Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in thousands

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	15,557,700)	12,728,500)	13,532,800)	11,439,100)	11,302,800)	8,768,000)	9,353,400)	9,498,600)	8,312,100)	6,960,000)	7,301,800)	6,941,600)	6,488,000)	7,810,000)	7,999,900)	6,772,800)	6,740,100)	6,805,600)	7,440,000)	5,740,600)	5,499,400)	5,859,800)
Cost of sales	(2,447,800)	(2,224,200)	(2,403,800)	(2,170,800)	(2,170,200)	(1,673,500)	(1,788,000)	(1,860,100)	(1,807,400)	(1,626,700)	(1,548,100)	(1,579,100)	(1,430,500)	(2,072,100)	(2,050,200)	(1,430,800)	(1,953,200)	(1,878,600)	(1,719,800)	(1,326,400)	(1,222,000)	(1,215,100)
Gross margin	13,109,900)	10,504,300)	11,129,000)	9,268,300)	9,132,600)	7,094,500)	7,565,400)	7,638,500)	6,504,700)	5,333,300)	5,753,700)	5,362,500)	5,057,500)	5,737,900)	5,949,700)	5,342,000)	4,786,900)	4,927,000)	5,720,200)	4,414,200)	4,277,400)	4,644,700)
Research and development	(3,336,100)	(2,733,700)	(3,022,500)	(2,734,100)	(2,711,200)	(2,522,800)	(2,562,700)	(2,409,100)	(2,356,500)	(1,985,100)	(1,995,900)	(1,802,900)	(1,781,900)	(1,610,100)	(1,898,300)	(1,705,300)	(1,655,000)	(1,672,100)	(1,838,000)	(1,465,400)	(1,390,200)	(1,392,100)
Marketing, selling, and administrative	(2,753,000)	(2,468,800)	(2,424,500)	(2,099,800)	(2,117,300)	(1,952,200)	(1,924,600)	(1,803,900)	(1,925,400)	(1,749,200)	(1,643,200)	(1,614,200)	(1,625,100)	(1,557,900)	(1,592,000)	(1,577,900)	(1,685,700)	(1,576,000)	(1,553,900)	(1,569,100)	(1,448,600)	(1,549,600)
Acquired in-process research and development	(153,800)	(1,571,700)	(189,200)	(2,826,400)	(154,300)	(110,500)	(622,600)	(2,975,100)	(97,100)	(105,000)	(240,100)	(62,400)	(440,400)	(165,600)	(437,700)	(177,600)	(42,800)	(312,000)	(366,300)	—)	(241,800)	(52,300)
Asset impairment, restructuring, and other special charges	—)	(35,000)	(344,000)	(81,600)	(435,000)	—)	(67,700)	—)	—)	—)	(38,100)	(206,500)	—)	—)	(104,500)	—)	—)	(211,600)	30,100)	(101,400)	—)	(59,900)
Operating income	6,867,000)	3,695,100)	5,148,800)	1,526,400)	3,714,800)	2,509,000)	2,387,800)	450,400)	2,125,700)	1,494,000)	1,836,400)	1,676,500)	1,210,100)	2,404,300)	1,917,200)	1,881,200)	1,403,400)	1,155,300)	1,992,100)	1,278,300)	1,196,800)	1,590,800)
Other, net, income (expense)	(90,600)	(239,000)	(110,100)	62,000)	(197,600)	27,100)	121,000)	(23,200)	(36,800)	35,700)	260,000)	(111,000)	(119,200)	(350,700)	(77,300)	(635,900)	190,500)	321,100)	477,000)	158,900)	446,900)	89,100)
Income before income taxes	6,776,400)	3,456,100)	5,038,700)	1,588,400)	3,517,200)	2,536,100)	2,508,800)	427,200)	2,088,900)	1,529,700)	2,096,400)	1,565,500)	1,090,900)	2,053,600)	1,839,900)	1,245,300)	1,593,900)	1,476,400)	2,469,100)	1,437,200)	1,643,700)	1,679,900)
Income taxes	(1,115,900)	(696,800)	(628,900)	(618,100)	(550,200)	(293,200)	(319,100)	(484,600)	(325,700)	(184,800)	(158,700)	(113,800)	(138,400)	(150,700)	(113,800)	(135,200)	(203,700)	(121,100)	(352,300)	(228,800)	(231,700)	(223,400)
Net income (loss)	5,660,500)	2,759,300)	4,409,800)	970,300)	2,967,000)	2,242,900)	2,189,700)	(57,400)	1,763,200)	1,344,900)	1,937,700)	1,451,700)	952,500)	1,902,900)	1,726,100)	1,110,100)	1,390,200)	1,355,300)	2,116,800)	1,208,400)	1,412,000)	1,456,500)

