Eli Lilly & Co., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)
Net noncash charges	2,054,700)	854,100)	2,701,600)	1,053,300)	(1,794,600)
Other changes in operating assets and liabilities, net of acquisitions and divestitures	(3,055,000)	(14,500)	(1,022,600)	(747,400)	(1,687,200)
Net cash provided by operating activities	4,240,100)	7,084,400)	7,260,700)	6,499,600)	4,836,600)
Cash payments for interest on borrowings, net of tax¹	323,158)	296,995)	306,498)	296,247)	269,054)
Purchases of property and equipment	(3,447,600)	(1,854,300)	(1,309,800)	(1,387,900)	(1,033,900)
Free cash flow to the firm (FCFF)	1,115,658)	5,527,095)	6,257,398)	5,407,947)	4,071,754)

Based on: 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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Eli Lilly & Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Eli Lilly & Co. FCFF decreased from 2021 to 2022 and from 2022 to 2023.

Eli Lilly & Co., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	20.05%	8.25%	9.32%	14.33%	11.93%
Interest Paid, Net of Tax
Cash payments for interest on borrowings, before tax	404,200)	323,700)	338,000)	345,800)	305,500)
Less: Cash payments for interest on borrowings, tax²	81,042)	26,705)	31,502)	49,553)	36,446)
Cash payments for interest on borrowings, net of tax	323,158)	296,995)	306,498)	296,247)	269,054)

Based on: 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).

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² 2023 Calculation
Cash payments for interest on borrowings, tax = Cash payments for interest on borrowings × EITR
= 404,200 × 20.05% = 81,042

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Eli Lilly & Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	711,135,102)
Free cash flow to the firm (FCFF)	1,115,658)
Valuation Ratio
EV/FCFF	637.41
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	14.26
Amgen Inc.	21.04
Bristol-Myers Squibb Co.	8.57
Danaher Corp.	35.73
Gilead Sciences Inc.	12.14
Johnson & Johnson	18.12
Merck & Co. Inc.	38.35
Pfizer Inc.	30.30
Regeneron Pharmaceuticals Inc.	22.72
Thermo Fisher Scientific Inc.	29.37
Zoetis Inc.	39.81
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	26.49
EV/FCFF, Industry
Health Care	23.19

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Eli Lilly & Co., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	731,126,566)	326,866,344)	240,105,544)	210,974,169)	147,658,206)
Free cash flow to the firm (FCFF)²	1,115,658)	5,527,095)	6,257,398)	5,407,947)	4,071,754)
Valuation Ratio
EV/FCFF³	655.33	59.14	38.37	39.01	36.26
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	14.89	12.15	13.18	13.95	11.60
Amgen Inc.	22.22	16.01	15.82	14.51	16.05
Bristol-Myers Squibb Co.	9.14	13.87	10.52	11.63	23.39
Danaher Corp.	36.34	25.74	28.25	30.66	37.11
Gilead Sciences Inc.	13.41	13.58	8.42	13.60	9.78
Johnson & Johnson	19.30	23.80	21.25	20.75	19.31
Merck & Co. Inc.	37.84	19.09	23.27	34.12	20.46
Pfizer Inc.	32.24	9.15	8.40	21.74	19.44
Regeneron Pharmaceuticals Inc.	23.99	17.96	9.81	25.74	19.54
Thermo Fisher Scientific Inc.	28.85	31.61	33.14	26.14	28.88
Zoetis Inc.	47.16	54.71	49.22	43.54	47.27
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	27.50	18.37	16.44	20.25	19.59
EV/FCFF, Industry
Health Care	23.96	18.01	17.46	18.09	18.44

Based on: 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).

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² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 731,126,566 ÷ 1,115,658 = 655.33

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Eli Lilly & Co. EV/FCFF ratio increased from 2021 to 2022 and from 2022 to 2023.

Eli Lilly & Co. (NYSE:LLY)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical