ELI LILLY & Co (LLY) - Stock Research

Revenue by Segment

Segment	2020	2021	2022	2023	2024	% of Total
Net product revenue	$22.69B	$25.96B	$25.46B	$28.81B	$40.75B	37%
Cardiometabolic Health	—	—	$9.91B	$14.78B	$21.85B	20%
Mounjaro	—	—	$367M	$4.83B	$8.95B	8%
Oncology	$2.79B	$3.03B	$3.22B	$3.80B	$5.04B	5%
Zepbound	—	—	—	$176M	$4.93B	4%

	1-Yr	4-Yr
Sales	31.9%	16.6%
Cash Flow	107.8%	8.2%
Earnings	101.9%	14.6%
Dividends	14.9%	15.1%
Book Value	31.6%	26.2%

	1-Yr	4-Yr
ROIC	32.4%	26.1%
Gross Margin	81.3%	77.9%
FCF Yield	1.3%	1.9%
Buyback Yield	0.4%	0.4%

	Q1	Q2	Q3	Q4
2021	1.49	1.52	1.22	1.89
2022	2.10	1.06	1.60	2.14
2023	1.49	1.95	-0.06	2.42
2024	2.48	3.28	1.07	4.88
2025	3.06	6.29	6.21	—

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Financial data for LLY from SEC EDGAR
Metric	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Earnings Power
Revenue	23.1B	19.6B	20.0B	21.2B	22.9B	21.5B	22.3B	24.5B	28.3B	28.5B	34.1B	45.0B	59.4B
Net Income	4.7B	2.4B	2.4B	2.7B	-204M	3.2B	8.3B	6.2B	5.6B	6.2B	5.2B	10.6B	18.4B
Owner Earnings	4.1B	2.8B	1.3B	3.1B	3.8B	3.6B	3.3B	4.9B	5.4B	5.7B	2.1B	6.4B	13.7B
Non-Recurring	121M	469M	368M	383M	1.7B	267M	576M	131M	316M	245M	68M	861M	861M
Gross Margin	78.8%	74.9%	74.8%	73.4%	73.1%	78.2%	78.8%	77.7%	74.2%	76.8%	79.2%	81.3%	0.0%
Op. Margin	2.2%	1.7%	14.0%	15.9%	1.3%	17.5%	40.1%	4.8%	21.7%	-1.1%	19.2%	28.2%	-1.0%
Net Margin	20.3%	12.2%	12.1%	12.9%	-0.9%	15.0%	37.3%	25.2%	19.7%	21.9%	15.4%	23.5%	31.0%
Returns on Capital
ROE	26.6%	15.5%	16.5%	19.5%	-1.8%	32.9%	319.1%	109.8%	62.2%	58.6%	48.6%	84.8%	77.4%
ROA	13.3%	6.6%	6.8%	7.1%	-0.5%	7.4%	21.2%	13.3%	11.4%	12.6%	8.2%	14.8%	16.0%
ROIC	21.5%	11.5%	13.3%	16.8%	-0.2%	27.8%	59.5%	27.9%	27.3%	24.6%	20.0%	32.4%	-0.9%
Cash Flow
Free Cash Flow	5.7B	4.4B	3.0B	4.9B	5.6B	5.5B	4.8B	6.5B	7.3B	7.6B	4.2B	8.8B	0
CapEx	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
Maint. CapEx	1.4B	1.4B	1.4B	1.5B	1.6B	1.6B	1.2B	1.3B	1.5B	1.5B	1.5B	1.8B	1.8B
Growth CapEx	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0
CapEx/OCF	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	0.0%
D&A	1.4B	1.4B	1.4B	1.5B	1.6B	1.6B	1.2B	1.3B	1.5B	1.5B	1.5B	1.8B	1.8B
Capital Allocation
Op. Cash Flow	5.7B	4.4B	3.0B	4.9B	5.6B	5.5B	4.8B	6.5B	7.3B	7.6B	4.2B	8.8B	16.1B
Dividends Paid	2.1B	2.1B	2.1B	2.2B	2.2B	2.3B	2.4B	2.7B	3.1B	3.5B	4.1B	4.7B	5.2B
Share Buybacks	1.7B	800M	750M	600M	300M	4.2B	4.4B	500M	1.3B	1.5B	750M	2.5B	2.5B
Buyback Yield	3.8%	1.3%	1.0%	0.9%	0.4%	3.9%	3.8%	0.3%	0.5%	0.5%	0.1%	0.4%	0.2%
