Lilly(US:LLY)2025-08-07 13:59Form 10-Q Filing Information This section details the registrant, filing period, filer status, and common stock outstanding for the Form 10-Q - Registrant: Eli Lilly and Company, Indiana2 - Period Ended: June 30, 20252 - Filer Status: Large accelerated filer5 - Common Stock Outstanding (as of August 4, 2025): 946,456,759 shares6 Forward-Looking Statements This section warns that forward-looking statements carry inherent risks and uncertainties, which may cause actual results to differ - Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ from those expressed, and investors should not place undue reliance on them10 - Key risk factors include significant costs and uncertainties in pharmaceutical R&D, impact of acquisitions, intense competition, pricing pressures, regulatory actions, safety/efficacy concerns, intellectual property expiration, supply chain issues, reliance on third parties, risks from emerging technologies (e.g., AI), global macroeconomic conditions, foreign currency fluctuations, and litigation10 Trademarks and Trade Names This section clarifies that all trademarks and trade names are property of their owners, and their use does not waive rights - All trademarks or trade names referred to in this report are the property of the company or their respective owners13 - The use of trademarks and trade names without ® and ™ symbols is for convenience and should not be construed as waiving rights13 PART I. Financial Information This part presents unaudited consolidated financial statements, management's discussion, notes, market risk, and controls Item 1. Financial Statements This item provides unaudited consolidated financial statements, covering operations, comprehensive income, balance sheets, equity, and cash flows, and related notes Consolidated Condensed Statements of Operations This section presents unaudited consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 Consolidated Condensed Statements of Operations (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (%) | | :----------------------------- | :-------------- | :-------------- | :--------- | | Revenue | $15,557.7 | $11,302.8 | 37.6% | | Net income | $5,660.5 | $2,967.0 | 90.8% | | Diluted EPS | $6.29 | $3.28 | 91.8% | Consolidated Condensed Statements of Operations (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (%) | | :----------------------------- | :-------------- | :-------------- | :--------- | | Revenue | $28,286.2 | $20,070.8 | 40.9% | | Net income | $8,419.8 | $5,209.9 | 61.6% | | Diluted EPS | $9.35 | $5.76 | 62.3% | - Acquired in-process research and development (IPR&D) charges significantly increased for the six-month period to $1,725.5 million in 2025 from $264.8 million in 202416 Consolidated Condensed Statements of Comprehensive Income This section presents unaudited consolidated statements of comprehensive income for the three and six months ended June 30, 2025 and 2024 Consolidated Condensed Statements of Comprehensive Income (Three Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (%) | | :--------------------- | :-------------- | :-------------- | :--------- | | Net income | $5,660.5 | $2,967.0 | 90.8% | | Other comprehensive income (loss) | $58.6 | $(79.0) | N/A | | Comprehensive income | $5,719.1 | $2,888.0 | 97.9% | Consolidated Condensed Statements of Comprehensive Income (Six Months Ended June 30) | Metric | 2025 (Millions) | 2024 (Millions) | Change (%) | | :--------------------- | :-------------- | :-------------- | :--------- | | Net income | $8,419.8 | $5,209.9 | 61.6% | | Other comprehensive income (loss) | $605.9 | $(51.5) | N/A | | Comprehensive income | $9,025.7 | $5,158.4 | 74.9% | - Other comprehensive income (loss) shifted from a loss in 2024 to a gain in 2025, contributing to the overall increase in comprehensive income18 Consolidated Condensed Balance Sheets This section presents unaudited consolidated balance sheets as of June 30, 2025, and December 31, 2024 Consolidated Condensed Balance Sheets (June 30, 2025 vs. December 31, 2024) | Asset Category | June 30, 2025 (Millions) | Dec 31, 2024 (Millions) | Change (%) | | :----------------------------- | :----------------------- | :---------------------- | :--------- | | Total current assets | $49,854.0 | $32,739.7 | 52.3% | | Prepaid expenses | $18,019.8 | $8,340.5 | 116.0% | | Inventories | $11,013.8 | $7,589.2 | 45.1% | | Property and equipment, net | $20,529.7 | $17,102.4 | 20.0% | | Total assets | $100,922.6 | $78,714.9 | 28.2% | Consolidated Condensed Balance Sheets (Liabilities - June 30, 2025 vs. December 31, 2024) | Liability Category | June 30, 2025 (Millions) | Dec 31, 2024 (Millions) | Change (%) | | :----------------------------- | :----------------------- | :---------------------- | :--------- | | Total current liabilities | $39,019.9 | $28,376.6 | 37.5% | | Sales rebates and discounts | $14,537.4 | $11,539.3 | 26.0% | | Short-term income taxes payable | $6,958.0 | $1,116.4 | 523.3% | | Long-term debt | $34,180.1 | $28,527.1 | 19.8% | | Total liabilities | $82,573.5 | $64,443.3 | 28.1% | - Total equity increased by 28.6% to $18,349.1 million as of June 30, 202520 Consolidated Condensed Statements of Shareholders' Equity This section presents unaudited consolidated statements of shareholders' equity for the six months ended June 30, 2025 Eli Lilly and Company Shareholders' Equity (June 30, 2025 vs. January 1, 2025) | Metric | June 30, 2025 (Millions) | Jan 1, 2025 (Millions) | | :----------------------------- | :----------------------- | :--------------------- | | Total Eli Lilly and Company shareholders' equity | $18,272.9 | $14,192.1 | | Net income | $8,419.8 | N/A | | Cash dividends declared | $(2,692.2) | N/A | | Other comprehensive income, net of tax | $605.9 | N/A | - The company repurchased 909 thousand shares of common stock for $692.2 million during the three months ended June 30, 202522183 - As of June 30, 2025, $13.11 billion remained under the $15.00 billion share repurchase program authorized in December 20242224 Consolidated Condensed Statements of Cash Flows This section presents unaudited consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 Consolidated Condensed Statements of Cash Flows (Six Months Ended June 30) | Cash Flow Category | 2025 (Millions) | 2024 (Millions) | Change (%) | | :----------------------------- | :-------------- | :-------------- | :--------- | | Net Cash Provided by Operating Activities | $4,752.5 | $2,632.2 | 80.