Selected Financial Data
since 2005
Income Statement
Eli Lilly & Co., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Net income (loss) |
|---|---|---|
| Dec 31, 2024 | 45,042,700) | 10,590,000) |
| Dec 31, 2023 | 34,124,100) | 5,240,400) |
| Dec 31, 2022 | 28,541,400) | 6,244,800) |
| Dec 31, 2021 | 28,318,400) | 5,581,700) |
| Dec 31, 2020 | 24,539,800) | 6,193,700) |
| Dec 31, 2019 | 22,319,500) | 8,318,400) |
| Dec 31, 2018 | 24,555,700) | 3,232,000) |
| Dec 31, 2017 | 22,871,300) | (204,100) |
| Dec 31, 2016 | 21,222,100) | 2,737,600) |
| Dec 31, 2015 | 19,958,700) | 2,408,400) |
| Dec 31, 2014 | 19,615,600) | 2,390,500) |
| Dec 31, 2013 | 23,113,100) | 4,684,800) |
| Dec 31, 2012 | 22,603,400) | 4,088,600) |
| Dec 31, 2011 | 24,286,500) | 4,347,700) |
| Dec 31, 2010 | 23,076,000) | 5,069,500) |
| Dec 31, 2009 | 21,836,000) | 4,328,800) |
| Dec 31, 2008 | 20,378,000) | (2,071,900) |
| Dec 31, 2007 | 18,633,500) | 2,953,000) |
| Dec 31, 2006 | 15,691,000) | 2,662,700) |
| Dec 31, 2005 | 14,645,300) | 1,979,600) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The revenue exhibited an overall upward trajectory from 2005 through 2024, increasing from approximately $14.6 billion to $45 billion, reflecting a significant long-term growth of over threefold. However, there were some fluctuations within this period. Notably, revenue peaked in 2011 at about $24.3 billion before experiencing a decline in 2012 and 2013. Another decrease appeared in 2014 with revenue dropping to roughly $19.6 billion, followed by a period of recovery and steady increase in subsequent years. From 2016 onward, revenue consistently increased with an especially sharp rise observed in the last two years, reaching the highest point in 2024.
In terms of net income, the company showed generally positive profitability with considerable volatility. Starting at nearly $2 billion in 2005, net income increased to its initial peak of approximately $3 billion by 2007. A notable deviation occurred in 2008 when the company recorded a net loss of around $2 billion, marking a significant financial setback. Profitability quickly rebounded in 2009, reaching the highest net income to date within the observed range at about $4.3 billion, followed by peaks and troughs throughout the subsequent years.
From 2010 to 2017, net income displayed fluctuations but generally remained positive, with occasional dips such as the loss in 2017, which deviated from the trend with a recorded net loss of approximately $204 million. After that, net income resumed growth, seeing a substantial increase in 2019 with approximately $8.3 billion, followed by a decline in 2020 and 2021 to around $6.2 billion and $5.6 billion respectively. Despite this dip, profitability improved again in 2022 and 2023, culminating in a markedly strong net income of about $10.6 billion in 2024.
The data reveals periods of both strong growth and challenges, characterized by transient losses and recovery phases. The overall pattern demonstrates the company’s ability to regain profitability after downturns and maintain a strong revenue growth momentum, particularly evident in the recent years where both revenue and net income have reached record highs.
Balance Sheet: Assets
Eli Lilly & Co., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 32,739,700) | 78,714,900) |
| Dec 31, 2023 | 25,727,000) | 64,006,300) |
| Dec 31, 2022 | 18,034,500) | 49,489,800) |
| Dec 31, 2021 | 18,452,400) | 48,806,000) |
| Dec 31, 2020 | 17,462,100) | 46,633,100) |
| Dec 31, 2019 | 13,709,600) | 39,286,100) |
| Dec 31, 2018 | 20,549,600) | 43,908,400) |
| Dec 31, 2017 | 19,202,100) | 44,981,000) |
| Dec 31, 2016 | 15,101,400) | 38,805,900) |
| Dec 31, 2015 | 12,573,600) | 35,568,900) |
| Dec 31, 2014 | 12,179,800) | 37,178,200) |
| Dec 31, 2013 | 13,104,700) | 35,248,700) |
| Dec 31, 2012 | 13,038,700) | 34,398,900) |
| Dec 31, 2011 | 14,248,200) | 33,659,800) |
| Dec 31, 2010 | 14,840,000) | 31,001,400) |
| Dec 31, 2009 | 12,486,500) | 27,460,900) |
| Dec 31, 2008 | 12,453,300) | 29,212,600) |
| Dec 31, 2007 | 12,256,900) | 26,787,800) |
| Dec 31, 2006 | 9,694,400) | 21,955,400) |
| Dec 31, 2005 | 10,795,800) | 24,580,800) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the financial data reveals significant fluctuations and overall growth trends in the company's asset structure over the period from 2005 to 2024.
