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    Eli Lilly and Co (LLY)

    CFO Change
    Board Change

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    Eli Lilly and Company (LLY) is a global pharmaceutical company involved in the discovery, development, manufacturing, and marketing of products across various therapeutic areas. The company boasts a diverse product portfolio, with significant contributions from its incretin medicines, including Mounjaro and Zepbound, which have demonstrated strong sales growth . In addition to these, Eli Lilly's Growth Products category, featuring Verzenio, Taltz, and Jardiance, plays a crucial role in its revenue generation . The company actively engages in business development activities, such as acquisitions and collaborations, to enhance its product pipeline and expand capabilities in fields like radiopharmaceuticals and immunology .

    1. Incretin Medicines - Focuses on incretin-based therapies, with Mounjaro and Zepbound driving significant revenue growth.
    2. Growth Products - Includes Verzenio, Taltz, and Jardiance, which are key contributors to the company's revenue.
    3. Business Development - Engages in acquisitions and collaborations to expand capabilities in radiopharmaceuticals and immunology.
    NamePositionStart DateShort Bio
    David A. RicksChair, President, and Chief Executive Officer2017David A. Ricks has been with Eli Lilly for 27 years, holding various leadership roles, including Senior Vice President and President of Lilly Bio-Medicines. He also serves as a director on the board of Adobe Inc. .
    Anat AshkenaziExecutive Vice President and Chief Financial Officer2021Anat Ashkenazi succeeded Mr. Smiley as CFO on February 9, 2021. She previously held leadership positions such as Senior Vice President, Controller, and CFO of Lilly Research Laboratories .
    Eric DozierExecutive Vice President, Human Resources and Diversity2022Eric Dozier has been with Lilly for 26 years and previously served as senior vice president and chief commercial officer for Loxo@Lilly, and vice president, global ethics and compliance officer .
    Anat HakimExecutive Vice President, General Counsel and Secretary2020Before joining Lilly, Anat Hakim was the senior vice president, general counsel, and secretary of WellCare Health Plans, Inc. from 2016 to 2020. She is a citizen of the U.S. and Israel .
    Edgardo HernandezExecutive Vice President and President, Manufacturing Operations2021Edgardo Hernandez has held various leadership positions within Lilly, including senior vice president of global parenteral drug product, delivery devices, and regional manufacturing .
    Patrik JonssonExecutive Vice President and President, Lilly Diabetes and Obesity2024Patrik Jonsson has been with Eli Lilly for over three decades. He has served in roles such as Executive Vice President and President of Lilly Cardiometabolic Health and President of Lilly USA since 2024 .
    Johna NortonExecutive Vice President, Global Quality2017Johna Norton has been with Lilly for 34 years and is set to retire at the end of July 2024. She has held roles such as vice president of global quality assurance API manufacturing and product research and development .
    Diogo RauExecutive Vice President and Chief Information and Digital Officer2021Before joining Lilly, Diogo Rau was the Senior Director of Information Systems and Technology for retail and online stores at Apple Inc. from 2011 to 2021 .
    Daniel SkovronskyExecutive Vice President, Chief Scientific Officer and President, Lilly Research Laboratories and Lilly Immunology2024Daniel Skovronsky has been with Lilly for 13 years, contributing significantly to the advancement of innovative medicines and the company's product pipeline .
    Jacob Van NaardenExecutive Vice President and President, Loxo@Lilly2021Jacob Van Naarden joined Lilly in 2019 when the company acquired Loxo Oncology, Inc., where he was the Chief Operating Officer. He has served as Chief Executive Officer of Loxo Oncology at Lilly .
    Alonzo WeemsExecutive Vice President, Enterprise Risk Management, and Chief Ethics and Compliance Officer2021Alonzo Weems joined Lilly in 1997 and has held roles such as Vice President and Deputy General Counsel for Corporate Legal Functions from 2018 to 2021. He is set to retire at the end of the year .
    Anne WhiteExecutive Vice President and President, Lilly Neuroscience2021Anne White has been with Lilly since 1991 and has held roles such as senior vice president and president of Lilly Oncology from 2018 to 2021 .
    Ilya YuffaExecutive Vice President and President, Lilly International2021Ilya Yuffa has been with Lilly for 27 years and has held roles such as senior vice president and president of Lilly Bio-Medicines from 2020 to 2021 .
    Lucas MontarceExecutive Vice President and Chief Financial Officer2024Lucas Montarce joined Lilly in 2001 and has held various finance leadership roles. He was elected as CFO on September 9, 2024 .
    Jon MoellerBoard Member2024Jon Moeller was elected as a new member of the Board of Directors, effective December 1, 2024. He is the Chairman of the Board, President, and CEO of Procter & Gamble .
    1. With the approval of Novartis's competitor in early breast cancer, how does Lilly plan to protect Verzenio's market share in the high-risk patient segment and mitigate potential erosion due to new entrants?
    2. Given some employers are opting out of coverage for Mounjaro and Zepbound, what strategies does Lilly have to address payer restrictions and improve access, especially as you ramp up demand generation activities?
    3. How do you anticipate the Inflation Reduction Act will impact key brands like Verzenio, and what preparations are you making for potential inclusion on the drug negotiation list in 2027?
    4. After terminating the Phase IIb study of parasolimab in rheumatoid arthritis due to benefit-risk concerns, how will this affect your immunology pipeline, and what lessons have been learned for future development efforts?
    5. Considering the issues with compounding pharmacies and the upcoming introduction of oral GLP-1 therapies like orforglipron, how is Lilly addressing the compounding crisis, and what are your expectations for FDA actions to resolve this on a product-by-product basis?
    Program DetailsProgram 1
    Approval DateMay 2021
    End Date/DurationN/A
    Total additional amount$5.00 billion
    Remaining authorization$1.98 billion
    DetailsN/A
    YearAmount Due (in Billions)Debt TypeInterest Rate (%)% of Total Debt
    20260.750Fixed-Rate Notes5.0002.4% = (0.750 / 31.120) * 100
    20271.750Fixed-Rate Notes4.150, 4.5005.6% = (1.750 / 31.120) * 100
    20292.000Fixed-Rate Notes4.200, 4.5006.4% = (2.000 / 31.120) * 100
    20331.000Fixed-Rate Notes4.7003.2% = (1.000 / 31.120) * 100
    20342.750Fixed-Rate Notes4.600, 4.7008.8% = (2.750 / 31.120) * 100
    20531.250Fixed-Rate Notes4.8754.0% = (1.250 / 31.120) * 100
    20542.750Fixed-Rate Notes5.000, 5.0508.8% = (2.750 / 31.120) * 100
    20631.000Fixed-Rate Notes4.9503.2% = (1.000 / 31.120) * 100
    20642.250Fixed-Rate Notes5.100, 5.2007.2% = (2.250 / 31.120) * 100

    Competitors mentioned in the company's latest 10K filing.

    • AbbVie Inc.; Amgen Inc.; AstraZeneca PLC; Biogen Inc.; Bristol-Myers Squibb Company; Gilead Sciences Inc.; GlaxoSmithKline plc; Johnson & Johnson; Merck & Co., Inc.; Novartis AG; Novo Nordisk A/S; Pfizer Inc.; Roche Holding AG; Sanofi S.A.; and Takeda Pharmaceutical Company Limited (These companies are part of the peer group used for performance benchmarking and executive compensation purposes for 2023) .
    CustomerRelationshipSegmentDetails
    McKesson Corporation
    Wholesale distributor
    All
    Accounted for 16%-21% of consolidated revenue for 2023, 2022, 2021, and 18%-29% of accounts receivable as of December 31, 2023.
    Cencora, Inc. (formerly AmerisourceBergen)
    Wholesale distributor
    All
    Accounted for 16%-21% of consolidated revenue for 2023, 2022, 2021, and 18%-29% of accounts receivable as of December 31, 2023.
    Cardinal Health, Inc.
    Wholesale distributor
    All
    Accounted for 16%-21% of consolidated revenue for 2023, 2022, 2021, and 18%-29% of accounts receivable as of December 31, 2023.
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1940 PresentCurrent auditor

    Recent developments and announcements about LLY.

    Financial Reporting

      Earnings Report

      ·
      Jan 14, 2025, 2:26 PM

      Eli Lilly and Company (LLY) Earnings Update

      On January 14, 2025, Eli Lilly and Company provided updates on its financial performance and guidance:

      1. 2024 Revenue Guidance:

        • Full-year revenue is expected to be approximately $45.0 billion, representing a 32% growth compared to 2023.
        • Q4 2024 revenue is projected at $13.5 billion, which is $400 million below the low end of the previously issued guidance. This shortfall is attributed to slower-than-expected growth in the U.S. incretin market and lower channel inventory at year-end.
      2. 2025 Revenue Guidance:

        • Revenue is anticipated to range between $58.0 billion and $61.0 billion, reflecting a 32% growth at the midpoint compared to 2024.
      3. Key Product Performance:

        • Mounjaro® and Zepbound® contributed significantly to Q4 2024 revenue, with sales of $3.5 billion and $1.9 billion, respectively.
        • Non-incretin revenue grew by 20% compared to Q4 2023, driven by strong performance in oncology, immunology, and neuroscience medicines.
      4. 2025 Growth Drivers:

        • Revenue growth is expected from new medicines such as Jaypirca®, Ebglyss™, Omvoh®, and Kisunla™, as well as new indications for existing products.
        • Expansion of Mounjaro into additional markets and potential launches of new medicines like imlunestrant for metastatic breast cancer are also anticipated to contribute.
      5. Operational Updates:

        • Lilly plans to increase manufacturing capacity, producing 60% more salable doses of incretins in the first half of 2025 compared to the same period in 2024.
      6. Upcoming Events:

        • Full Q4 2024 financial results and 2025 guidance will be shared on February 6, 2025.

      This update highlights Eli Lilly's strong growth trajectory, driven by its incretin portfolio and new product launches, despite minor setbacks in Q4 2024 revenue expectations.


      Sources:

    Corporate Leadership

      Board Change

      ·
      Nov 19, 2024, 12:00 AM

      Jon Moeller has been elected as a new member of Eli Lilly and Company's board of directors, effective December 1, 2024. Additionally, Karen Walker will resign from the board effective December 31, 2024 .

      CFO Change

      ·
      Sep 9, 2024, 12:00 AM

      Eli Lilly and Company has appointed Lucas Montarce as the new executive vice president and chief financial officer (CFO), effective immediately as of September 9, 2024. Montarce has been with the company since 2001 and has held various finance leadership roles. His most recent position was as president and general manager for the Spain, Portugal, and Greece hub. Montarce will receive an annualized base salary of $1,000,000 and is eligible for an annualized target bonus of $1,000,000 .