Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Eli Lilly & Co., balance sheet: goodwill and intangible assets

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	5,770,300)	4,939,700)	4,073,000)	3,892,000)	3,766,500)
Marketed products	8,090,200)	8,216,800)	7,957,500)	8,056,600)	8,076,800)
Finite-lived intangible assets, gross	8,090,200)	8,216,800)	7,957,500)	8,056,600)	8,076,800)
Accumulated amortization	(2,821,600)	(2,277,000)	(2,622,700)	(2,289,700)	(1,727,800)
Finite-lived intangible assets, net	5,268,600)	5,939,800)	5,334,800)	5,766,900)	6,349,000)
Acquired IPR&D	897,700)	966,800)	1,871,800)	1,925,000)	1,101,000)
Indefinite-lived intangible assets	897,700)	966,800)	1,871,800)	1,925,000)	1,101,000)
Other intangibles	6,166,300)	6,906,600)	7,206,600)	7,691,900)	7,450,000)
Goodwill and other intangibles	11,936,600)	11,846,300)	11,279,600)	11,583,900)	11,216,500)

Based on: 10-K (reporting date: 2024-12-31), 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).

Download chart

Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Eli Lilly & Co. goodwill increased from 2022 to 2023 and from 2023 to 2024.
Other intangibles	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Eli Lilly & Co. other intangibles decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and other intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Eli Lilly & Co. goodwill and other intangibles increased from 2022 to 2023 and from 2023 to 2024.

Eli Lilly & Co., adjustments to financial statements

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	78,714,900)	64,006,300)	49,489,800)	48,806,000)	46,633,100)
Less: Goodwill	5,770,300)	4,939,700)	4,073,000)	3,892,000)	3,766,500)
Total assets (adjusted)	72,944,600)	59,066,600)	45,416,800)	44,914,000)	42,866,600)
Adjustment to Total Eli Lilly And Company Shareholders’ Equity
Total Eli Lilly and Company shareholders’ equity (as reported)	14,192,100)	10,771,900)	10,649,800)	8,979,200)	5,641,600)
Less: Goodwill	5,770,300)	4,939,700)	4,073,000)	3,892,000)	3,766,500)
Total Eli Lilly and Company shareholders’ equity (adjusted)	8,421,800)	5,832,200)	6,576,800)	5,087,200)	1,875,100)

Based on: 10-K (reporting date: 2024-12-31), 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).

Eli Lilly & Co., Financial Data: Reported vs. Adjusted

Download chart

Eli Lilly & Co., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.57	0.53	0.58	0.58	0.53
Adjusted total asset turnover	0.62	0.58	0.63	0.63	0.57
Financial Leverage
Reported financial leverage	5.55	5.94	4.65	5.44	8.27
Adjusted financial leverage	8.66	10.13	6.91	8.83	22.86
Return on Equity (ROE)
Reported ROE	74.62%	48.65%	58.64%	62.16%	109.79%
Adjusted ROE	125.75%	89.85%	94.95%	109.72%	330.31%
Return on Assets (ROA)
Reported ROA	13.45%	8.19%	12.62%	11.44%	13.28%
Adjusted ROA	14.52%	8.87%	13.75%	12.43%	14.45%

Based on: 10-K (reporting date: 2024-12-31), 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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Eli Lilly & Co. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Eli Lilly & Co. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Eli Lilly & Co. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Eli Lilly & Co. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Eli Lilly & Co., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Revenue	45,042,700)	34,124,100)	28,541,400)	28,318,400)	24,539,800)
Total assets	78,714,900)	64,006,300)	49,489,800)	48,806,000)	46,633,100)
Activity Ratio
Total asset turnover¹	0.57	0.53	0.58	0.58	0.53
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Revenue	45,042,700)	34,124,100)	28,541,400)	28,318,400)	24,539,800)
Adjusted total assets	72,944,600)	59,066,600)	45,416,800)	44,914,000)	42,866,600)
Activity Ratio
Adjusted total asset turnover²	0.62	0.58	0.63	0.63	0.57

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ Total asset turnover = Revenue ÷ Total assets
= 45,042,700 ÷ 78,714,900 = 0.57

² Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 45,042,700 ÷ 72,944,600 = 0.62

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Eli Lilly & Co. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Total assets	78,714,900)	64,006,300)	49,489,800)	48,806,000)	46,633,100)
Total Eli Lilly and Company shareholders’ equity	14,192,100)	10,771,900)	10,649,800)	8,979,200)	5,641,600)
Solvency Ratio
Financial leverage¹	5.55	5.94	4.65	5.44	8.27
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Adjusted total assets	72,944,600)	59,066,600)	45,416,800)	44,914,000)	42,866,600)
Adjusted total Eli Lilly and Company shareholders’ equity	8,421,800)	5,832,200)	6,576,800)	5,087,200)	1,875,100)
Solvency Ratio
Adjusted financial leverage²	8.66	10.13	6.91	8.83	22.86

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Total Eli Lilly and Company shareholders’ equity
= 78,714,900 ÷ 14,192,100 = 5.55

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Eli Lilly and Company shareholders’ equity
= 72,944,600 ÷ 8,421,800 = 8.66

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Eli Lilly & Co. adjusted financial leverage ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Total Eli Lilly and Company shareholders’ equity	14,192,100)	10,771,900)	10,649,800)	8,979,200)	5,641,600)
Profitability Ratio
ROE¹	74.62%	48.65%	58.64%	62.16%	109.79%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Adjusted total Eli Lilly and Company shareholders’ equity	8,421,800)	5,832,200)	6,576,800)	5,087,200)	1,875,100)
Profitability Ratio
Adjusted ROE²	125.75%	89.85%	94.95%	109.72%	330.31%

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ ROE = 100 × Net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × 10,590,000 ÷ 14,192,100 = 74.62%

² Adjusted ROE = 100 × Net income ÷ Adjusted total Eli Lilly and Company shareholders’ equity
= 100 × 10,590,000 ÷ 8,421,800 = 125.75%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Eli Lilly & Co. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in thousands)
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Total assets	78,714,900)	64,006,300)	49,489,800)	48,806,000)	46,633,100)
Profitability Ratio
ROA¹	13.45%	8.19%	12.62%	11.44%	13.28%
Adjusted for Goodwill
Selected Financial Data (US$ in thousands)
Net income	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Adjusted total assets	72,944,600)	59,066,600)	45,416,800)	44,914,000)	42,866,600)
Profitability Ratio
Adjusted ROA²	14.52%	8.87%	13.75%	12.43%	14.45%

Based on: 10-K (reporting date: 2024-12-31), 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).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 10,590,000 ÷ 78,714,900 = 13.45%

² Adjusted ROA = 100 × Net income ÷ Adjusted total assets
= 100 × 10,590,000 ÷ 72,944,600 = 14.52%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Eli Lilly & Co. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Eli Lilly & Co. (NYSE:LLY)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Eli Lilly & Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Eli Lilly & Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)