- Current Assets
- Current assets initially decreased from approximately 10.8 billion US dollars in 2005 to about 9.7 billion in 2006. This was followed by a general upward trend, reaching a peak near 20.5 billion by the end of 2018. There was a notable dip in 2019 to around 13.7 billion, but values recovered strongly in subsequent years, culminating in a substantial increase to approximately 32.7 billion by 2024. This indicates a significant strengthening in liquidity or short-term asset holdings over the long term, despite some intermittent volatility.
- Total Assets
- Total assets exhibited an overall upward trajectory beginning at roughly 24.6 billion in 2005, despite some short-term declines such as in 2006 and again around 2009. From 2010 onward, a steady increase is evident, with total assets crossing the 40 billion mark in 2016 and continuing to grow to an estimated 78.7 billion by 2024. The growth trend highlights continuous asset accumulation and expansion in the company's asset base, reinforcing an ability to support larger operational scale or investment capacity over time.
- Comparative Insights
- The ratio of current assets to total assets suggests variability in asset composition. While both categories increased, current assets' growth outpaced total assets notably after 2018. This may imply a strategic shift towards more liquid or short-term assets or could indicate changes in working capital management or operating cycle dynamics. The sharp rises in recent years, particularly from 2022 onwards, could reflect enhanced asset acquisition, revaluation, or improved operational earnings reinvestment.
- Overall Observations
- The data portrays a positive long-term evolution in asset size, with periods of adjustment likely reflecting economic, operational, or strategic factors influencing asset holdings. The pronounced increase in asset values towards the end of the timeline signals robust growth and possibly improved financial strength and market positioning.
Balance Sheet: Liabilities and Stockholders’ Equity
Eli Lilly & Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Eli Lilly and Company shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2024 | 28,376,600) | 64,443,300) | 33,644,200) | 14,192,100) |
| Dec 31, 2023 | 27,293,200) | 53,142,600) | 25,225,300) | 10,771,900) |
| Dec 31, 2022 | 17,138,200) | 38,714,400) | 16,238,600) | 10,649,800) |
| Dec 31, 2021 | 15,052,700) | 39,651,200) | 16,884,700) | 8,979,200) |
| Dec 31, 2020 | 12,481,600) | 40,807,900) | 16,595,300) | 5,641,600) |
| Dec 31, 2019 | 11,775,200) | 36,587,000) | 15,317,200) | 2,606,900) |
| Dec 31, 2018 | 11,888,100) | 32,999,300) | 12,770,900) | 9,828,700) |
| Dec 31, 2017 | 14,535,900) | 33,313,100) | 13,647,100) | 11,592,200) |
| Dec 31, 2016 | 10,986,600) | 24,725,400) | 10,305,200) | 14,007,700) |
| Dec 31, 2015 | 8,229,600) | 20,978,600) | 7,978,500) | 14,571,300) |
| Dec 31, 2014 | 11,207,500) | 21,790,100) | 8,056,400) | 15,373,200) |
| Dec 31, 2013 | 8,916,600) | 17,608,000) | 5,212,900) | 17,631,400) |
| Dec 31, 2012 | 8,389,500) | 19,625,000) | 5,531,300) | 14,765,200) |
| Dec 31, 2011 | 8,930,900) | 20,124,200) | 6,987,000) | 13,541,700) |
| Dec 31, 2010 | 7,101,400) | 18,588,600) | 6,926,500) | 12,420,300) |
| Dec 31, 2009 | 6,568,100) | 17,935,600) | 6,662,100) | 9,523,700) |
| Dec 31, 2008 | 13,109,700) | 22,474,900) | 10,462,000) | 6,735,300) |
| Dec 31, 2007 | 5,268,300) | 13,123,400) | 5,007,200) | 13,664,400) |
| Dec 31, 2006 | 5,085,500) | 10,974,700) | 3,713,800) | 10,980,700) |
| Dec 31, 2005 | 5,716,300) | 13,788,900) | 6,498,200) | 10,791,900) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Liabilities Overview
-
Current liabilities demonstrated significant volatility over the period analyzed. They increased sharply in 2008, more than doubling from the previous year, followed by fluctuations with a general upward trend from 2011 onward. Notably, there was a steep rise in the later years, from 17.1 billion in 2022 to 27.3 billion in 2023 and slightly higher in 2024.
