Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Eli Lilly & Co., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	34,124,100)	28,541,400)	28,318,400)	24,539,800)	22,319,500)
Cost of sales	(7,082,200)	(6,629,800)	(7,312,800)	(5,483,300)	(4,721,200)
Gross margin	27,041,900)	21,911,600)	21,005,600)	19,056,500)	17,598,300)
Research and development	(9,313,400)	(7,190,800)	(6,930,700)	(5,976,300)	(5,595,000)
Marketing, selling, and administrative	(7,403,100)	(6,440,400)	(6,431,600)	(6,121,200)	(6,213,800)
Acquired in-process research and development	(3,799,800)	(908,500)	(970,100)	(769,800)	(239,600)
Asset impairment, restructuring, and other special charges	(67,700)	(244,600)	(316,100)	(131,200)	(575,600)
Operating income	6,457,900)	7,127,300)	6,357,100)	6,058,000)	4,974,300)
Interest expense	(485,900)	(331,600)	(339,800)	(359,600)	(400,600)
Interest income	173,600)	62,800)	25,400)	33,000)	80,400)
Net investment gains (losses) on equity securities	(20,200)	(410,700)	176,900)	1,442,200)	401,200)
Debt extinguishment loss	—)	—)	(405,200)	—)	(252,500)
Gain on sale of antibiotic business in China	—)	—)	—)	—)	309,800)
Retirement benefit plans	461,900)	372,900)	289,700)	251,800)	209,900)
Other income (expense)	(32,700)	(14,300)	51,400)	(195,500)	(56,600)
Other, net, income (expense)	96,700)	(320,900)	(201,600)	1,171,900)	291,600)
Income before income taxes	6,554,600)	6,806,400)	6,155,500)	7,229,900)	5,265,900)
Income taxes	(1,314,200)	(561,600)	(573,800)	(1,036,200)	(628,000)
Net income from continuing operations	5,240,400)	6,244,800)	5,581,700)	6,193,700)	4,637,900)
Net income from discontinued operations	—)	—)	—)	—)	3,680,500)
Net income	5,240,400)	6,244,800)	5,581,700)	6,193,700)	8,318,400)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Eli Lilly & Co. revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Eli Lilly & Co. operating income increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Eli Lilly & Co. income before income taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Eli Lilly & Co. net income increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Eli Lilly & Co. (NYSE:LLY)

Income Statement