Debt Repayment	11M	1.0B	2.0B	0	631M	1.0B	2.9B	277M	1.9B	1.6B	0	664M	664M
Stock-Based Comp	145M	156M	218M	255M	281M	280M	312M	308M	343M	371M	629M	646M	646M
Balance Sheet
Total Assets	35.2B	36.3B	35.6B	38.8B	45.0B	43.9B	39.3B	46.6B	48.8B	49.5B	64.0B	78.7B	114.9B
Intangibles	4.3B	4.6B	9.1B	8.3B	8.4B	2.4B	10.3B	11.2B	11.6B	11.3B	11.8B	11.9B	11.9B
Total Liabilities	17.6B	20.9B	21.0B	24.8B	33.4B	34.1B	36.7B	41.0B	39.8B	38.8B	53.2B	64.5B	2.0B
Equity	17.6B	15.4B	14.6B	14.0B	11.6B	9.8B	2.6B	5.6B	9.0B	10.6B	10.8B	14.2B	23.8B
Net Debt	-1.2B	506M	3.5B	2.3B	1.9B	1.8B	11.4B	12.9B	11.4B	12.5B	15.4B	25.1B	31.0B
Long-Term Debt	4.2B	5.3B	8.0B	8.4B	9.9B	9.2B	13.8B	16.6B	15.3B	14.7B	18.3B	28.5B	N/A
Debt/Equity	0.24	0.35	0.55	0.60	0.86	0.94	5.30	2.94	1.71	1.38	1.70	2.01	1.72
Interest Coverage	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Working Capital	4.2B	2.2B	4.3B	4.1B	4.7B	8.7B	1.9B	5.0B	3.4B	896M	-1.6B	4.4B	4.4B
Current Assets	13.1B	11.9B	12.6B	15.1B	19.2B	20.5B	13.7B	17.5B	18.5B	18.0B	25.7B	32.7B	32.7B
Current Liabilities	8.9B	9.7B	8.2B	11.0B	14.5B	11.9B	11.8B	12.5B	15.1B	17.1B	27.3B	28.4B	28.4B
Retained Earnings	17.0B	16.5B	16.0B	16.0B	13.9B	11.4B	4.9B	7.8B	9.0B	10.0B	10.3B	13.5B	13.5B
Per Share Data
Avg. Price	41.04	49.69	65.41	65.33	71.96	84.17	107.12	139.51	213.54	297.62	454.84	801.81	1,058.18
EPS	4.32	2.23	2.26	2.58	-0.19	3.13	8.89	6.79	6.12	6.90	5.80	11.71	20.44
Owner EPS	3.82	2.64	1.24	2.92	3.51	3.52	3.52	5.34	5.89	6.29	2.31	7.08	14.44
Book Value	16.26	14.34	13.67	13.20	10.79	9.52	2.79	6.18	9.85	11.77	11.92	15.69	25.17
Cash Flow/Share	5.29	4.07	2.78	4.57	5.23	5.35	5.17	7.13	7.96	8.38	4.69	9.75	21.34
Dividends/Share	1.96	1.96	2.00	2.03	2.04	2.24	2.58	2.95	3.38	3.91	4.50	5.18	5.51
Shares Out.	1.1B	1.1B	1.1B	1.1B	1.1B	1.0B	935.7M	912.2M	912.0M	905.0M	903.5M	904.4M	945.4M
Valuation
P/E Ratio	9.4	25.9	31.9	24.5	N/A	33.2	13.8	23.3	43.5	51.7	98.8	66.4	51.8
Price/Book	2.5	4.0	5.3	4.8	7.0	10.9	43.9	25.5	27.0	30.3	48.0	49.5	42.0
Price/Sales	1.9	2.7	3.5	3.3	3.4	4.0	4.5	5.2	6.9	9.4	12.0	16.1	16.8
EV/EBIT	82.7	183.3	28.8	20.6	276.2	29.0	14.1	134.0	41.3	N/A	81.3	57.4	0.0
FCF Yield	13.0%	7.1%	3.9%	7.2%	6.9%	5.1%	4.2%	4.5%	3.0%	2.4%	0.8%	1.3%	N/A
Market Cap	44.1B	61.9B	76.7B	67.0B	81.1B	107.3B	114.5B	144.1B	242.9B	322.8B	517.5B	703.0B	1.0T
Year-End Price	40.70	57.75	72.01	63.19	75.48	103.90	122.36	158.00	266.30	356.65	572.81	777.37	1,058.18

ELI LILLY & Co

Business Description

Revenue by Segment

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