Form 10-Q ELI LILLY & Co For: Sep 30

October 27, 2021 9:08 AM EDT

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lly-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 2021
COMMISSION FILE NUMBER 001-6351
ELI LILLY AND COMPANY
(Exact name of Registrant as specified in its charter)
Indiana 35-0470950
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Lilly Corporate Center, Indianapolis, Indiana 46285
(Address and zip code of principal executive offices)
Registrant’s telephone number, including area code (317276-2000
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of Each ClassTrading SymbolsName of Each Exchange On Which Registered
Common Stock (no par value)LLYNew York Stock Exchange
1.000% Notes due 2022LLY22New York Stock Exchange
7 1/8% Notes due 2025LLY25New York Stock Exchange
1.625% Notes due 2026LLY26New York Stock Exchange
2.125% Notes due 2030LLY30New York Stock Exchange
0.625% Notes due 2031LLY31New York Stock Exchange
0.500% Notes due 2033LLY33New York Stock Exchange
6.77% Notes due 2036LLY36New York Stock Exchange
1.625% Notes due 2043LLY43New York Stock Exchange
1.700% Notes due 2049LLY49ANew York Stock Exchange
1.125% Notes due 2051LLY51New York Stock Exchange
1.375% Notes due 2061LLY61New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes No
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
  Emerging growth company
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
The number of shares of common stock outstanding as of October 22, 2021:
Class Number of Shares Outstanding
Common 956,592,393 



Eli Lilly and Company
Form 10-Q
For the Quarter Ended September 30, 2021
Table of Contents
Page
2


Forward-Looking Statements
This Quarterly Report on Form 10-Q and our other publicly available documents include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act), and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. In particular, information appearing under “Management's Discussion and Analysis of Results of Operations and Financial Condition” includes forward-looking statements. Forward-looking statements include all statements that do not relate solely to historical or current facts, and generally can be identified by the use of words such as “may,” “believe,” “will,” “expect,” “project,” “estimate,” “intend,” “anticipate,” “plan,” “continue,” or similar expressions or future or conditional verbs.
Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, it is based on management's current plans and expectations, expressed in good faith and believed to have a reasonable basis. However, we can give no assurance that any such expectation or belief will result or will be achieved or accomplished. Investors therefore should not place undue reliance on forward-looking statements. The following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:
the impact of the evolving COVID-19 pandemic and the global response thereto;
uncertainties related to our efforts to develop potential treatments for COVID-19;
the significant costs and uncertainties in the pharmaceutical research and development process, including with respect to the timing and process of obtaining regulatory approvals;
the impact of acquisitions and business development transactions and related integration costs;
the expiration of intellectual property protection for certain of our products and competition from generic and/or biosimilar products;
our ability to protect and enforce patents and other intellectual property;
changes in patent law or regulations related to data package exclusivity;
competitive developments affecting current products and our pipeline;
market uptake of recently launched products;
information technology system inadequacies, breaches, or operating failures;
unauthorized access, disclosure, misappropriation, or compromise of confidential information or other data stored in our IT systems, networks, and facilities, or those of third parties with whom we share our data;
unexpected safety or efficacy concerns associated with our products;
litigation, investigations, or other similar proceedings involving past, current, or future products or commercial activities as we are largely self-insured;
issues with product supply and regulatory approvals stemming from manufacturing difficulties or disruptions, including as a result of regulatory actions relating to our facilities;
reliance on third-party relationships and outsourcing arrangements;
regulatory changes or other developments;
regulatory actions regarding currently marketed products;
continued pricing pressures and the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and access to pharmaceuticals;
devaluations in foreign currency exchange rates or changes in interest rates, and inflation;
changes in tax law, tax rates, or events that differ from our assumptions related to tax positions;
asset impairments and restructuring charges;
the impact of global macroeconomic conditions and trade disruptions or disputes;
changes in accounting and reporting standards promulgated by the Financial Accounting Standards Board and the Securities and Exchange Commission (SEC); and
regulatory compliance problems or government investigations.
More information on factors that could cause actual results or events to differ materially from those anticipated is included from time to time in our reports filed with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2020, particularly under the caption “Risk Factors”.
3


All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this Quarterly Report on Form 10-Q. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this Quarterly Report on Form 10-Q.
4