Total liabilities followed a broadly increasing pattern, with a marked jump in 2008, peaking at 33.3 billion in 2017. This was followed by some decline and stabilization before rising sharply again to 64.4 billion by 2024. The growth in total liabilities in later years notably outpaces the earlier periods, indicating a significant increase in the company's obligations.
- Total Debt
-
Total debt exhibited volatility with two distinct peaks. Initially, after a decrease from 6.5 billion in 2005 to 3.7 billion in 2006, it surged again to over 10 billion in 2008. Following fluctuations, it rose substantially from 13.6 billion in 2017 to a notable 25.2 billion in 2023 and further increased to 33.6 billion in 2024. This trend of rising debt levels in recent years demonstrates enhanced leverage or increased borrowing activities by the company.
- Shareholders’ Equity
-
Shareholders’ equity experienced notable fluctuations and a generally less stable trajectory compared to liabilities and debt. After growing from approximately 10.8 billion in 2005 to a peak of around 17.6 billion in 2013, equity dropped sharply to 2.6 billion by 2019. Subsequently, equity recovered moderately to about 14.2 billion in 2024. The sharp decline and subsequent recovery could reflect changes in retained earnings, capital structure adjustments, or other equity-related factors within the company.
- Overall Financial Structure Insights
-
The company’s financial structure shows increased leverage over time, especially post-2017, as seen by rising total debt and total liabilities. While shareholders’ equity has partially recovered after a significant dip around 2019, it remains lower than the peak levels seen earlier in the period. The increasing liabilities and debt levels accompanied by fluctuating equity imply a shift in the funding mix towards more debt financing in recent years, which may impact financial risk and capital costs.
The patterns suggest strategic financing activities, potential investments, or operational funding needs driving changes in liabilities and debt. Close monitoring of debt servicing capabilities and equity base is advisable given the elevated leverage.
Cash Flow Statement
Eli Lilly & Co., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used for) provided by investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 8,817,900) | (9,301,500) | 1,230,100) |
| Dec 31, 2023 | 4,240,100) | (7,152,700) | 3,495,600) |
| Dec 31, 2022 | 7,084,400) | (3,261,600) | (5,406,700) |
| Dec 31, 2021 | 7,260,700) | (2,762,300) | (4,131,300) |
| Dec 31, 2020 | 6,499,600) | (2,258,900) | (3,137,100) |
| Dec 31, 2019 | 4,836,600) | (8,082,900) | (2,324,500) |
| Dec 31, 2018 | 5,524,500) | 1,906,000) | (5,904,900) |
| Dec 31, 2017 | 5,615,600) | (3,783,600) | 142,600) |
| Dec 31, 2016 | 4,851,000) | (3,139,100) | (559,800) |
| Dec 31, 2015 | 2,772,800) | 26,800) | (2,919,200) |
| Dec 31, 2014 | 4,367,100) | (3,909,100) | (75,100) |
| Dec 31, 2013 | 5,735,000) | (2,072,800) | (3,829,300) |
| Dec 31, 2012 | 5,304,800) | (2,832,800) | (4,419,600) |
| Dec 31, 2011 | 7,234,500) | (4,824,400) | (2,369,900) |
| Dec 31, 2010 | 6,856,800) | (3,159,800) | (2,021,900) |
| Dec 31, 2009 | 4,335,500) | 142,800) | (5,533,700) |
| Dec 31, 2008 | 7,295,600) | (7,268,800) | 2,346,000) |
| Dec 31, 2007 | 5,154,500) | (4,328,100) | (844,900) |
| Dec 31, 2006 | 3,975,900) | 608,400) | (4,578,800) |
| Dec 31, 2005 | 1,913,600) | (2,215,900) | (1,880,500) |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the annual cash flow data reveals notable fluctuations and trends across operating, investing, and financing activities over the observed period.
- Operating Activities
- The net cash provided by operating activities exhibited considerable volatility, starting at approximately 1,913,600 thousand US dollars at the beginning of the period and reaching a peak of about 7,295,600 thousand in 2008. Following this high point, a downward trend persisted until 2015, with the lowest value around 2,772,800 thousand US dollars. Subsequently, operating cash flow showed a recovery pattern, reaching a secondary peak near 7,260,700 thousand in 2021 before declining again in the last years observed. Overall, despite fluctuations, the operating cash flow generally maintained positive values, signifying ongoing cash inflows from core business operations.
