Eli Lilly & Co., adjustment to net income

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (as reported)	10,590,000)	5,240,400)	6,244,800)	5,581,700)	6,193,700)
Add: Change in net unrealized gains (losses) on available-for-sale securities	(5,500)	10,900)	(40,800)	(11,100)	9,900)
Net income (adjusted)	10,584,500)	5,251,300)	6,204,000)	5,570,600)	6,203,600)

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Eli Lilly & Co., adjusted profitability ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	23.51%	15.36%	21.88%	19.71%	25.24%
Adjusted net profit margin	23.50%	15.39%	21.74%	19.67%	25.28%
Return on Equity (ROE)
Reported ROE	74.62%	48.65%	58.64%	62.16%	109.79%
Adjusted ROE	74.58%	48.75%	58.25%	62.04%	109.96%
Return on Assets (ROA)
Reported ROA	13.45%	8.19%	12.62%	11.44%	13.28%
Adjusted ROA	13.45%	8.20%	12.54%	11.41%	13.30%

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

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	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)
Revenue	45,042,700)	34,124,100)	28,541,400)	28,318,400)	24,539,800)
Profitability Ratio
Net profit margin¹	23.51%	15.36%	21.88%	19.71%	25.24%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	10,584,500)	5,251,300)	6,204,000)	5,570,600)	6,203,600)
Revenue	45,042,700)	34,124,100)	28,541,400)	28,318,400)	24,539,800)
Profitability Ratio
Adjusted net profit margin²	23.50%	15.39%	21.74%	19.67%	25.28%

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue
= 100 × 10,590,000 ÷ 45,042,700 = 23.51%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 10,584,500 ÷ 45,042,700 = 23.50%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Eli Lilly & Co. adjusted net profit margin ratio 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 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	10,584,500)	5,251,300)	6,204,000)	5,570,600)	6,203,600)
Total Eli Lilly and Company shareholders’ equity	14,192,100)	10,771,900)	10,649,800)	8,979,200)	5,641,600)
Profitability Ratio
Adjusted ROE²	74.58%	48.75%	58.25%	62.04%	109.96%

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 × Adjusted net income ÷ Total Eli Lilly and Company shareholders’ equity
= 100 × 10,584,500 ÷ 14,192,100 = 74.58%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in thousands)
Adjusted net income	10,584,500)	5,251,300)	6,204,000)	5,570,600)	6,203,600)
Total assets	78,714,900)	64,006,300)	49,489,800)	48,806,000)	46,633,100)
Profitability Ratio
Adjusted ROA²	13.45%	8.20%	12.54%	11.41%	13.30%

2024 Calculations

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

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 10,584,500 ÷ 78,714,900 = 13.45%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by 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)

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