Eli Lilly & Co., adjustment to net income

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (as reported)	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Add: Change in net unrealized gains (losses) on available-for-sale securities	10,900)	(40,800)	(11,100)	9,900)	27,000)
Net income (adjusted)	5,251,300)	6,204,000)	5,570,600)	6,203,600)	8,345,400)

Download chart

Eli Lilly & Co., adjusted profitability ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	15.36%	21.88%	19.71%	25.24%	37.27%
Adjusted net profit margin	15.39%	21.74%	19.67%	25.28%	37.39%
Return on Equity (ROE)
Reported ROE	48.65%	58.64%	62.16%	109.79%	319.09%
Adjusted ROE	48.75%	58.25%	62.04%	109.96%	320.13%
Return on Assets (ROA)
Reported ROA	8.19%	12.62%	11.44%	13.28%	21.17%
Adjusted ROA	8.20%	12.54%	11.41%	13.30%	21.24%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Eli Lilly & Co. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Eli Lilly & Co. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Eli Lilly & Co. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Revenue	34,124,100)	28,541,400)	28,318,400)	24,539,800)	22,319,500)
Profitability Ratio
Net profit margin¹	15.36%	21.88%	19.71%	25.24%	37.27%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	5,251,300)	6,204,000)	5,570,600)	6,203,600)	8,345,400)
Revenue	34,124,100)	28,541,400)	28,318,400)	24,539,800)	22,319,500)
Profitability Ratio
Adjusted net profit margin²	15.39%	21.74%	19.67%	25.28%	37.39%

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue
= 100 × 5,240,400 ÷ 34,124,100 = 15.36%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 5,251,300 ÷ 34,124,100 = 15.39%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Eli Lilly & Co. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Total Eli Lilly and Company shareholders’ equity	10,771,900)	10,649,800)	8,979,200)	5,641,600)	2,606,900)
Profitability Ratio
ROE¹	48.65%	58.64%	62.16%	109.79%	319.09%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	5,251,300)	6,204,000)	5,570,600)	6,203,600)	8,345,400)
Total Eli Lilly and Company shareholders’ equity	10,771,900)	10,649,800)	8,979,200)	5,641,600)	2,606,900)
Profitability Ratio
Adjusted ROE²	48.75%	58.25%	62.04%	109.96%	320.13%

2023 Calculations

¹ ROE = 100 × Net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × 5,240,400 ÷ 10,771,900 = 48.65%

² Adjusted ROE = 100 × Adjusted net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × 5,251,300 ÷ 10,771,900 = 48.75%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Eli Lilly & Co. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Total assets	64,006,300)	49,489,800)	48,806,000)	46,633,100)	39,286,100)
Profitability Ratio
ROA¹	8.19%	12.62%	11.44%	13.28%	21.17%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	5,251,300)	6,204,000)	5,570,600)	6,203,600)	8,345,400)
Total assets	64,006,300)	49,489,800)	48,806,000)	46,633,100)	39,286,100)
Profitability Ratio
Adjusted ROA²	8.20%	12.54%	11.41%	13.30%	21.24%

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 5,240,400 ÷ 64,006,300 = 8.19%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 5,251,300 ÷ 64,006,300 = 8.20%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Eli Lilly & Co. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Eli Lilly & Co. (NYSE:LLY)

Analysis of Investments