Lilly
4Q Revenues: $7.3 billion (-9%)
4Q Earnings: $1.9 billion (+12%)
YTD Revenues: $28.5 billion (+1%)
YTD Earnings: $6.2 billion (+12%)
Comments: Excluding COVID-19 antibodies, revenue in the quarter increased 5% and total worldwide volume increased 13%. Key growth products Verzenio, Mounjaro, Jardiance, Taltz, Trulicity, Retevmo, Emgality, Cyramza, Tyvyt and Olumiant, grew 21% and represented 70% of revenue in the quarter.
 
COVID-19 antibodies revenue was down 96% in the quarter to $38.0 million and down 10% for the year to $2.0 billion. COVID-19 antibodies include sales for bamlanivimab administered alone, for bamlanivimab and etesevimab administered together, and for bebtelovimab, and were made pursuant to EUAs or similar regulatory authorizations. In late December, the U.S. FDA pulled authorization for bebtelovimab, citing it is not expected to neutralize the BQ.1 and BQ.1.1 subvariants of Omicron.
 
Trulicity revenue was $1.9 billion in the quarter, an increase of 3% Verzenio revenue increased 100% to $808.0 million. Taltz revenue increased 9% to $707.8 million. Jardiance revenue was $612.3 million, an increase of 42%. Humalog revenue decreased 9% to $548.3 million. Alimta revenue decreased 46% to $236.6 million. U.S. revenue decreased 83% to $53.2 million, due to generic competition. 
 
Olumiant revenue decreased 33% to $205.8 million. U.S. revenue decreased 50% to $43.5 million, driven by a decline in utilization for COVID-19 treatment, partially offset by increased utilization for the treatment of alopecia areata.
 
Emgality generated worldwide revenue of $175.6 million, an increase of 9%. Mounjaro revenue was $279.2 million. U.S. revenue was $256.7 million. Mounjaro launched in the U.S. for the treatment of type 2 diabetes in June 2022.
 
R&D expenses increased 5% in the quarter to $2.0 billion, or 27% of revenue, driven by higher development expenses for late-stage assets, partially offset by the favorable impact of foreign exchange rates and lower development expenses for COVID-19 antibodies.
 
Lilly recognized acquired in-process R&D and development milestone charges of $240.1 million. In 4Q21, the company recognized acquired IPR&D and development milestone charges of $437.7 million, primarily related to a business development transaction with Foghorn Therapeutics Inc.