Common-Size Income Statement
Quarterly Data
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Eli Lilly & Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cost of Sales and Gross Margin Trends
- The cost of sales as a percentage of revenue exhibits volatility over the examined periods, initially increasing from around 20.74% to peaks near 28%, followed by a declining trend, reaching approximately 15.73% in later quarters. Correspondingly, gross margin fluctuates inversely to cost of sales, decreasing from above 79% towards a low around 71%, then progressively improving to exceed 84%. This indicates varying efficiency or cost control dynamics, with more recent quarters reflecting improved profitability at the gross margin level.
- Research and Development (R&D) Expense
- R&D expenditure remains a significant and variable portion of revenue, generally ranging between 19.69% and 28.77%. Notably, some quarters show higher ratios near 28%, while others trend down closer to 20%. The absence of a steady trajectory suggests fluctuating investment patterns or changes in project intensity, with a mild tendency towards reduced R&D costs relative to revenue in the latest quarters.
- Marketing, Selling, and Administrative Expenses
- This expense category shows a broad range between approximately 15.57% and 27.33% of revenue, evidencing oscillations without a clear long-term upward or downward trend. Variation in these costs might be influenced by strategic shifts, competitive actions, or promotional efforts. The recent quarters signal a moderate decline from past peaks, potentially indicating improved operational control or efficiency.
- Acquired In-Process Research and Development
- This line item is highly volatile, with sporadic spikes, including extreme values such as -31.32% and -24.71% in certain quarters, contrasting against minimal or near-zero values in others. Such fluctuations suggest episodic acquisitions or impairments related to acquired R&D activities, reflecting non-recurring or irregular events rather than ongoing operating expenses.
- Asset Impairment, Restructuring, and Special Charges
- These charges present intermittently, mostly negative or small values, but occasionally positive, indicating occasional asset write-downs or restructuring costs. The irregular pattern underscores episodic impacts rather than consistent costs, with more recent quarters showing relatively minor influences.
- Operating Income
- Operating income as a percentage of revenue experiences variability, with values ranging from a low near 4.74% to above 44%. Sharp declines in some quarters are succeeded by rapid recoveries, implying sensitivity to underlying costs or special charges. The overall trend indicates an ability to maintain solid operating profitability, with recent quarters demonstrating strong margins despite cost fluctuations.
- Other Income and Expenses
- This category shows variability around zero, with both positive and negative values, often small in magnitude relative to revenue. The inconsistent pattern suggests non-operating income or expense items that do not significantly affect core profitability trends.
- Income Before Income Taxes
- Income before taxes largely mirrors operating income trends, reflecting similar volatility and values between approximately 4.5% and over 43%. The close tracking suggests limited impact from non-operating items, reinforcing the dominance of operational performance in pre-tax profitability.
- Income Taxes
- Income tax expense relative to revenue fluctuates substantially, between around -1.42% and nearly -9.37%. There is no consistent trend of increase or decrease, but occasional elevated tax rates are evident, potentially influenced by varying pre-tax income levels or tax planning outcomes.
- Net Income
- Net income as a percentage of revenue moves considerably, reflecting patterns seen in operating income and before-tax income, with a range from slightly negative (-0.6%) in one quarter to above 36% in others. The capability to generate net income despite fluctuations in costs and one-off charges suggests underlying operational resilience and eventual recovery following down quarters.
- Summary of Financial Performance Trends
- The financial data exhibits cyclical and episodic variations across various expense categories and profitability measures. While cost controls and efficiencies in cost of sales and operating expenses contribute to improved margins in recent periods, irregular and sometimes substantial charges related to acquisitions and impairments introduce volatility. The overall pattern reflects a capacity to maintain strong profitability despite variable investment in R&D, sales, and administrative functions, as well as irregular special charges. Tax expenses show variability but do not undermine the achievement of positive net income margins in most periods.