Common-Size Income Statement
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Eli Lilly & Co. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Eli Lilly & Co., common-size consolidated income statement
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Revenue Consistency
- Revenue remained stable at 100% through the analyzed periods, serving as a baseline for evaluating other financial metrics expressed as percentages of revenue.
- Cost of Sales and Gross Margin
- The cost of sales decreased steadily from 22.34% in 2020 to 18.69% in 2024, indicating improved cost efficiency. Correspondingly, the gross margin expanded from 77.66% to 81.31%, reflecting enhanced profitability at the gross level.
- Research and Development Expenses
- Research and development (R&D) expenses remained relatively stable, fluctuating between 24.35% and 27.29%. A peak occurred in 2023 at 27.29%, but the proportion receded to 24.4% by 2024, suggesting a potential refocus or optimization of R&D spending.
- Marketing, Selling, and Administrative Expenses
- These expenses showed a clear declining trend, dropping from 24.94% in 2020 to 19.08% in 2024. This decrease suggests improved operational efficiency or cost-cutting measures in selling and administrative functions.
- Acquired In-Process Research and Development
- Significant volatility was observed in this category, with a marked increase to 11.14% in 2023 followed by a reduction to 7.28% in 2024. This spike in 2023 could be linked to strategic acquisitions or intensified investment in acquired research assets.
- Asset Impairment, Restructuring, and Special Charges
- These charges mostly remained low but spiked from 0.2% in 2023 to 1.91% in 2024, indicating increased one-time costs or restructuring efforts in the latest period.
- Operating Income
- Operating income as a percentage of revenue fluctuated, peaking at 28.64% in 2024 after a decline to 18.92% in 2023. This rebound indicates improved operational profitability following the prior year's dip.
- Interest Expense and Income
- Interest expense showed a slight increase over time, moving from 1.47% in 2020 to 1.73% in 2024, potentially reflecting increased borrowing costs or debt levels. Interest income remained low but showed some variability, peaking at 0.51% in 2023 before retreating slightly.
- Net Investment Gains (Losses) on Equity Securities
- Net investment gains turned negative after 2020, with notable losses in 2022 (-1.44%), 2023 (-0.06%), and 2024 (-0.11%), indicating fluctuating investment performance impacting overall earnings.
- Debt Extinguishment Loss
- A loss of 1.43% was recorded in 2021, absent in other periods, indicating a one-time cost related to debt refinancing or retirement.
- Retirement Benefit Plans
- Contributions or expenses related to retirement benefit plans remained steady, hovering around 1% with minor fluctuations, suggesting stable pension-related financial impact.
- Other Income and Expenses
- This category was generally minor and volatile, with both positive and negative swings, reflecting miscellaneous income and expenses that did not consistently impact financials predictably.
- Income Before Income Taxes
- This metric tracked closely with operating income, showing a decline to 19.21% in 2023 and subsequent recovery to 28.15% in 2024, signaling an improvement in profitability before tax considerations.
- Income Taxes
- Income taxes as a percentage of revenue decreased sharply in 2021 and 2022, around 2%, but increased again to 4.64% by 2024, suggesting changes in taxable income or tax strategies over time.
- Net Income
- Net income demonstrated a downward trend post-2020, declining from 25.24% in 2020 to a low of 15.36% in 2023, followed by a recovery to 23.51% in 2024. This pattern indicates initial pressure on profitability followed by a strong rebound.