Eli Lilly and Company has announced its preliminary revenue guidance for 2024 and 2025, showcasing significant growth and momentum in its operations. For 2024, Lilly anticipates full-year worldwide revenue to reach approximately $45.0 billion, representing an impressive 32% growth compared to the previous year. Additionally, the company has projected its 2025 revenue to be between $58.0 billion and $61.0 billion, further underscoring its strong financial trajectory.
Q4 2024 Performance Highlights
In the fourth quarter of 2024, Lilly expects worldwide revenue to total approximately $13.5 billion, reflecting a robust 45% growth compared to Q4 2023. Key contributors to this growth include approximately $3.5 billion in sales from Mounjaro® and $1.9 billion from Zepbound®. Alongside these incretin therapies, Lilly’s oncology, immunology, and neuroscience medicines also demonstrated strong performance, with non-incretin revenue increasing by 20% compared to Q4 2023.
Despite these impressive results, Lilly’s expected 2024 revenue falls $400 million, or about 3%, below the guidance range provided during the Q3 2024 earnings call in October. The shortfall was attributed to slower-than-expected growth in the U.S. incretin market and lower year-end channel inventory levels.
“While the U.S. incretin market grew 45% compared to the same quarter last year, our previous guidance had anticipated even faster acceleration of growth for the quarter,” said David A. Ricks, Lilly’s chair and CEO. “Additionally, lower-than-expected channel inventory at year-end contributed to our Q4 results. Nonetheless, we continued to make progress on our manufacturing build-out, ensuring U.S. supply across all doses of tirzepatide remained available throughout Q4. The rest of our medicines performed within our expectations.”
Anticipated Growth Drivers for 2025
Looking ahead, Lilly anticipates several factors will contribute to its revenue growth in 2025. These include:
- Strong sales from new Lilly medicines such as Jaypirca®, Ebglyss™, Omvoh®, and Kisunla™.
- Approvals of new indications for existing Lilly medicines.
- The continued global rollout of Mounjaro and launches in additional markets.
- Potential approvals and launches of new medicines, including imlunestrant for metastatic breast cancer.
The company has factored incretin market dynamics and channel considerations into its 2025 revenue guidance range.
“2024 was a pivotal and highly successful year for Lilly, and we expect to continue our momentum in 2025 with strong financial and operational performance,” Ricks added. “Sales of Mounjaro and Zepbound posted robust growth in Q4, and we anticipate this trend to carry forward into 2025. Furthermore, we’ll bring additional manufacturing capacity online, enabling us to produce at least 60% more salable doses of incretins in the first half of the year compared to the same period in 2024.”
Key Product Highlights
Mounjaro and Zepbound have been standout performers for Lilly, driving substantial revenue growth and reinforcing the company’s leadership in the incretin market. The anticipated increase in manufacturing capacity for these medicines is expected to further solidify their impact in the coming year.
Additionally, the company’s oncology, immunology, and neuroscience portfolios have continued to perform well, showcasing the depth and breadth of Lilly’s innovative pipeline.
Fireside Chat at J.P. Morgan Healthcare Conference
As part of its ongoing communication with investors, Ricks will participate in a fireside chat at the J.P. Morgan Healthcare Conference. The discussion is scheduled for 5:15 p.m. Eastern time today and will be accessible via live audio webcast on Lilly’s Investor Relations website. A replay of the presentation will remain available on the site for approximately 30 days.
Upcoming Financial Results Announcement
Lilly plans to share its full Q4 2024 financial results, including additional metrics related to its financial guidance, on February 6, 2025. This detailed report will provide further insights into the company’s performance and expectations.
Preliminary Information
The financial information presented in this announcement is preliminary and subject to change. The results reflect the company’s current estimates based on available data as of the release date. Final results may vary due to financial closing procedures and adjustments.
This preliminary information has been prepared by Lilly’s management and should not be viewed as a substitute for full financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP). It is also not necessarily indicative of results for future periods.
