Eli Lilly and Company (NYSE: LLY) reported a robust 2023 financial performance with a 20% year-on-year (YOY) increase in revenue, reaching USD 34.1 billion, as detailed in their Q4 2023 report released this week. This growth was substantially driven by the company’s metabolism drugs, indicating a recovery from the COVID-19 demand downturn that initially reduced sales by 11% in Q1. The company swiftly rebounded with a strong finish to the year, posting 28%, 37%, and 28% revenue increases in Q2, Q3, and Q4, respectively.
Lilly’s pharmaceutical portfolio was led by the antidiabetic drug Trulicity (dulaglutide), which generated USD 7.1 billion in sales, a slight 4% YOY decrease attributed partly to market delays in the US. The weight-loss drug Mounjaro (tirzepatide) made a significant impact in its first full year on the market with USD 5.2 billion in sales, and the breast cancer treatment Verzenio (abemaciclib) saw a substantial 56% YOY increase, reaching USD 3.9 billion.
Despite not anticipating the completion of its incretin manufacturing expansion in 2024, Eli Lilly projects a revenue range of USD 40.4 to 41.6 billion for the year ahead. The report also disclosed that a Phase III trial for Verzenio combined with abiraterone in metastatic castration-resistant prostate cancer (mCRPC) did not meet its primary endpoint of improved radiographic progression-free survival (rPFS), leading to the termination of the program.
In a conference call, CFO Anat Ashkenazi highlighted that the China market rebounded in 2023, with Lilly’s Q4 sales in constant currency terms increasing by 7%, driven by a 10% volume increase, despite lower realized prices.- Flcube.com
