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Arphra AIPlain-English read on Eli Lilly and Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $28.32B | $28.54B | $34.12B | $45.04B | $65.18B | $84.79B | $98.19B | $110.09B | $120.01B |
| Cost of revenue | $7.31B | $6.63B | $7.08B | $8.42B | $10.56B | $15.53B | $18B | $20.46B | $21.76B |
| Gross profit | $21.01B | $21.91B | $27.04B | $36.62B | $54.62B | $68.9B | $82.33B | $88.06B | $99.1B |
| Gross margin | +74.18% | +76.77% | +79.25% | +81.31% | +83.79% | +81.26% | +83.85% | +79.98% | +82.57% |
| Operating | |||||||||
| Research & development | $6.93B | $7.19B | $9.31B | $10.99B | $13.34B | $20.05B | $23.67B | $26.88B | $28.48B |
| Selling, general & administrative | $6.14B | $6.07B | $6.94B | $8.13B | $11.09B | $15.54B | $18.53B | $20.07B | $21.57B |
| Total operating expenses | $13.07B | $13.26B | $16.25B | $19.12B | $24.92B | $36.43B | $42.97B | $45.95B | $50.52B |
| Operating income | $7.93B | $8.65B | $10.79B | $17.5B | $29.7B | $32.79B | $38.04B | $42.4B | $46.14B |
| Operating margin | +28.01% | +30.32% | +31.61% | +38.86% | +45.56% | +38.67% | +38.74% | +38.52% | +38.45% |
| EBITDA | $8.04B | $8.66B | $8.57B | $15.23B | $27.94B | $32.87B | $38.89B | $43.38B | $47.53B |
| EBIT | $6.5B | $7.14B | $7.04B | $13.46B | $26.37B | $26.39B | $30.54B | $32.73B | $36.15B |
| Below the line | |||||||||
| Interest expense | $339.8M | $331.6M | $485.9M | $780.6M | $795.3M | $1.24B | $1.4B | $1.58B | $1.79B |
| Interest income | $25.4M | $62.8M | $173.6M | $175.2M | $153.3M | $321.58M | $381.15M | $406.38M | $443.04M |
| Other income / expense | -$1.78B | -$1.85B | -$4.23B | -$4.82B | -$3.97B | — | — | — | — |
| Pre-tax income | $6.16B | $6.81B | $6.55B | $12.68B | $25.73B | $24.14B | $28.76B | $32.07B | $35.67B |
| Income tax expense | $573.8M | $561.6M | $1.31B | $2.09B | $5.09B | $4.61B | $5.43B | $6.16B | $6.53B |
| Earnings | |||||||||
| Net income | $5.58B | $6.24B | $5.24B | $10.59B | $20.64B | $19.96B | $23.33B | $26.25B | $28.64B |
| Net income · continuing ops | $5.58B | $6.24B | $5.24B | $10.59B | $20.64B | $19.87B | $22.9B | $26.37B | $28.09B |
| Net margin | +19.71% | +21.88% | +15.36% | +23.51% | +31.66% | +23.54% | +23.76% | +23.84% | +23.87% |
| EPS · basic | $5.85 | $6.57 | $5.83 | $11.76 | $23.00 | $37.20 | $44.18 | $52.10 | $57.18 |
| EPS · diluted | $5.85 | $6.57 | $5.80 | $11.71 | $22.95 | $36.57 | $44.56 | $51.34 | $57.76 |
| EPS · low estimate | — | — | — | — | — | $28.55 | $39.70 | $45.62 | $53.19 |
| EPS · high estimate | — | — | — | — | — | $41.19 | $47.33 | $58.22 | $63.07 |
| Shares · basic | 953.65M | 950.18M | 899.38M | 900.61M | 898M | 905.89M | 893.4M | 904.67M | 895.15M |
| Shares · diluted | 953.65M | 950.18M | 903.28M | 904.06M | 898M | 899.89M | 901.39M | 896.68M | 901.16M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 18 | 21 | 23 | 11 |
| Analysts (EPS) | — | — | — | — | — | 16 | 16 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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