Lilly Reports 2023 Financial Results: Tirzepatide Sales Surpass $5 Billion

Feb 06, 2024 21:01 CST Updated 21:01

Eli Lilly

Global Pharmaceutical R&D and Production Company

On February 6, Eli Lilly and Company announced its 2023 financial report, with total annual revenue of $34.124 billion, a year-on-year increase of 20%; R&D investment reached $9.313 billion, a year-on-year increase of 30%. Revenue in China amounted to $1.540 billion, a year-on-year increase of 11%.

Diabetes, oncology, immunology, and neuroscience are Eli Lilly's four major businesses, and all of these segments achieved good results in 2023.

The diabetes sector is Eli Lilly's core business and has been its advantage for many years, with related product revenues accounting for nearly half of the total income.DulaglutideGlycopeptide (Trulicity) is no match for semaglutide (Ozempic), growth rate slowed downAfterward,Tirzepatide (Mounjaro) Breaking through the soil, taking overCompleteForThe Next Pillar Product.

Tirzepatide in approvedGenerated nearly $500 million in revenue for Eli Lilly in the first year., the scale is expanding rapidly. With the gradual penetration of the diabetes market, 2023Tirzepatide (Mounjaro) Sales reached$5.163 billion (+970%)`, with a growth rate far exceeding`Semaglutide's initial performance (USD 286 million in 2018, USD 1.686 billion in 2019, +490%). By the end of last year,Tirzepatide (Zepbound) has also successfully secured the weight loss indication with outstanding weight reduction data, generating $175.8 million in revenue in less than two months after its launch. With a strong demand in the obesity market, its total sales in 2024 are expected to surpassDulaglutideThere is no doubt.

EngliNet (Jardiance) is another blockbuster product from Eli Lilly in the diabetes field, contributing $2.7447 billion (+33%) to its revenue in 2023. Last year,EngeliIndications for Net expanded to Chronic Kidney Disease (CKD), and pediatric diabetes patients aged 10 years and above are included in its coverage.This is also one of the reasons for its continued sales growth.Based on past performance, the total sales of this product in 2023 (including the Boehringer Ingelheim portion) are expected to exceed 10 billion US dollars.

In the field of oncology, Eli Lilly's leading product is abemaciclib (Verzenio) Continued its high growth rate performance, with sales reaching$3.8634 billion (+56%)`, catching up with the pioneer of CDK4/6 inhibitors`Pipacylin (4.753 billion US dollars). This is mainly becauseAbemaciclibFurther expanded the scope of application for patients with early-stage breast cancer in 2023.。

In the field of autoimmune diseases, Baricitinib (Olumiant) With continuously expanding indications, especially for alopecia areata, sales reached $9.226 billion in 2023 and are expected to exceed $10 billion next year.

In the field of neurology, CGRP monoclonal antibody Galcanezumab（Emgality) is a product that has made significant contributions, but due to the intense market competition in this field, especiallyThe increase in oral CGRP medications,Its sales growth began to weaken (6.783, +4%). However, Eli Lilly and Company's new generation of Aβ monoclonal antibody for Alzheimer's patientsDonanemab, on the other hand, has brought good news. In January 2023, the drug was rejected by the FDA for accelerated approval due to insufficient efficacy data. Later, after successfully completing a new Phase III study, Eli Lilly and Company resubmitted it to the FDA.DFDA to Release First Quarter Decision on Donanemab's Market Application

Looking ahead to 2024, Eli Lilly and Company expects its full-year revenue to be approximately $40.4-41.6 billion.

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