Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Eli Lilly & Co., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Eli Lilly & Co. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Eli Lilly & Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Eli Lilly & Co. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Eli Lilly & Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Eli Lilly & Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Eli Lilly & Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Eli Lilly & Co. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Eli Lilly & Co. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Eli Lilly & Co. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Equity
Eli Lilly & Co., debt to equity calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 2.34 | 1.52 | 1.88 | 2.94 | 5.88 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| AbbVie Inc. | 5.73 | 3.67 | 4.98 | 6.58 | — | |
| Amgen Inc. | 10.37 | 10.64 | 4.97 | 3.51 | 3.09 | |
| Bristol-Myers Squibb Co. | 1.35 | 1.27 | 1.24 | 1.34 | 0.91 | |
| Danaher Corp. | 0.34 | 0.39 | 0.49 | 0.53 | 0.72 | |
| Gilead Sciences Inc. | 1.09 | 1.19 | 1.27 | 1.73 | 1.09 | |
| Johnson & Johnson | 0.43 | 0.52 | 0.46 | 0.56 | 0.47 | |
| Merck & Co. Inc. | 0.93 | 0.67 | 0.87 | 1.26 | 1.02 | |
| Moderna Inc. | 0.04 | 0.06 | 0.05 | 0.05 | 0.03 | |
| Pfizer Inc. | 0.81 | 0.37 | 0.50 | 0.63 | 0.83 | |
| Regeneron Pharmaceuticals Inc. | 0.10 | 0.12 | 0.14 | 0.24 | 0.06 | |
| Thermo Fisher Scientific Inc. | 0.75 | 0.78 | 0.85 | 0.63 | 0.60 | |
| Debt to Equity, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.98 | 0.79 | 0.92 | 1.14 | 1.10 | |
| Debt to Equity, Industry | ||||||
| Health Care | 0.81 | 0.72 | 0.78 | 0.90 | 0.91 | |
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).
1 2023 Calculation
Debt to equity = Total debt ÷ Total Eli Lilly and Company shareholders’ equity
= 25,225,300 ÷ 10,771,900 = 2.34
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Eli Lilly & Co. debt to equity ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Equity (including Operating Lease Liability)
Eli Lilly & Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Current portions of operating lease liabilities (included in Other current liabilities) | 197,000) | 154,200) | 148,400) | 150,900) | 121,700) | |
| Long-term portions of operating lease liabilities (included in Other noncurrent liabilities) | 910,400) | 574,000) | 537,300) | 512,800) | 486,700) | |
| Total debt (including operating lease liability) | 26,332,700) | 16,966,800) | 17,570,400) | 17,259,000) | 15,925,600) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 2.44 | 1.59 | 1.96 | 3.06 | 6.11 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 5.82 | 3.72 | 5.03 | 6.66 | — | |
| Amgen Inc. | 10.50 | 10.83 | 5.07 | 3.55 | 3.15 | |
| Bristol-Myers Squibb Co. | 1.41 | 1.31 | 1.27 | 1.37 | 0.92 | |
| Danaher Corp. | 0.37 | 0.41 | 0.52 | 0.56 | 0.74 | |
| Gilead Sciences Inc. | 1.12 | 1.22 | 1.30 | 1.76 | 1.12 | |
| Johnson & Johnson | 0.44 | 0.53 | 0.47 | 0.57 | 0.48 | |
| Merck & Co. Inc. | 0.97 | 0.70 | 0.91 | 1.32 | 1.06 | |
| Moderna Inc. | 0.09 | 0.06 | 0.06 | 0.09 | 0.12 | |
| Pfizer Inc. | 0.84 | 0.41 | 0.54 | 0.65 | 0.85 | |
| Regeneron Pharmaceuticals Inc. | 0.11 | 0.12 | 0.15 | 0.25 | 0.07 | |
| Thermo Fisher Scientific Inc. | 0.78 | 0.82 | 0.89 | 0.65 | 0.62 | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 1.01 | 0.82 | 0.95 | 1.17 | 1.13 | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.86 | 0.77 | 0.84 | 0.96 | 0.97 | |
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).
1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total Eli Lilly and Company shareholders’ equity
= 26,332,700 ÷ 10,771,900 = 2.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Eli Lilly & Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital
Eli Lilly & Co., debt to capital calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Total capital | 35,997,200) | 26,888,400) | 25,863,900) | 22,236,900) | 17,924,100) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.70 | 0.60 | 0.65 | 0.75 | 0.85 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| AbbVie Inc. | 0.85 | 0.79 | 0.83 | 0.87 | 1.14 | |
| Amgen Inc. | 0.91 | 0.91 | 0.83 | 0.78 | 0.76 | |
| Bristol-Myers Squibb Co. | 0.57 | 0.56 | 0.55 | 0.57 | 0.48 | |
| Danaher Corp. | 0.26 | 0.28 | 0.33 | 0.35 | 0.42 | |
| Gilead Sciences Inc. | 0.52 | 0.54 | 0.56 | 0.63 | 0.52 | |
| Johnson & Johnson | 0.30 | 0.34 | 0.31 | 0.36 | 0.32 | |
| Merck & Co. Inc. | 0.48 | 0.40 | 0.46 | 0.56 | 0.50 | |
| Moderna Inc. | 0.04 | 0.05 | 0.05 | 0.05 | 0.03 | |
| Pfizer Inc. | 0.45 | 0.27 | 0.33 | 0.39 | 0.45 | |
| Regeneron Pharmaceuticals Inc. | 0.09 | 0.11 | 0.13 | 0.20 | 0.06 | |
| Thermo Fisher Scientific Inc. | 0.43 | 0.44 | 0.46 | 0.39 | 0.37 | |
| Debt to Capital, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.50 | 0.44 | 0.48 | 0.53 | 0.52 | |
| Debt to Capital, Industry | ||||||
| Health Care | 0.45 | 0.42 | 0.44 | 0.47 | 0.48 | |
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).
1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,225,300 ÷ 35,997,200 = 0.70
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Eli Lilly & Co. debt to capital ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Capital (including Operating Lease Liability)
Eli Lilly & Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Current portions of operating lease liabilities (included in Other current liabilities) | 197,000) | 154,200) | 148,400) | 150,900) | 121,700) | |
| Long-term portions of operating lease liabilities (included in Other noncurrent liabilities) | 910,400) | 574,000) | 537,300) | 512,800) | 486,700) | |
| Total debt (including operating lease liability) | 26,332,700) | 16,966,800) | 17,570,400) | 17,259,000) | 15,925,600) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Total capital (including operating lease liability) | 37,104,600) | 27,616,600) | 26,549,600) | 22,900,600) | 18,532,500) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.71 | 0.61 | 0.66 | 0.75 | 0.86 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.85 | 0.79 | 0.83 | 0.87 | 1.14 | |
| Amgen Inc. | 0.91 | 0.92 | 0.84 | 0.78 | 0.76 | |
| Bristol-Myers Squibb Co. | 0.58 | 0.57 | 0.56 | 0.58 | 0.48 | |
| Danaher Corp. | 0.27 | 0.29 | 0.34 | 0.36 | 0.43 | |
| Gilead Sciences Inc. | 0.53 | 0.55 | 0.56 | 0.64 | 0.53 | |
| Johnson & Johnson | 0.31 | 0.35 | 0.32 | 0.36 | 0.33 | |
| Merck & Co. Inc. | 0.49 | 0.41 | 0.48 | 0.57 | 0.51 | |
| Moderna Inc. | 0.08 | 0.06 | 0.06 | 0.08 | 0.10 | |
| Pfizer Inc. | 0.46 | 0.29 | 0.35 | 0.39 | 0.46 | |
| Regeneron Pharmaceuticals Inc. | 0.10 | 0.11 | 0.13 | 0.20 | 0.07 | |
| Thermo Fisher Scientific Inc. | 0.44 | 0.45 | 0.47 | 0.40 | 0.38 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.50 | 0.45 | 0.49 | 0.54 | 0.53 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.46 | 0.44 | 0.46 | 0.49 | 0.49 | |
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).
1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 26,332,700 ÷ 37,104,600 = 0.71
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Eli Lilly & Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets
Eli Lilly & Co., debt to assets calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Total assets | 64,006,300) | 49,489,800) | 48,806,000) | 46,633,100) | 39,286,100) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.39 | 0.33 | 0.35 | 0.36 | 0.39 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| AbbVie Inc. | 0.44 | 0.46 | 0.52 | 0.57 | 0.75 | |
| Amgen Inc. | 0.67 | 0.60 | 0.54 | 0.52 | 0.50 | |
| Bristol-Myers Squibb Co. | 0.42 | 0.41 | 0.41 | 0.43 | 0.36 | |
| Danaher Corp. | 0.22 | 0.23 | 0.27 | 0.28 | 0.35 | |
| Gilead Sciences Inc. | 0.40 | 0.40 | 0.39 | 0.46 | 0.40 | |
| Johnson & Johnson | 0.18 | 0.21 | 0.19 | 0.20 | 0.18 | |
| Merck & Co. Inc. | 0.33 | 0.28 | 0.31 | 0.35 | 0.31 | |
| Moderna Inc. | 0.03 | 0.04 | 0.03 | 0.02 | 0.02 | |
| Pfizer Inc. | 0.32 | 0.18 | 0.21 | 0.26 | 0.31 | |
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.09 | 0.11 | 0.16 | 0.05 | |
| Thermo Fisher Scientific Inc. | 0.35 | 0.35 | 0.37 | 0.31 | 0.30 | |
| Debt to Assets, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.34 | 0.30 | 0.32 | 0.36 | 0.36 | |
| Debt to Assets, Industry | ||||||
| Health Care | 0.29 | 0.27 | 0.28 | 0.30 | 0.31 | |
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).
1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,225,300 ÷ 64,006,300 = 0.39
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Eli Lilly & Co. debt to assets ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Debt to Assets (including Operating Lease Liability)
Eli Lilly & Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Short-term borrowings and current maturities of long-term debt | 6,904,500) | 1,501,100) | 1,538,300) | 8,700) | 1,499,300) | |
| Long-term debt, excluding current maturities | 18,320,800) | 14,737,500) | 15,346,400) | 16,586,600) | 13,817,900) | |
| Total debt | 25,225,300) | 16,238,600) | 16,884,700) | 16,595,300) | 15,317,200) | |
| Current portions of operating lease liabilities (included in Other current liabilities) | 197,000) | 154,200) | 148,400) | 150,900) | 121,700) | |
| Long-term portions of operating lease liabilities (included in Other noncurrent liabilities) | 910,400) | 574,000) | 537,300) | 512,800) | 486,700) | |
| Total debt (including operating lease liability) | 26,332,700) | 16,966,800) | 17,570,400) | 17,259,000) | 15,925,600) | |
| Total assets | 64,006,300) | 49,489,800) | 48,806,000) | 46,633,100) | 39,286,100) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.41 | 0.34 | 0.36 | 0.37 | 0.41 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| AbbVie Inc. | 0.45 | 0.46 | 0.53 | 0.58 | 0.75 | |
| Amgen Inc. | 0.67 | 0.61 | 0.56 | 0.53 | 0.51 | |
| Bristol-Myers Squibb Co. | 0.44 | 0.42 | 0.42 | 0.44 | 0.37 | |
| Danaher Corp. | 0.23 | 0.25 | 0.28 | 0.29 | 0.36 | |
| Gilead Sciences Inc. | 0.41 | 0.41 | 0.40 | 0.47 | 0.41 | |
| Johnson & Johnson | 0.18 | 0.22 | 0.19 | 0.21 | 0.18 | |
| Merck & Co. Inc. | 0.34 | 0.29 | 0.33 | 0.37 | 0.32 | |
| Moderna Inc. | 0.07 | 0.05 | 0.04 | 0.03 | 0.09 | |
| Pfizer Inc. | 0.33 | 0.20 | 0.23 | 0.27 | 0.32 | |
| Regeneron Pharmaceuticals Inc. | 0.08 | 0.09 | 0.11 | 0.16 | 0.05 | |
| Thermo Fisher Scientific Inc. | 0.37 | 0.37 | 0.38 | 0.33 | 0.32 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 0.35 | 0.31 | 0.33 | 0.37 | 0.36 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Health Care | 0.31 | 0.29 | 0.30 | 0.32 | 0.33 | |
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).
1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 26,332,700 ÷ 64,006,300 = 0.41
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Eli Lilly & Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Financial Leverage
Eli Lilly & Co., financial leverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | 64,006,300) | 49,489,800) | 48,806,000) | 46,633,100) | 39,286,100) | |
| Total Eli Lilly and Company shareholders’ equity | 10,771,900) | 10,649,800) | 8,979,200) | 5,641,600) | 2,606,900) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 5.94 | 4.65 | 5.44 | 8.27 | 15.07 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| AbbVie Inc. | 13.00 | 8.04 | 9.51 | 11.51 | — | |
| Amgen Inc. | 15.59 | 17.79 | 9.13 | 6.69 | 6.17 | |
| Bristol-Myers Squibb Co. | 3.23 | 3.12 | 3.04 | 3.13 | 2.52 | |
| Danaher Corp. | 1.58 | 1.68 | 1.84 | 1.92 | 2.05 | |
| Gilead Sciences Inc. | 2.72 | 2.97 | 3.23 | 3.76 | 2.74 | |
| Johnson & Johnson | 2.44 | 2.44 | 2.46 | 2.76 | 2.65 | |
| Merck & Co. Inc. | 2.84 | 2.37 | 2.77 | 3.62 | 3.26 | |
| Moderna Inc. | 1.33 | 1.35 | 1.74 | 2.86 | 1.35 | |
| Pfizer Inc. | 2.54 | 2.06 | 2.35 | 2.44 | 2.65 | |
| Regeneron Pharmaceuticals Inc. | 1.27 | 1.29 | 1.36 | 1.56 | 1.34 | |
| Thermo Fisher Scientific Inc. | 2.11 | 2.21 | 2.33 | 2.00 | 1.97 | |
| Financial Leverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 2.86 | 2.61 | 2.85 | 3.20 | 3.10 | |
| Financial Leverage, Industry | ||||||
| Health Care | 2.80 | 2.66 | 2.77 | 2.95 | 2.93 | |
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).
1 2023 Calculation
Financial leverage = Total assets ÷ Total Eli Lilly and Company shareholders’ equity
= 64,006,300 ÷ 10,771,900 = 5.94
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Eli Lilly & Co. financial leverage ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level. |
Interest Coverage
Eli Lilly & Co., interest coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 5,240,400) | 6,244,800) | 5,581,700) | 6,193,700) | 8,318,400) | |
| Less: Net income from discontinued operations | —) | —) | —) | —) | 3,680,500) | |
| Add: Income tax expense | 1,314,200) | 561,600) | 573,800) | 1,036,200) | 628,000) | |
| Add: Interest expense | 485,900) | 331,600) | 339,800) | 359,600) | 400,600) | |
| Earnings before interest and tax (EBIT) | 7,040,500) | 7,138,000) | 6,495,300) | 7,589,500) | 5,666,500) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 14.49 | 21.53 | 19.12 | 21.11 | 14.15 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| AbbVie Inc. | 3.81 | 7.04 | 6.36 | 2.38 | 5.72 | |
| Amgen Inc. | 3.73 | 6.22 | 6.60 | 7.44 | 8.09 | |
| Bristol-Myers Squibb Co. | 8.24 | 7.26 | 7.07 | -3.84 | 8.58 | |
| Danaher Corp. | 18.64 | 40.30 | 32.92 | 17.35 | 31.44 | |
| Gilead Sciences Inc. | 8.27 | 7.22 | 9.27 | 2.70 | 6.19 | |
| Johnson & Johnson | 20.51 | 79.71 | 125.46 | 83.07 | 55.49 | |
| Merck & Co. Inc. | 2.65 | 18.09 | 18.22 | 11.58 | 13.84 | |
| Moderna Inc. | -102.74 | 331.17 | 739.06 | -74.31 | -76.85 | |
| Pfizer Inc. | 1.48 | 29.05 | 19.83 | 6.17 | 12.23 | |
| Regeneron Pharmaceuticals Inc. | 58.52 | 82.80 | 163.75 | 67.97 | 81.43 | |
| Thermo Fisher Scientific Inc. | 5.54 | 11.56 | 17.49 | 14.07 | 7.02 | |
| Interest Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 5.82 | 15.99 | 16.09 | 7.20 | 11.16 | |
| Interest Coverage, Industry | ||||||
| Health Care | 6.75 | 12.97 | 12.85 | 7.67 | 8.84 | |
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).
1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 7,040,500 ÷ 485,900 = 14.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Eli Lilly & Co. interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Fixed Charge Coverage
Eli Lilly & Co., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income | 5,240,400) | 6,244,800) | 5,581,700) | 6,193,700) | 8,318,400) | |
| Less: Net income from discontinued operations | —) | —) | —) | —) | 3,680,500) | |
| Add: Income tax expense | 1,314,200) | 561,600) | 573,800) | 1,036,200) | 628,000) | |
| Add: Interest expense | 485,900) | 331,600) | 339,800) | 359,600) | 400,600) | |
| Earnings before interest and tax (EBIT) | 7,040,500) | 7,138,000) | 6,495,300) | 7,589,500) | 5,666,500) | |
| Add: Lease expense for operating lease assets | 171,200) | 148,800) | 159,400) | 154,600) | 172,800) | |
| Earnings before fixed charges and tax | 7,211,700) | 7,286,800) | 6,654,700) | 7,744,100) | 5,839,300) | |
| Interest expense | 485,900) | 331,600) | 339,800) | 359,600) | 400,600) | |
| Lease expense for operating lease assets | 171,200) | 148,800) | 159,400) | 154,600) | 172,800) | |
| Fixed charges | 657,100) | 480,400) | 499,200) | 514,200) | 573,400) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 10.98 | 15.17 | 13.33 | 15.06 | 10.18 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| AbbVie Inc. | 3.59 | 6.54 | 5.90 | 2.28 | 5.42 | |
| Amgen Inc. | 3.55 | 5.52 | 5.67 | 6.48 | 7.12 | |
| Bristol-Myers Squibb Co. | 6.69 | 6.30 | 6.01 | -3.08 | 7.10 | |
| Danaher Corp. | 9.55 | 13.41 | 10.85 | 7.10 | 8.38 | |
| Gilead Sciences Inc. | 7.18 | 6.30 | 8.15 | 2.45 | 5.46 | |
| Johnson & Johnson | 16.50 | 38.72 | 48.16 | 33.93 | 28.72 | |
| Merck & Co. Inc. | 2.27 | 13.69 | 13.08 | 8.47 | 10.31 | |
| Moderna Inc. | -30.29 | 125.35 | 317.31 | -26.75 | -20.79 | |
| Pfizer Inc. | 1.34 | 18.79 | 14.22 | 4.98 | 9.88 | |
| Regeneron Pharmaceuticals Inc. | 46.55 | 68.67 | 138.96 | 57.70 | 60.98 | |
| Thermo Fisher Scientific Inc. | 4.61 | 8.12 | 12.19 | 10.30 | 5.61 | |
| Fixed Charge Coverage, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | 4.90 | 12.28 | 12.38 | 5.83 | 8.93 | |
| Fixed Charge Coverage, Industry | ||||||
| Health Care | 5.27 | 9.19 | 9.09 | 5.67 | 6.58 | |
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).
1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 7,211,700 ÷ 657,100 = 10.98
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Eli Lilly & Co. fixed charge coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |