NYSE$LLY
Eli Lilly & Co · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Eli Lilly reported strong Q4 2020 financial results, driven by volume growth and key growth products.
Eli Lilly's Q4 2020 revenue increased by 22% driven by volume growth of 24%. Excluding bamlanivimab revenue, revenue grew by 7%. EPS increased to $2.32 on a reported basis and $2.75 on a non-GAAP basis.
- Revenue in Q4 2020 increased 22 percent, driven by volume growth of 24 percent. Excluding bamlanivimab revenue of $871 million, fourth-quarter 2020 revenue grew 7 percent.
- Key growth products launched since 2014 contributed nearly 12 percentage points of revenue growth and represented approximately 48 percent of total revenue in the fourth quarter of 2020.
- Fourth-quarter 2020 operating expenses increased 3 percent, driven by higher research and development investments, including expenses of $265 million to develop COVID-19 therapies.
- Fourth-quarter 2020 earnings per share (EPS) increased to $2.32 on a reported basis and $2.75 on a non-GAAP basis.
Headline financials
Revenue & EPS history
Eli Lilly · Revenue · Quarterly
$7.44B
Revenue by segment
Eli Lilly · $2.45B total across 2 segments · Q3 2023
- Mounjaro$1.41B+652.4%57.5%
- Verzenio$1.04B+68.4%42.5%
Forward guidance
Eli Lilly has updated certain elements of its 2021 financial guidance on a reported basis. Earnings per share for 2021 are now expected to be in the range of $7.10 to $7.75 on a reported basis and are still expected to be in the range of $7.75 to $8.40 on a non-GAAP basis.
Tailwinds
- Revenue growth is expected to be driven by volume from key growth products, including Trulicity, Taltz, Verzenio, Jardiance, Olumiant, Cyramza, Emgality, Tyvyt and Retevmo, as well as by COVID-19 therapies.
- Gross margin as a percent of revenue for 2021 is still expected to be approximately 77 percent on a reported basis and approximately 79 percent on a non-GAAP basis.
- Marketing, selling and administrative expenses for 2021 are still expected to be in the range of $6.2 billion to $6.4 billion.
- Research and development expenses for 2021 are still expected to be in the range of $6.5 billion to $6.7 billion, including approximately $300 million to $400 million of continued investment in COVID-19 therapies.
- The 2021 effective tax rate is still expected to be approximately 15 percent on both a reported basis and a non-GAAP basis.
Headwinds
- Earnings per share for 2021 are now expected to be in the range of $7.10 to $7.75 on a reported basis
- Revenue growth is expected to be partially offset by lower revenue for products that have lost patent exclusivity.
- The company expects mid-single digit net price declines globally in 2021.
- Outside the U.S., the company expects net price declines in China, Japan, and Europe.
- Other income (expense) for 2021 is still expected to be expense in the range of $200 to $300 million on both a reported basis and on a non-GAAP basis.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2020
+0.1%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+3.1%
Avg return
30 days after
43%
29 / 67 earnings
Positive
+15.9%
Q2 2023
Best reaction
-14.1%
Q2 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.1% | +16.2% | +29.9% | |
| Q4 2025 | +10.3% | +4.1% | -1.3% | |
| Q3 2025 | +3.2% | +11.5% | +32.2% | |
| Q2 2025 | -14.1% | -14.3% | -2.6% | |
| Q1 2025 | -11.7% | -13.8% | -17.9% | |
| Q4 2024 | +3.3% | +2.7% | +3.3% | |
| Q3 2024 | -8.2% | -10.8% | -12.0% | |
| Q2 2024 | +15.5% | +17.6% | +16.9% | |
| Q1 2024 | +5.4% | -0.3% | +10.6% | |
| Q4 2023 | +2.7% | +4.8% | +10.5% | |
| Q3 2023 | +2.4% | +8.2% | +5.3% | |
| Q2 2023 | +15.9% | +16.3% | +26.2% | |
| Q1 2023 | +5.2% | +7.4% | +13.2% | |
| Q4 2022 | -1.0% | -0.8% | -7.0% | |
| Q3 2022 | -2.0% | -1.3% | +2.3% | |
| Q2 2022 | -4.0% | -3.4% | -4.0% | |
| Q1 2022 | +2.5% | +1.0% | +13.5% | |
| Q4 2021 | -3.4% | -4.4% | +4.8% | |
| Q3 2021 | +2.1% | +4.0% | +6.9% | |
| Q2 2021 | +6.4% | +6.8% | +5.3% | |
| Q1 2021 | -3.6% | -2.4% | +6.4% | |
| Q4 2020 | -3.3% | -6.3% | -2.5% | |
| Q3 2020 | -7.3% | -7.9% | +2.2% | |
| Q2 2020 | -7.1% | -4.3% | -8.9% | |
| Q1 2020 | +4.0% | +0.4% | -3.5% | |
| Q4 2019 | -0.2% | +2.5% | -9.9% | |
| Q3 2019 | -1.8% | +2.9% | +5.8% | |
| Q2 2019 | +0.2% | +3.4% | +3.2% | |
| Q1 2019 | -1.2% | -2.2% | -3.1% | |
| Q4 2018 | -2.4% | -2.0% | +5.2% | |
| Q3 2018 | -0.4% | +1.9% | +5.2% | |
| Q2 2018 | +8.5% | +8.7% | +17.9% | |
| Q1 2018 | +1.2% | +3.2% | +3.1% | |
| Q4 2017 | -4.3% | -10.0% | -10.3% | |
| Q3 2017 | -2.7% | -3.8% | -4.0% | |
| Q2 2017 | -3.4% | -1.9% | -6.9% | |
| Q1 2017 | -2.9% | -1.6% | -6.1% | |
| Q4 2016 | +3.9% | +3.4% | +11.0% | |
| Q3 2016 | -1.0% | -3.9% | -12.3% | |
| Q2 2016 | +1.7% | +1.1% | -4.8% | |
| Q1 2016 | -1.8% | — | — | |
| Q4 2015 | -3.3% | — | — | |
| Q3 2015 | +1.7% | — | — | |
| Q2 2015 | -1.9% | — | — | |
| Q1 2015 | -1.0% | — | — | |
| Q4 2014 | -0.6% | — | — | |
| Q3 2014 | +2.1% | — | — | |
| Q2 2014 | -0.7% | — | — | |
| Q1 2014 | -1.8% | — | — | |
| Q4 2013 | +0.2% | — | — | |
| Q3 2013 | +0.8% | — | — | |
| Q2 2013 | +3.1% | — | — | |
| Q1 2013 | -3.3% | — | — | |
| Q4 2012 | +2.9% | — | — | |
| Q3 2012 | -1.6% | — | — | |
| Q2 2012 | +3.9% | — | — | |
| Q1 2012 | +2.3% | — | — | |
| Q4 2011 | +1.0% | — | — | |
| Q3 2011 | -1.9% | — | — | |
| Q2 2011 | -0.1% | — | — | |
| Q1 2011 | -0.1% | — | — | |
| Q4 2010 | -1.6% | — | — | |
| Q3 2010 | -0.3% | — | — | |
| Q2 2010 | +2.5% | — | — | |
| Q1 2010 | +0.4% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q4 2008 | -0.3% | — | — |
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