Revenue: Revenue exhibited fluctuations over the observed periods, with a notable decline from March 31, 2020 (US$5.86 billion) to June 30, 2020 (US$5.50 billion), followed by a recovery and upward trend reaching a peak at December 31, 2024 (US$13.53 billion). The rise in revenue suggests strong business growth particularly from mid-2023 onward, despite some interim volatility.
Cost of Sales: The cost of sales reflected an overall increasing trend in line with revenue growth, starting from approximately US$1.22 billion in March 2020, rising to approximately US$2.44 billion by December 2024. Periods of considerable increases in cost were notable, aligning with revenue spikes, indicating consistent cost behavior relative to sales.
Gross Margin: Gross margin followed a similar trajectory to revenue, starting at about US$4.64 billion in March 2020, dipping slightly mid-2020, and then increasing significantly to reach approximately US$13.11 billion by December 2024. This reflects an improving gross profitability, particularly strong in recent quarters, signifying effective management of cost relative to sales.
Research and Development (R&D): R&D expenditures were relatively stable with a gradual increase over time, from around US$1.39 billion in March 2020 to US$3.34 billion by December 2024. Notably, there is an acceleration in R&D spending in the latter part of the timeline, suggesting intensified investment in innovation and development activities.
Marketing, Selling, and Administrative Expenses: Marketing and administrative expenses showed a steady increase over the periods analyzed, starting near US$1.55 billion in March 2020 and reaching approximately US$2.75 billion by December 2024. The upward trend indicates expanding operational activities and investment in sales and administrative functions.
Acquired In-Process Research and Development (IPR&D): IPR&D expenses exhibited high volatility, with notable large outflows in the fourth quarter of 2023 and multiple spikes in preceding periods. The irregular pattern may reflect acquisition activities or one-time investments, with significant peaks suggesting substantial acquisition of development assets in certain quarters.
Asset Impairment, Restructuring, and Other Special Charges: This category displayed sporadic and irregular values, including both charges and occasional positive adjustments. Noteworthy spikes occurred between 2022 and 2024, pointing towards episodic restructuring or impairment charges affecting operational costs intermittently.
Operating Income: Operating income showed considerable variation, starting at approximately US$1.59 billion in March 2020, with fluctuations throughout the timeline. The lowest point appeared in September 2023 (US$450 million), after which operating income recovered and peaked at roughly US$6.87 billion by December 2024. This volatility could relate to changing expense profiles and revenue dynamics.
Other, Net, Income (Expense): Other income and expense items were markedly variable, with some quarters showing positive contributions (e.g., June and December 2020) and others showing substantial expenses, such as in September 2021. These fluctuations indicate non-operational factors influencing net results with no clear trend discernible.
Income Before Income Taxes: Income before taxes followed operating income trends but was less volatile, starting near US$1.68 billion in March 2020, decreasing mid-period, and eventually rising to about US$6.78 billion at the end of 2024. This suggests consistent profitability gains adjusted for non-operating factors.
Income Taxes: Income tax expenses showed an overall increase consistent with rising pre-tax income, ranging from approximately US$223 million in March 2020 to US$1.12 billion by December 2024. Higher tax expenses in recent years align with improved earnings, affecting net profitability.
Net Income: Net income mirrored the pre-tax income pattern with initial declines through mid-2023, including a temporary net loss in September 2023, followed by a robust recovery and growth, culminating at approximately US$5.66 billion in December 2024. The return to high net earnings reflects successful operational and financial management amid variable conditions.

Download chart

Eli Lilly & Co. (NYSE:LLY)

Income Statement Quarterly Data

Income Statement
Quarterly Data