PART I. Financial Information
Item 1. Financial Statements
Consolidated Condensed Statements of Operations
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars and shares in millions, except per-share data)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenue (Note 2)$6,772.8 $5,740.6 $20,318.5 $17,099.8 
Costs, expenses, and other:
Cost of sales1,430.8 1,326.4 5,262.6 3,763.5 
Research and development1,708.9 1,465.4 5,066.5 4,247.7 
Marketing, selling, and administrative1,577.9 1,569.1 4,839.6 4,567.3 
Acquired in-process research and development (Note 3)
174.0  498.3 294.1 
Asset impairment, restructuring, and other special charges (Note 5) 101.4 211.6 161.3 
Other–net, (income) expense (Note 11)635.9 (158.9)124.3 (694.9)
5,527.5 4,303.4 16,002.9 12,339.0 
Income before income taxes1,245.3 1,437.2 4,315.6 4,760.8 
Income taxes (Note 7)135.2 228.8 460.0 683.9 
Net income$1,110.1 $1,208.4 $3,855.6 $4,076.9 
Earnings per share:
Basic$1.22 $1.33 $4.25 $4.49 
Diluted$1.22 $1.33 $4.23 $4.47 
Shares used in calculation of earnings per share:
Basic906.7907.2907.7907.5
Diluted910.8911.4911.7911.9
    
See notes to consolidated condensed financial statements.
5


Consolidated Condensed Statements of Comprehensive Income (Loss)
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
 
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net income$1,110.1 $1,208.4 $3,855.6 $4,076.9 
Other comprehensive income (loss), net of tax (Note 10)114.4 127.8 323.7 (31.5)
Comprehensive income$1,224.5 $1,336.2 $4,179.3 $4,045.4 
See notes to consolidated condensed financial statements.

6


Consolidated Condensed Balance Sheets
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
September 30, 2021December 31, 2020
Assets(Unaudited) 
Current Assets
Cash and cash equivalents (Note 6)$3,788.2 $3,657.1 
Short-term investments (Note 6)37.1 24.2 
Accounts receivable, net of allowances of $24.1 (2021) and $25.9 (2020)
5,914.3 5,875.3 
Other receivables1,110.7 1,053.7 
Inventories3,907.4 3,980.3 
Prepaid expenses and other3,050.6 2,871.5 
Total current assets17,808.3 17,462.1 
Investments (Note 6)3,350.5 2,966.8 
Goodwill3,884.1 3,766.5 
Other intangibles, net7,887.7 7,450.0 
Deferred tax assets2,625.6 2,830.4 
Property and equipment, net of accumulated depreciation of $9,962.8 (2021) and $9,570.7 (2020)
8,920.4 8,681.9 
Other noncurrent assets3,710.4 3,475.4 
Total assets$48,187.0 $46,633.1 
Liabilities and Equity
Current Liabilities
Short-term borrowings and current maturities of long-term debt$1,563.0 $8.7 
Accounts payable1,566.8 1,606.7 
Employee compensation836.6 997.2 
Sales rebates and discounts7,185.6 5,853.0 
Dividends payable 770.6 
Income taxes payable203.5 495.1 
Other current liabilities2,326.5 2,750.3 
Total current liabilities13,682.0 12,481.6 
Other Liabilities
Long-term debt15,522.4 16,586.6 
Accrued retirement benefits (Note 8)3,878.8 4,094.5 
Long-term income taxes payable3,768.5 3,837.8 
Deferred tax liabilities1,632.5 2,099.9 
Other noncurrent liabilities1,748.7 1,707.5 
Total other liabilities26,550.9 28,326.3 
Commitments and Contingencies (Note 9)
Eli Lilly and Company Shareholders’ Equity
Common stock598.2 598.2 
Additional paid-in capital6,758.0 6,778.5 
Retained earnings9,639.4 7,830.2 
Employee benefit trust(3,013.2)(3,013.2)
Accumulated other comprehensive loss (Note 10)(6,172.7)(6,496.4)
Cost of common stock in treasury(52.7)(55.7)
Total Eli Lilly and Company shareholders’ equity7,757.0 5,641.6 
Noncontrolling interests197.1 183.6 
Total equity7,954.1 5,825.2 
Total liabilities and equity$48,187.0 $46,633.1 
See notes to consolidated condensed financial statements.
7


Consolidated Condensed Statements of Equity
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
Equity of Eli Lilly and Company Shareholders

