Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Eli Lilly & Co., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 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).
The common-size income statement reveals significant fluctuations in profitability and expense management over the observed period. Revenue is consistently represented as 100% by definition, allowing for a focused analysis of the proportional changes in other income statement items. A notable trend is the increasing gross margin from 2021 through 2025, punctuated by periods of decline, suggesting evolving pricing strategies or cost of goods sold efficiencies.
- Cost of Sales & Gross Margin
- Cost of sales as a percentage of revenue generally decreased over the period, falling from 27.60% in March 2021 to 15.73% in March 2025. This corresponds with an increase in gross margin, rising from 72.40% to 84.27% over the same timeframe, though with quarterly variations. The most substantial increase in gross margin occurred between September 2024 and June 2025. This suggests improved production efficiencies, favorable supplier contracts, or a shift towards higher-margin products.
- Research & Development (R&D)
- R&D expenditure, as a percentage of revenue, exhibited considerable volatility. It began at 24.57% in March 2021, decreased to a low of 19.69% in September 2025, but experienced peaks, notably 27.46% in June 2022 and 28.52% in September 2022. This suggests periods of intense investment in innovation followed by periods of consolidation. The recent decline may indicate a shift in R&D strategy or the maturation of existing projects.
- Marketing, Selling & Administrative (MS&A)
- MS&A expenses demonstrated a fluctuating pattern, generally ranging between 18% and 25% of revenue. A significant decrease is observed from December 2023 (20.58%) to March 2025 (15.57%), potentially reflecting cost-cutting measures or increased operational efficiency in these areas. The higher percentages in June 2022 (25.05%) and earlier periods suggest increased promotional activity or expansion efforts.
- Acquired In-Process R&D & Special Charges
- Acquired in-process R&D as a percentage of revenue was highly variable, with a substantial spike in September 2023 (31.32%). This indicates a significant acquisition during that quarter. Asset impairment, restructuring, and other special charges also fluctuated, with a notable impact in March 2021 (3.11%) and June 2024 (3.85%), suggesting one-time events affecting profitability. These charges are relatively small compared to other expense items.
- Operating Income
- Operating income as a percentage of revenue showed a generally positive trend, increasing from 16.98% in March 2021 to 43.41% in December 2025, despite quarterly variations. The lowest point was 4.74% in September 2023, coinciding with the high acquired in-process R&D expense. The substantial increase in operating income in late 2024 and early 2025 suggests successful implementation of cost controls and/or strong revenue growth.
- Net Income
- Net income as a percentage of revenue mirrored the trend in operating income, rising from 19.91% in March 2021 to 34.41% in December 2025. The impact of "Other, net, income (expense)" and "Income taxes" fluctuated, but generally remained within a predictable range, influencing the final net income margin. The negative net income in September 2023 (-0.60%) is directly attributable to the large acquired in-process R&D expense and its impact on operating income.
Overall, the company demonstrated improving profitability throughout the period, driven by effective cost management, particularly in cost of sales and MS&A expenses, and a generally increasing gross margin. However, significant fluctuations in R&D spending and the impact of one-time charges require continued monitoring.