- Investing Activities
- The net cash flow associated with investing activities was predominantly negative throughout the period, indicating consistent investment outflows. There were exceptions, notably in 2006 and 2018, where positive cash inflows of 608,400 and 1,906,000 thousand US dollars respectively were recorded. The largest investment outflows occurred in 2019 and 2024, with values near -8,082,900 and -9,301,500 thousand US dollars, suggesting substantial capital expenditures or acquisitions during these years. Generally, this pattern indicates sustained investment activity with significant cash usage.
- Financing Activities
- Cash flows from financing activities demonstrated significant variability, starting with negative values in most years, which reflect cash outflows likely related to debt repayments, share repurchases, or dividend payments. Notable positive inflows were observed in 2008, 2017, 2023, and 2024, with cash inflows of 2,346,000, 142,600, 3,495,600, and 1,230,100 thousand US dollars respectively, indicating episodes of raising capital via debt or equity issuance. The largest outflows occurred in 2009 and 2018 with values approximately -5,533,700 and -5,904,900 thousand US dollars respectively, suggesting significant repayments or distributions during those years. The overall pattern reflects active capital structuring with periods of both financing outflows and inflows.
Per Share Data
Eli Lilly & Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 11.76 | 11.71 | 5.40 |
| Dec 31, 2023 | 5.82 | 5.80 | 4.69 |
| Dec 31, 2022 | 6.93 | 6.90 | 4.07 |
| Dec 31, 2021 | 6.15 | 6.12 | 3.53 |
| Dec 31, 2020 | 6.82 | 6.79 | 3.07 |
| Dec 31, 2019 | 8.93 | 8.89 | 2.68 |
| Dec 31, 2018 | 3.14 | 3.13 | 2.33 |
| Dec 31, 2017 | -0.19 | -0.19 | 2.12 |
| Dec 31, 2016 | 2.59 | 2.58 | 2.05 |
| Dec 31, 2015 | 2.27 | 2.26 | 2.01 |
| Dec 31, 2014 | 2.23 | 2.23 | 1.97 |
| Dec 31, 2013 | 4.33 | 4.32 | 1.96 |
| Dec 31, 2012 | 3.67 | 3.66 | 1.96 |
| Dec 31, 2011 | 3.90 | 3.90 | 1.96 |
| Dec 31, 2010 | 4.58 | 4.58 | 1.96 |
| Dec 31, 2009 | 3.94 | 3.94 | 1.96 |
| Dec 31, 2008 | -1.89 | -1.89 | 1.90 |
| Dec 31, 2007 | 2.71 | 2.71 | 1.75 |
| Dec 31, 2006 | 2.45 | 2.45 | 1.63 |
| Dec 31, 2005 | 1.82 | 1.81 | 1.54 |
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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of the annual financial data reveals several noteworthy trends in the earnings and dividend performance over the examined periods.
- Basic and Diluted Earnings Per Share (EPS)
- Both basic and diluted EPS exhibit a largely similar pattern, showing a general upward trend from 2005 through 2024 with notable fluctuations. Initial EPS values increased from approximately 1.82 US$ in 2005 to a peak of 4.58 US$ in 2010. However, 2008 and 2017 showed negative EPS values (-1.89 US$ and -0.19 US$, respectively), indicating periods of financial loss or extraordinary expenses. The years following 2017 demonstrate a strong recovery and growth, highlighted by a significant increase reaching 11.76 US$ in 2024. This pattern suggests volatility in certain years, but overall strong growth in earnings performance.
- Dividend Per Share
- Dividends per share display consistent growth throughout the entire period. Starting at 1.54 US$ in 2005, dividends increased steadily almost every year, reaching 5.40 US$ by 2024. The dividend increments are particularly smooth and stable, without any declines or irregular drops, indicating a commitment to returning value to shareholders through dividends despite fluctuations in earnings.
In summary, the EPS data indicates periodic challenges with temporary losses but a marked recovery and substantial growth in the most recent years. In contrast, the dividend policy appears conservative and progressively increasing, reflecting confidence in ongoing profitability and long-term shareholder value creation. The divergence between volatility in earnings and steady dividend increases may imply strong cash flow management and a strategic approach to shareholder distributions.