(Dollars in millions, except per-share data, and shares in thousands)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Employee Benefit TrustAccumulated Other Comprehensive Loss
Common Stock in Treasury(1)
Noncontrolling Interests
SharesAmountSharesAmount
Balance at July 1, 2020956,953 $598.1 $6,629.4 $6,617.2 $(3,013.2)$(6,682.9)487 $(55.7)$179.1 
Net income (loss)1,208.4 (4.8)
Other comprehensive income, net of tax127.8 
Cash dividends declared per share: $0.74
(671.6)
Issuance of stock under employee stock plans, net25 — (2.3)
Stock-based compensation71.7 
Other (5.2)
Balance at September 30, 2020956,978 $598.1 $6,698.8 $7,154.0 $(3,013.2)$(6,555.1)487 $(55.7)$169.1 
Balance at July 1, 2021957,038 $598.1 $6,669.2 $8,530.1 $(3,013.2)$(6,287.1)463 $(52.7)$219.1 
Net income (loss)1,110.1 (22.6)
Other comprehensive income, net of tax114.4 
Issuance of stock under employee stock plans, net14 0.1 (1.3)
Stock-based compensation90.1 
Other(0.8)0.6 
Balance at September 30, 2021957,052 $598.2 $6,758.0 $9,639.4 $(3,013.2)$(6,172.7)463 $(52.7)$197.1 
(1) As of September 30, 2021, there were $500.0 million remaining under our $8.00 billion share repurchase program authorized in June 2018 and $5.00 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.
See notes to consolidated condensed financial statements.

8


Equity of Eli Lilly and Company Shareholders

(Dollars in millions, except per-share data, and shares in thousands)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Employee Benefit TrustAccumulated Other Comprehensive Loss
Common Stock in Treasury(1)
Noncontrolling Interests
SharesAmountSharesAmount
Balance at January 1, 2020958,056 $598.8 $6,685.3 $4,920.4 $(3,013.2)$(6,523.6)530 $(60.8)$92.2 
Net income4,076.9 95.9 
Other comprehensive loss, net of tax(31.5)
Cash dividends declared per share: $1.48
(1,345.6)
Retirement of treasury shares(3,627)(2.3)(497.7)(3,627)500.0 
Purchase of treasury shares 3,627 (500.0)
Issuance of stock under employee stock plans, net2,549 1.6 (206.4)(43)5.1 
Stock-based compensation220.3 
Other(0.4)(19.0)
Balance at September 30, 2020956,978 $598.1 $6,698.8 $7,154.0 $(3,013.2)$(6,555.1)487 $(55.7)$169.1 
Balance at January 1, 2021957,077 $598.2 $6,778.5 $7,830.2 $(3,013.2)$(6,496.4)487 $(55.7)$183.6 
Net income3,855.6 25.2 
Other comprehensive income, net of tax323.7 
Cash dividends declared per share: $1.70
(1,542.9)
Retirement of treasury shares(2,467)(1.5)(498.5)(2,467)500.0 
Purchase of treasury shares2,467 (500.0)
Issuance of stock under employee stock plans, net2,442 1.5 (287.1)(24)3.0 
Stock-based compensation267.5 
Other(0.9)(5.0)(11.7)
Balance at September 30, 2021957,052 $598.2 $6,758.0 $9,639.4 $(3,013.2)$(6,172.7)463 $(52.7)$197.1 
(1) As of September 30, 2021, there were $500.0 million remaining under our $8.00 billion share repurchase program authorized in June 2018 and $5.00 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.
See notes to consolidated condensed financial statements.

9


Consolidated Condensed Statements of Cash Flows
(Unaudited)
ELI LILLY AND COMPANY AND SUBSIDIARIES
(Dollars in millions)
 
Nine Months Ended September 30,
 20212020
Cash Flows from Operating Activities
Net income$3,855.6 $4,076.9 
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and amortization1,101.9 956.4 
Change in deferred income taxes(709.8)66.2 
Debt extinguishment loss (Note 6)405.2  
Stock-based compensation expense267.5 220.3 
Net investment gains(271.1)(909.5)
Acquired in-process research and development (Note 3)498.3 294.1 
Other changes in operating assets and liabilities, net of acquisitions and divestitures
(548.1)(232.2)
Other non-cash operating activities, net504.7 212.2 
Net Cash Provided by Operating Activities5,104.2 4,684.4 
Cash Flows from Investing Activities
Net purchases of property and equipment(1,018.4)(933.2)
Proceeds from sales and maturities of short-term investments46.6 118.8 
Purchases of short-term investments(27.9)(11.4)
Proceeds from sales of noncurrent investments537.2 574.1 
Purchases of noncurrent investments(710.1)(223.7)
Cash paid for acquisitions, net of cash acquired (Note 3)(747.4)(849.3)
Purchases of in-process research and development(460.6)(