Eli Lilly and Company reported significant financial growth for the third quarter and the first nine months of 2024, with total revenue reaching $11,439.1 million for the three months ended September 30, 2024, a 20% increase from $9,498.6 million in the same period of 2023. For the nine months, revenue rose 27% to $31,509.9 million, compared to $24,770.7 million in the prior year. This growth was primarily driven by increased sales of Mounjaro®, Zepbound®, and Verzenio®, although it was partially offset by declines in Trulicity® and the previous year's sale of rights for the olanzapine portfolio, including Zyprexa®.
Net income for the third quarter of 2024 was $970.3 million, a substantial recovery from a net loss of $57.4 million in the same quarter of 2023. For the nine-month period, net income increased to $6,180.2 million from $3,050.7 million in 2023. Earnings per share also saw a notable rise, with diluted earnings per share at $1.07 for Q3 2024, compared to a loss of $0.06 in Q3 2023, and $6.83 for the nine months ended September 30, 2024, up from $3.38 in the previous year.
The company's costs and expenses for the third quarter increased to $9,850.7 million from $9,071.4 million in 2023, reflecting higher research and development expenses, as well as increased marketing, selling, and administrative costs. Asset impairment, restructuring, and other special charges amounted to $81.6 million for the quarter, primarily related to the impairment of an intangible asset.
Eli Lilly's current assets as of September 30, 2024, totaled $31,415.1 million, up from $25,727.0 million at the end of 2023. Cash and cash equivalents increased to $3,369.0 million from $2,818.6 million. However, long-term debt rose significantly to $29,045.4 million from $18,320.8 million, largely due to the issuance of $4.96 billion in fixed-rate notes in August 2024 to fund the acquisition of Morphic and related expenses.
Strategically, Eli Lilly made notable acquisitions, including NexPharm Parent HoldCo, LLC and Isopro Holdings, LLC for $924.7 million in May 2024, aimed at enhancing its injectable product manufacturing capabilities. Additionally, the company acquired POINT Biopharma Global Inc. for $1.04 billion in December 2023, focusing on radiopharmaceuticals for cancer treatment.
The company continues to invest in its pipeline, with approximately 50 new medicine candidates in clinical development or under regulatory review, including various indications for tirzepatide and other innovative therapies.
About ELI LILLY & Co
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