Stock Analysis on Net
Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Common-Size Income Statement 
Quarterly Data

Eli Lilly & Co., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -15.73 -17.47 -17.76 -18.98 -19.20 -19.09 -19.12 -19.58 -21.74 -23.37 -21.20 -22.75 -22.05 -26.53 -25.63 -21.13 -28.98 -27.60 -23.12 -23.11 -22.22 -20.74
Gross margin 84.27% 82.53% 82.24% 81.02% 80.80% 80.91% 80.88% 80.42% 78.26% 76.63% 78.80% 77.25% 77.95% 73.47% 74.37% 78.87% 71.02% 72.40% 76.88% 76.89% 77.78% 79.26%
Research and development -21.44 -21.48 -22.33 -23.90 -23.99 -28.77 -27.40 -25.36 -28.35 -28.52 -27.33 -25.97 -27.46 -20.62 -23.73 -25.18 -24.55 -24.57 -24.70 -25.53 -25.28 -23.76
Marketing, selling, and administrative -17.70 -19.40 -17.92 -18.36 -18.73 -22.27 -20.58 -18.99 -23.16 -25.13 -22.50 -23.25 -25.05 -19.95 -19.90 -23.30 -25.01 -23.16 -20.89 -27.33 -26.34 -26.44
Acquired in-process research and development -0.99 -12.35 -1.40 -24.71 -1.37 -1.26 -6.66 -31.32 -1.17 -1.51 -3.29 -0.90 -6.79 -2.12 -5.47 -2.62 -0.64 -4.58 -4.92 0.00 -4.40 -0.89
Asset impairment, restructuring, and other special charges 0.00 -0.27 -2.54 -0.71 -3.85 0.00 -0.72 0.00 0.00 0.00 -0.52 -2.97 0.00 0.00 -1.31 0.00 0.00 -3.11 0.40 -1.77 0.00 -1.02
Operating income 44.14% 29.03% 38.05% 13.34% 32.87% 28.62% 25.53% 4.74% 25.57% 21.47% 25.15% 24.15% 18.65% 30.78% 23.97% 27.78% 20.82% 16.98% 26.78% 22.27% 21.76% 27.15%
Other, net, income (expense) -0.58 -1.88 -0.81 0.54 -1.75 0.31 1.29 -0.24 -0.44 0.51 3.56 -1.60 -1.84 -4.49 -0.97 -9.39 2.83 4.72 6.41 2.77 8.13 1.52
Income before income taxes 43.56% 27.15% 37.23% 13.89% 31.12% 28.92% 26.82% 4.50% 25.13% 21.98% 28.71% 22.55% 16.81% 26.29% 23.00% 18.39% 23.65% 21.69% 33.19% 25.04% 29.89% 28.67%
Income taxes -7.17 -5.47 -4.65 -5.40 -4.87 -3.34 -3.41 -5.10 -3.92 -2.66 -2.17 -1.64 -2.13 -1.93 -1.42 -2.00 -3.02 -1.78 -4.74 -3.99 -4.21 -3.81
Net income (loss) 36.38% 21.68% 32.59% 8.48% 26.25% 25.58% 23.41% -0.60% 21.21% 19.32% 26.54% 20.91% 14.68% 24.36% 21.58% 16.39% 20.63% 19.91% 28.45% 21.05% 25.68% 24.86%

Based on: 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).

Revenue and Cost of Sales
Revenue is consistently normalized at 100% across all periods, serving as the base for percentage comparisons.
Cost of sales exhibits variability, initially increasing from -20.74% in Q1 2020 to a peak near -28.98% in Q2 2021, then decreasing steadily thereafter to reach the lowest value of -15.73% by Q2 2025. This suggests improved cost efficiency over time starting mid-2021.
Gross Margin
Gross margin as a percentage of revenue fluctuates inversely to cost of sales. It generally decreases during early 2020 and the first half of 2021, bottoming near 71.02%, then improves substantially thereafter, culminating at 84.27% in Q2 2025. This demonstrates a strengthening profitability at the gross profit level in recent periods.
Research and Development (R&D)
R&D expenses range from approximately -21.44% to -28.77% of revenue, showing some cyclicality without a clear directional trend. Noticeable peaks in expense occur in Q4 2020 and Q4 2022, while the lowest relative expense is seen in mid and late 2025. This indicates periodic intensification of investment in R&D followed by moderation.
Marketing, Selling, and Administrative Expenses
These expenses fluctuate between -17.7% and -26.44% of revenue. Higher percentages are seen in 2020 and mid-2022, with a trend toward reduction in later periods, reaching around -17.7% by mid-2025. The overall trend suggests improved cost control or a strategic shift reducing these operating expenses.
Acquired In-Process Research and Development
This item shows high volatility and occasional large spikes, notably a substantial spike to -31.32% in Q3 2023 and -24.71% in Q4 2024. Most other periods see values closer to zero or modest negative percentages. The irregular nature of this item suggests episodic acquisitions or one-time expenses impacting this category significantly at irregular intervals.
Asset Impairment, Restructuring, and Other Special Charges
These charges are generally small but negative, indicating occasional expenses. There is a mild increase in occurrences around late 2022 and into 2024, but exact impact is limited compared to the larger expense lines mentioned.
Operating Income
Operating income as a percentage of revenue shows notable volatility. The lowest point is 4.74% in Q3 2023, but it recovers sharply afterward to reach a peak of 44.14% by Q2 2025. This indicates significant operational leverage and improved efficiency or profitability from underlying operations, despite some interim periods of weakness.
Other, Net, Income (Expense)
This category is volatile and fluctuates between positive and negative values without a discernible trend, indicating irregular gains or losses from non-operating activities with limited sustained impact on overall earnings.
Income Before Income Taxes
Income before taxes mirrors operating income patterns with broad variability. It declines to a low of 4.5% in Q3 2023 but rebounds strongly, reaching 43.56% by Q2 2025, reflecting improved earnings performance before tax considerations.
Income Taxes
Income tax expense fluctuates, generally remaining between -1.42% and -7.17% of revenue. An increasing trend in tax rate impact appears toward the latter periods, with higher taxation rates relative to earlier years, peaking around mid-2025.
Net Income
Net income shows pronounced fluctuations following operating and pre-tax income trends. It dips to negative territory in Q3 2023 (-0.6%), but then recovers strongly, reaching an all-time high of 36.38% in Q2 2025. Overall, net profitability improves significantly in the final recorded quarters, driven by stronger operational results and despite increased effective tax rates.