Eli Lilly and Company has posted a net loss of $57.4m on a reported basis for the third quarter (Q3) of 2023 compared to a net income of $1.4bn in the same quarter of 2022.

For the quarter ended 30 September 2023, loss per share (LPS) was $0.06. Earnings per share (EPS) were $1.6 in the same period of the previous year. 

A 37% surge in worldwide revenue to $9.5bn was reported, versus $6.9bn in Q3 2022.

The revenue growth was steered by a 31% rise in volume, with higher realised prices resulting in a 6% rise and a 1% rise due to the favourable foreign exchange rate. 

Lilly’s Mounjaro alone generated revenues of $1.4bn while Verzenio and Jardiance generated $1.04bn and $700.8m.

In the US, the company’s revenue rose 21% to $5.3bn while those outside the region grew 64% to $4.1bn.

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A 73% drop in operating income to $450.4m was reported compared to $1.6bn in Q3 2022.

The company declared dividends paid per share of $1.1 versus $0.9 in the same quarter of 2022, a rise of 15%.

Eli Lilly and Company chair and CEO David Ricks stated: “Lilly had another strong quarter in Q3 as Mounjaro and Verzenio continued to gain momentum. 

“Lilly executed on business development priorities in the third quarter, including multiple acquisitions that expanded our already robust pipeline. We remain focused on growth and delivering new, innovative medicines that make life better for millions of patients around the globe.”

In October 2023, Lilly entered a definitive agreement to acquire radiopharmaceutical company POINT Biopharma for $1.4bn.