Eli Lilly and Company (NYSE: LLY) posted Q4 2023 earnings results before the opening bell on Wall Street on Tuesday.

The largest pharmaceutical company in the world reported revenue of $9.353 billion (up by 28% year-over-year) vs. $8.946 billion.

Earnings per share (EPS) also topped estimates at $2.49 vs. $2.296 per share. EPS grew by 19% vs. Q4 2022.

Eli Lilly expects to achieve revenue of between $40.4 billion and $41.6 billion in 2024. EPS expected to reach $12.20 to $12.70 per share.

Company overview

• Founded: 1876
• Headquarters: Indianapolis, Indiana, United States
• Number of employees: 39,000 (2022)
• Industry: Pharmaceutical
• Key people: David A. Ricks (Chair, President, & CEO), Anat Ashkenazi (CFO)

CEO commentary

“2023 was a year of tremendous achievement for Lilly, which delivered life-changing medicines to more patients than ever before resulting in strong revenue growth,” David A. Ricks, company CEO, said in a press release.

“We advanced our pipeline of new medicines for serious diseases and created new partnerships and innovative ways of collaborating to add to that pipeline. Lilly invested in the quality,
reliability and resilience of our supply chain with new advanced manufacturing plants and lines in the U.S. and in Europe. Entering 2024, we remain focused on the opportunity in front of us, to help solve some of the most challenging healthcare problems in the world and make life better for millions of patients,” Ricks added.

Stock reaction

The stock initialy rose by around 5% from $705 to $742 at the market open on Tuesday, reaching a new all-time high.

Shares were flat at the end of trading, falling back down to $705.03 level.

Stock performance

• 5 day: +9.31%
• 1 month: +12.72%
• 3 months: +17.52%
• Year-to-date: +20.95%
• 1 year: +107.56%

Eli Lilly stock price targets

• Cantor Fitzgerald: $630
• Wells Fargo & Company: $700
• Barclays: $680
• Morgan Stanley: $822
• Truist Financial: $650
• Deutsche Bank: $535
• Citigroup: $675
• UBS Group: $710
• Bank of America: $700
• Argus: $620
• Credit Suisse Group: $580
• BMO Capital Markets: $633
• The Goldman Sachs Group: $470
• Royal Bank of Canada: $580

Eli Lilly and Company is the 9th largest company in the world with a market cap of $669.28 billion, according to CompaniesMarketCap.

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Sources: Eli Lilly and Company, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap