Stock Analysis on Net

Eli Lilly & Co. (NYSE:LLY)

Analysis of Short-term (Operating) Activity Ratios 
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Eli Lilly & Co., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Turnover Ratios
Inventory turnover 1.23 1.40 1.37 1.36 1.54 1.86 1.79 1.93 1.88 1.79 1.80 1.68 1.38 1.42 1.48 1.55 1.48
Receivables turnover 3.75 3.93 3.93 3.68 4.14 4.35 4.57 4.64 4.24 4.69 4.58 4.56 4.18 4.75 4.75 4.52 4.91
Payables turnover 2.73 2.81 2.65 3.07 3.43 4.24 4.21 5.24 4.38 4.46 4.30 3.75 3.41 3.53 3.92 3.97 3.36
Working capital turnover 31.79 12.21 5.77 31.84 14.71 19.45 8.19 8.33 6.73 12.14 5.21 4.93 5.45 8.85 16.68 11.54
Average No. Days
Average inventory processing period 298 261 267 268 237 196 204 189 194 204 203 217 265 257 247 236 247
Add: Average receivable collection period 97 93 93 99 88 84 80 79 86 78 80 80 87 77 77 81 74
Operating cycle 395 354 360 367 325 280 284 268 280 282 283 297 352 334 324 317 321
Less: Average payables payment period 134 130 138 119 106 86 87 70 83 82 85 97 107 103 93 92 109
Cash conversion cycle 261 224 222 248 219 194 197 198 197 200 198 200 245 231 231 225 212

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Eli Lilly & Co. inventory turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Eli Lilly & Co. receivables turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Eli Lilly & Co. payables turnover ratio increased from Q2 2023 to Q3 2023 but then slightly decreased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Eli Lilly & Co. number of days of inventory outstanding improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Eli Lilly & Co. operating cycle improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Eli Lilly & Co. cash conversion cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Inventory Turnover

Eli Lilly & Co., inventory turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Cost of sales 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 1,282,600 1,175,000 1,124,900 1,138,700
Inventories 5,772,800 4,901,400 4,798,700 4,544,800 4,309,700 3,831,100 3,899,400 3,893,000 3,886,000 3,907,400 3,824,900 3,660,800 3,980,300 3,555,400 3,313,900 3,102,400 3,190,700 3,101,300 3,181,100 3,055,200
Short-term Activity Ratio
Inventory turnover1 1.23 1.40 1.37 1.36 1.54 1.86 1.79 1.93 1.88 1.79 1.80 1.68 1.38 1.42 1.48 1.55 1.48
Benchmarks
Inventory Turnover, Competitors2
AbbVie Inc. 4.98 4.74 4.30 4.53 4.87 5.54 4.99 4.96 5.58 5.76 5.45 5.40 4.65 3.66 2.36 4.17 4.10
Amgen Inc. 0.89 1.41 1.38 1.31 1.30 1.34 1.40 1.48 1.58 1.53 1.53 1.53 1.58 1.48 1.38 1.31 1.22
Bristol-Myers Squibb Co. 4.02 4.33 4.39 3.93 4.33 4.77 4.59 4.55 4.74 4.85 5.01 5.61 5.68 5.83 4.46 3.50 1.88
Gilead Sciences Inc. 3.64 3.49 3.45 3.57 3.75 4.71 4.50 4.50 4.08 3.21 2.99 2.79 2.72 4.82 4.52 4.75 5.07
Johnson & Johnson 2.37 2.77 2.50 2.49 2.49 2.68 2.69 2.77 2.87 2.86 2.91 2.86 3.04 2.89 2.93 3.16 3.05
Merck & Co. Inc. 2.54 2.63 2.66 2.72 2.95 3.10 3.06 2.74 2.29 2.73 2.79 2.40 2.45 2.22 2.33 2.46 2.36
Pfizer Inc. 2.45 2.65 2.31 3.07 3.82 3.62 3.66 3.67 3.40 2.78 1.80 1.28 1.08 0.90 1.05 1.15 1.23
Regeneron Pharmaceuticals Inc. 0.70 0.72 0.69 0.67 0.65 0.83 0.96 1.27 1.25 0.88 0.82 0.56 0.58 0.55 0.57 0.55 0.55
Thermo Fisher Scientific Inc. 5.06 4.83 4.64 4.62 4.60 4.29 4.03 3.87 3.88 3.90 4.03 4.01 4.02 3.92 3.93 4.14 4.22
Vertex Pharmaceuticals Inc. 1.71 1.71 1.90 2.06 2.35 2.69 2.70 2.83 2.56 2.58 2.52 2.56 2.62 2.93 3.03 3.29 3.27

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Inventory turnover = (Cost of salesQ4 2023 + Cost of salesQ3 2023 + Cost of salesQ2 2023 + Cost of salesQ1 2023) ÷ Inventories
= (1,788,000 + 1,860,100 + 1,807,400 + 1,626,700) ÷ 5,772,800 = 1.23

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Eli Lilly & Co. inventory turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Receivables Turnover

Eli Lilly & Co., receivables turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Revenue 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 6,114,000 5,476,600 5,636,700 5,092,200
Accounts receivable, net of allowances 9,090,500 8,167,100 7,516,100 7,526,200 6,896,000 6,715,300 6,364,500 6,322,500 6,672,800 5,914,300 5,829,400 5,592,800 5,875,300 4,886,700 4,828,900 5,106,100 4,547,300 4,441,700 4,612,500 4,200,500
Short-term Activity Ratio
Receivables turnover1 3.75 3.93 3.93 3.68 4.14 4.35 4.57 4.64 4.24 4.69 4.58 4.56 4.18 4.75 4.75 4.52 4.91
Benchmarks
Receivables Turnover, Competitors2
AbbVie Inc. 4.87 4.83 4.88 4.95 5.16 5.38 5.10 5.29 5.63 5.94 5.42 5.24 5.19 4.83 4.34 5.35 6.13
Amgen Inc. 3.70 4.17 4.34 4.34 4.46 4.60 4.62 4.81 4.96 5.11 5.39 5.41 5.36 5.81 4.31 4.55 5.47
Gilead Sciences Inc. 5.78 5.68 6.43 6.43 5.65 6.16 6.60 7.18 6.01 5.95 6.34 6.43 4.98 5.83 6.84 5.73 6.18
Johnson & Johnson 5.73 6.44 5.83 5.89 5.88 6.04 5.92 6.08 6.14 6.13 6.00 5.64 6.08 5.55 5.50 5.56 5.67
Merck & Co. Inc. 5.81 5.71 5.29 5.56 6.27 6.22 5.93 5.49 5.28 5.56 6.00 5.65 6.11 5.62 6.23 5.88 6.91
Pfizer Inc. 5.23 6.18 7.62 7.55 9.16 6.21 6.68 6.99 7.08 5.81 5.23 4.70 5.28 4.29 4.96 4.93 5.93
Regeneron Pharmaceuticals Inc. 2.31 2.35 2.47 2.42 2.28 2.47 2.76 3.41 2.66 2.48 1.77 2.20 2.07 2.04 2.84 2.72 2.94
Thermo Fisher Scientific Inc. 5.21 5.19 5.43 5.53 5.53 5.76 5.53 5.21 4.92 7.03 6.99 6.46 5.61 5.49 5.86 5.69 5.87
Vertex Pharmaceuticals Inc. 6.31 6.27 6.11 5.95 6.19 6.28 6.26 6.15 6.66 6.48 7.19 6.56 7.01 7.57 6.82 5.70 6.57

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Receivables turnover = (RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023 + RevenueQ1 2023) ÷ Accounts receivable, net of allowances
= (9,353,400 + 9,498,600 + 8,312,100 + 6,960,000) ÷ 9,090,500 = 3.75

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Eli Lilly & Co. receivables turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Payables Turnover

Eli Lilly & Co., payables turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Cost of sales 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 1,282,600 1,175,000 1,124,900 1,138,700
Accounts payable 2,598,800 2,435,100 2,474,200 2,015,900 1,930,600 1,683,200 1,659,300 1,433,300 1,670,600 1,566,800 1,597,800 1,639,600 1,606,700 1,430,100 1,247,200 1,207,700 1,405,300 1,114,900 1,198,900 1,168,100
Short-term Activity Ratio
Payables turnover1 2.73 2.81 2.65 3.07 3.43 4.24 4.21 5.24 4.38 4.46 4.30 3.75 3.41 3.53 3.92 3.97 3.36
Benchmarks
Payables Turnover, Competitors2
Amgen Inc. 5.32 5.22 5.67 4.97 4.08 5.30 5.09 4.65 4.72 5.41 4.92 4.40 4.33 5.01 4.60 3.60 3.18
Bristol-Myers Squibb Co. 3.28 3.75 3.38 3.20 3.33 3.82 3.41 3.25 3.37 3.89 2.97 3.69 4.34 4.65 3.73 3.23 3.30
Gilead Sciences Inc. 11.81 9.90 9.06 8.99 6.25 11.22 11.89 11.43 9.36 9.18 8.70 8.71 5.42 9.22 8.93 7.94 6.56
Johnson & Johnson 2.76 3.71 3.08 3.22 2.66 3.08 3.15 3.26 2.70 3.32 3.38 3.34 2.99 3.94 4.09 3.78 3.23
Merck & Co. Inc. 4.11 4.59 4.58 4.34 4.08 5.16 4.86 4.25 2.96 4.54 3.93 3.81 3.37 3.64 4.10 4.02 3.78
Pfizer Inc. 3.72 5.07 3.92 4.78 5.04 5.49 6.17 6.66 5.53 5.11 3.72 2.68 2.02 2.02 2.32 2.45 2.42
Regeneron Pharmaceuticals Inc. 2.99 3.43 3.14 2.69 2.65 3.74 4.00 5.39 4.32 4.23 3.42 2.23 2.36 2.24 2.48 2.36 1.87
Thermo Fisher Scientific Inc. 8.97 10.41 10.82 9.35 7.67 9.93 8.84 7.96 6.83 8.31 8.88 8.12 7.45 8.82 10.35 8.93 7.40
Vertex Pharmaceuticals Inc. 3.46 3.13 3.16 3.41 3.55 8.23 5.01 5.52 4.64 6.73 6.35 5.99 4.75 6.66 6.54 6.11 6.25

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Payables turnover = (Cost of salesQ4 2023 + Cost of salesQ3 2023 + Cost of salesQ2 2023 + Cost of salesQ1 2023) ÷ Accounts payable
= (1,788,000 + 1,860,100 + 1,807,400 + 1,626,700) ÷ 2,598,800 = 2.73

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Eli Lilly & Co. payables turnover ratio increased from Q2 2023 to Q3 2023 but then slightly decreased from Q3 2023 to Q4 2023 not reaching Q2 2023 level.

Working Capital Turnover

Eli Lilly & Co., working capital turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data (US$ in thousands)
Current assets 25,727,000 23,007,000 21,331,600 20,811,400 18,034,500 17,639,900 17,115,200 16,964,700 18,452,400 17,808,300 17,295,500 16,604,500 17,462,100 16,239,900 14,581,900 13,994,200 13,709,600 12,661,800 13,454,500 12,597,500
Less: Current liabilities 27,293,200 21,998,200 18,915,000 16,010,000 17,138,200 15,652,800 15,620,600 13,386,000 15,052,700 13,682,000 15,093,200 11,714,200 12,481,600 11,976,900 11,988,500 12,610,200 11,775,200 10,828,600 11,855,400 11,236,100
Working capital (1,566,200) 1,008,800 2,416,600 4,801,400 896,300 1,987,100 1,494,600 3,578,700 3,399,700 4,126,300 2,202,300 4,890,300 4,980,500 4,263,000 2,593,400 1,384,000 1,934,400 1,833,200 1,599,100 1,361,400
 
Revenue 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 6,114,000 5,476,600 5,636,700 5,092,200
Short-term Activity Ratio
Working capital turnover1 31.79 12.21 5.77 31.84 14.71 19.45 8.19 8.33 6.73 12.14 5.21 4.93 5.45 8.85 16.68 11.54
Benchmarks
Working Capital Turnover, Competitors2
AbbVie Inc. 130.12 0.97 0.98
Amgen Inc. 2.25 0.81 0.84 0.82 3.82 2.52 3.67 4.34 3.37 2.55 5.35 2.84 2.55 1.87 1.87 3.27 3.96
Bristol-Myers Squibb Co. 4.60 10.47 5.53 5.55 8.30 5.75 4.92 6.24 3.95 4.43 4.24 4.25 3.72 2.77 3.09 2.38 2.28
Gilead Sciences Inc. 5.61 6.74 84.15 9.14 8.42 8.56 6.87 6.68 8.54 7.25 7.09 7.06 5.30 1.07 1.55 1.24 1.08
Johnson & Johnson 11.81 10.21 15.28 23.98 4.88 5.02 5.57 5.95 5.97 5.93 7.26 9.44 4.32 8.83 7.85 8.81
Merck & Co. Inc. 9.29 6.69 8.86 5.63 5.16 5.58 6.39 6.09 7.62 6.51 6.97 84.97 109.83 7.67 6.59 17.87 8.90
Pfizer Inc. 1.60 2.01 6.88 11.00 3.83 5.05 6.10 4.78 4.29 4.21 3.60 4.58 3.16 3.31 57.45
Regeneron Pharmaceuticals Inc. 0.82 0.87 0.92 0.90 0.96 1.09 1.14 1.46 1.59 1.35 1.29 1.35 1.20 1.22 1.92 1.21 1.41
Thermo Fisher Scientific Inc. 4.05 4.86 7.40 10.13 5.46 5.40 6.03 6.13 5.87 2.30 3.10 3.36 2.76 2.37 2.69 3.54 4.48
Vertex Pharmaceuticals Inc. 0.93 0.87 0.90 0.93 0.85 0.90 0.93 0.97 1.02 1.03 1.01 0.97 0.99 1.10 1.10 1.23 1.19

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Working capital turnover = (RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023 + RevenueQ1 2023) ÷ Working capital
= (9,353,400 + 9,498,600 + 8,312,100 + 6,960,000) ÷ -1,566,200 =

2 Click competitor name to see calculations.


Average Inventory Processing Period

Eli Lilly & Co., average inventory processing period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Inventory turnover 1.23 1.40 1.37 1.36 1.54 1.86 1.79 1.93 1.88 1.79 1.80 1.68 1.38 1.42 1.48 1.55 1.48
Short-term Activity Ratio (no. days)
Average inventory processing period1 298 261 267 268 237 196 204 189 194 204 203 217 265 257 247 236 247
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
AbbVie Inc. 73 77 85 81 75 66 73 74 65 63 67 68 79 100 155 88 89
Amgen Inc. 411 259 265 279 281 272 260 247 231 239 239 239 231 247 265 279 300
Bristol-Myers Squibb Co. 91 84 83 93 84 76 79 80 77 75 73 65 64 63 82 104 194
Gilead Sciences Inc. 100 105 106 102 97 78 81 81 89 114 122 131 134 76 81 77 72
Johnson & Johnson 154 132 146 147 147 136 136 132 127 128 125 128 120 126 124 116 119
Merck & Co. Inc. 144 139 137 134 124 118 119 133 159 134 131 152 149 164 156 148 155
Pfizer Inc. 149 138 158 119 95 101 100 99 107 131 203 284 338 405 348 316 296
Regeneron Pharmaceuticals Inc. 519 508 532 549 562 440 379 287 292 415 445 653 625 664 635 659 661
Thermo Fisher Scientific Inc. 72 76 79 79 79 85 91 94 94 94 91 91 91 93 93 88 87
Vertex Pharmaceuticals Inc. 214 213 192 177 156 136 135 129 143 142 145 142 139 125 121 111 112

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 1.23 = 298

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Eli Lilly & Co. number of days of inventory outstanding improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Average Receivable Collection Period

Eli Lilly & Co., average receivable collection period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Receivables turnover 3.75 3.93 3.93 3.68 4.14 4.35 4.57 4.64 4.24 4.69 4.58 4.56 4.18 4.75 4.75 4.52 4.91
Short-term Activity Ratio (no. days)
Average receivable collection period1 97 93 93 99 88 84 80 79 86 78 80 80 87 77 77 81 74
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
AbbVie Inc. 75 76 75 74 71 68 72 69 65 61 67 70 70 76 84 68 60
Amgen Inc. 99 88 84 84 82 79 79 76 74 71 68 67 68 63 85 80 67
Gilead Sciences Inc. 63 64 57 57 65 59 55 51 61 61 58 57 73 63 53 64 59
Johnson & Johnson 64 57 63 62 62 60 62 60 59 60 61 65 60 66 66 66 64
Merck & Co. Inc. 63 64 69 66 58 59 62 66 69 66 61 65 60 65 59 62 53
Pfizer Inc. 70 59 48 48 40 59 55 52 52 63 70 78 69 85 74 74 62
Regeneron Pharmaceuticals Inc. 158 156 148 151 160 148 132 107 137 147 206 166 177 179 128 134 124
Thermo Fisher Scientific Inc. 70 70 67 66 66 63 66 70 74 52 52 56 65 66 62 64 62
Vertex Pharmaceuticals Inc. 58 58 60 61 59 58 58 59 55 56 51 56 52 48 53 64 56

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 3.75 = 97

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Eli Lilly & Co., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 298 261 267 268 237 196 204 189 194 204 203 217 265 257 247 236 247
Average receivable collection period 97 93 93 99 88 84 80 79 86 78 80 80 87 77 77 81 74
Short-term Activity Ratio
Operating cycle1 395 354 360 367 325 280 284 268 280 282 283 297 352 334 324 317 321
Benchmarks
Operating Cycle, Competitors2
AbbVie Inc. 148 153 160 155 146 134 145 143 130 124 134 138 149 176 239 156 149
Amgen Inc. 510 347 349 363 363 351 339 323 305 310 307 306 299 310 350 359 367
Gilead Sciences Inc. 163 169 163 159 162 137 136 132 150 175 180 188 207 139 134 141 131
Johnson & Johnson 218 189 209 209 209 196 198 192 186 188 186 193 180 192 190 182 183
Merck & Co. Inc. 207 203 206 200 182 177 181 199 228 200 192 217 209 229 215 210 208
Pfizer Inc. 219 197 206 167 135 160 155 151 159 194 273 362 407 490 422 390 358
Regeneron Pharmaceuticals Inc. 677 664 680 700 722 588 511 394 429 562 651 819 802 843 763 793 785
Thermo Fisher Scientific Inc. 142 146 146 145 145 148 157 164 168 146 143 147 156 159 155 152 149
Vertex Pharmaceuticals Inc. 272 271 252 238 215 194 193 188 198 198 196 198 191 173 174 175 168

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 298 + 97 = 395

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Eli Lilly & Co. operating cycle improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Average Payables Payment Period

Eli Lilly & Co., average payables payment period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Payables turnover 2.73 2.81 2.65 3.07 3.43 4.24 4.21 5.24 4.38 4.46 4.30 3.75 3.41 3.53 3.92 3.97 3.36
Short-term Activity Ratio (no. days)
Average payables payment period1 134 130 138 119 106 86 87 70 83 82 85 97 107 103 93 92 109
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Amgen Inc. 69 70 64 73 90 69 72 78 77 67 74 83 84 73 79 101 115
Bristol-Myers Squibb Co. 111 97 108 114 109 96 107 112 108 94 123 99 84 78 98 113 110
Gilead Sciences Inc. 31 37 40 41 58 33 31 32 39 40 42 42 67 40 41 46 56
Johnson & Johnson 132 98 118 113 137 118 116 112 135 110 108 109 122 93 89 97 113
Merck & Co. Inc. 89 80 80 84 89 71 75 86 123 80 93 96 108 100 89 91 97
Pfizer Inc. 98 72 93 76 72 66 59 55 66 71 98 136 181 180 157 149 151
Regeneron Pharmaceuticals Inc. 122 106 116 136 138 98 91 68 84 86 107 164 155 163 147 155 195
Thermo Fisher Scientific Inc. 41 35 34 39 48 37 41 46 53 44 41 45 49 41 35 41 49
Vertex Pharmaceuticals Inc. 106 117 115 107 103 44 73 66 79 54 57 61 77 55 56 60 58

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.73 = 134

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.

Cash Conversion Cycle

Eli Lilly & Co., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Selected Financial Data
Average inventory processing period 298 261 267 268 237 196 204 189 194 204 203 217 265 257 247 236 247
Average receivable collection period 97 93 93 99 88 84 80 79 86 78 80 80 87 77 77 81 74
Average payables payment period 134 130 138 119 106 86 87 70 83 82 85 97 107 103 93 92 109
Short-term Activity Ratio
Cash conversion cycle1 261 224 222 248 219 194 197 198 197 200 198 200 245 231 231 225 212
Benchmarks
Cash Conversion Cycle, Competitors2
Amgen Inc. 441 277 285 290 273 282 267 245 228 243 233 223 215 237 271 258 252
Gilead Sciences Inc. 132 132 123 118 104 104 105 100 111 135 138 146 140 99 93 95 75
Johnson & Johnson 86 91 91 96 72 78 82 80 51 78 78 84 58 99 101 85 70
Merck & Co. Inc. 118 123 126 116 93 106 106 113 105 120 99 121 101 129 126 119 111
Pfizer Inc. 121 125 113 91 63 94 96 96 93 123 175 226 226 310 265 241 207
Regeneron Pharmaceuticals Inc. 555 558 564 564 584 490 420 326 345 476 544 655 647 680 616 638 590
Thermo Fisher Scientific Inc. 101 111 112 106 97 111 116 118 115 102 102 102 107 118 120 111 100
Vertex Pharmaceuticals Inc. 166 154 137 131 112 150 120 122 119 144 139 137 114 118 118 115 110

Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Q4 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 298 + 97134 = 261

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Eli Lilly & Co. cash conversion cycle deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.