Eli Lilly 2024 Financial Report: Annual Revenue Up 32%, Tirzepatide Sales Soar to $16.4 Billion

Feb 07, 2025 09:46 CST Updated 09:46

Eli Lilly

Global Pharmaceutical R&D and Production Company

On February 6, Eli Lilly and Company released its 2024 financial report. Despite a 45% year-over-year increase in quarterly revenue to $13.533 billion, the sales of its star product Tirzepatide were slightly below market expectations, and the company's stock price rose by 3.35% on the same day. Meanwhile, Eli Lilly announced the termination of four R&D projects at various stages, involving obesity, Alzheimer's disease (AD), heart failure, and atopic dermatitis, in order to optimize resource allocation and focus on high-potential pipelines.

1. Overall Performance

In 2024, Eli Lilly's total annual revenue reached $45.043 billion, a year-on-year increase of 32%; R&D investment was $10.9906 billion, a year-on-year increase of 18%; revenue in China was $1.66 billion, a year-on-year increase of 9%.

II. Business in Each Therapeutic Area

Eli Lilly Focuses on Four Major Disease Areas: Diabetes, Oncology, Immunology, and Neurology, with Diabetes as Its Core Business. Four Products — Trulicity (Dulaglutide), Mounjaro (Tirzepatide), Humalog (Insulin Lispro), and Jardiance (Empagliflozin) — Combined for $22.4593 Billion in Revenue, Accounting for 50% of Total Income.

1. Product Situation in the Diabetes Field

Trulicity (dulaglutide) sales peaked at $7.44 billion in 2022 before declining, with revenue shrinking to $5.2535 billion (-26%) in 2024. Its Chinese patent expired in 2024, while its U.S. patent is set to expire in 2027. One company in China has already filed for a biosimilar.
Mounjaro (Tirzepatide for blood sugar control) achieved nearly $5 billion in sales in its first year on the market, reached $5.163 billion in the second year, and is expected to surpass the $10 billion mark in 2024 ($11.5401 billion, +124%), becoming Eli Lilly's first super "blockbuster" drug; Tirzepatide for weight loss (Zepbound) generated $4.9257 billion in sales for the year (+270%). It was approved in December last year in the U.S. for obstructive sleep apnea (OSA), and Eli Lilly has submitted an application for its use in treating heart failure with preserved ejection fraction, with approval expected this year.
Mounjaro and Zepbound combined revenue was $16.4458 billion, lagging behind semaglutide ($29.3 billion).
Jardiance (empagliflozin) contributed $3.3409 billion (+22%) in revenue in 2024. In its 11th year on the market, sales continue to grow steadily. Its Chinese compound patent, originally set to expire in 2025, has been invalidated by several pharmaceutical companies, and more than 20 generic drugs have already been approved for marketing in China.

2. Leading Products in the Oncology Field

Eli Lilly's leading product Verzenio (abemaciclib) generated annual revenue of $5.3066 billion (+37%), surpassing Pfizer's Ibrance (palbociclib) for the first time. The reason is that it was the first to expand into the early-stage breast cancer population. Its core patent expires in 2029, and two companies in China have already filed for generic drug approval.

3. BD Transactions and Acquisitions

In 2024, Eli Lilly was active in BD deals, reaching more than ten collaborations with multiple pharmaceutical companies around technology platforms and products, covering various fields, with a total transaction value exceeding 5 billion US dollars.
In 2024, Eli Lilly and Company also acquired Morphic Therapeutic's autoimmune products for $3.2 billion.

4. Future Outlook

Full-year revenue is expected to increase by approximately 41.5%-43.5% (non-GAAP), reaching $58 billion to $61 billion.

This report has a total of 63 pages. Click on [Read Original] at the end of the article to download.。