimab and baricitinib for the treatment of COVID-19, as well as positive data readouts for donanemab for Alzheimer’s disease, tirzepatide for type 2 diabetes and LOXO-305 for cancer.<\/h2>\n

– Fourth-quarter 2020 earnings per share (EPS) increased to $2.32 on a reported basis and $2.75 on a non-GAAP basis. Full year 2020 EPS decreased to $6.79 on a reported basis and increased to $7.93 on a non-GAAP basis.<\/h2>\n

– 2021 EPS guidance lowered to be in the range of $7.10 to $7.75 on a reported basis to reflect recent business development activities, and reaffirmed to be in the range of $7.75 to $8.40 on a non-GAAP basis.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n INDIANAPOLIS<\/span>, Jan. 29, 2021<\/span> \/PRNewswire\/ — Eli Lilly and Company (NYSE: LLY) today announced financial results for the fourth quarter and full year of 2020.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n $ in millions, except
per share data<\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Fourth Quarter<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Full Year<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n %<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2019<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Change<\/u>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,440.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,114.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 24,539.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 22,319.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income \u2013 Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,116.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,495.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,193.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8,318.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EPS \u2013 Reported<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.32<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6.79<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 8.89<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (24)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net Income \u2013 Non-GAAP<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,509.0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1,583.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 58%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,235.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5,568.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 30%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n EPS \u2013 Non-GAAP<\/span>\n <\/p>\n<\/td>\n

\n

\n 2.75<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 1.73<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 59%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7.93<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 6.04<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

Certain financial information for 2020 and 2019 is presented on both a reported and a non-GAAP basis. Some numbers in this press release may not add due to rounding. Reported results were prepared in accordance with U.S. generally accepted accounting principles (GAAP), include all revenue and expenses recognized during the periods, and reflect Elanco Animal Health (Elanco) as discontinued operations during the first quarter of 2019. Non-GAAP measures reflect adjustments for the items described in the reconciliation tables later in the release, and assume that the disposition of Elanco occurred at the beginning of 2019 (including the benefit from the reduction in shares of common stock outstanding). The company’s 2021 financial guidance is being provided on both a reported and a non-GAAP basis. The non-GAAP measures are presented to provide additional insights into the underlying trends in the company’s business.<\/p>\n

“Lilly closed a complex year by delivering impressive results in the fourth quarter of 2020. We finished the year with strong momentum in our core business areas, as volume-based revenue growth for our newest medicines and initial sales of our COVID-19 antibody therapy, coupled with our ongoing productivity agenda, drove robust margin expansion and solid earnings growth,” said David A. Ricks<\/span>, Lilly’s chairman and CEO. “I am also encouraged by exciting recent data readouts for three of our most important pipeline assets: tirzepatide, LOXO-305 and donanemab. Each of these potential medicines has a chance to significantly improve patient outcomes in areas of high unmet medical need, and, should they go on to receive approvals, reinforce our growth prospects for the decade ahead.”<\/p>\n

\n Key Events Over the Last Three Months<\/u>\n <\/p>\n

COVID-19<\/p>\n