Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table summarizes our revenue recognized in our consolidated condensed statements of operations:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net product revenue	$	10,354.9	$	6,979.8	$	18,151.4	$	13,218.0
Collaboration and other revenue	947.9		1,332.3		1,919.4		2,054.1
Revenue	$	11,302.8	$	8,312.1	$	20,070.8	$	15,272.1

We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements includes our share of profits from the collaborations, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Jardiance® and Trajenta® families of products resulting from our collaboration with Boehringer Ingelheim and from the 2023 sale of rights for Baqsimi® discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers. Collaboration and other revenue associated with intellectual property licensed in prior periods was not material during the three and six months ended June 30, 2024 and 2023.

Adjustments to Revenue

Adjustments to revenue recognized as a result of changes in estimates for our most significant United States (U.S.) sales returns, rebates, and discounts liability balances for products shipped in previous periods were 4 percent and 3 percent of U.S. revenue during the three and six months ended June 30, 2024, respectively, and less than 1 percent of U.S. revenue during the three and six months ended June 30, 2023.

Contract Liabilities

Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract.

The following table summarizes contract liability balances:

	June 30, 2024		December 31, 2023
Contract liabilities	$	180.1	$	193.6

During the three and six months ended June 30, 2024 and 2023, revenue recognized from contract liabilities as of the beginning of the respective year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year.

Disaggregation of Revenue

The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the three months ended June 30, 2024 and 2023:

	Three Months Ended June 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total
Cardiometabolic Health:
Mounjaro®	$	2,413.7	$	677.2	$	3,090.8	$	915.7	$	64.0	$	979.7
Trulicity®	876.7		368.9		1,245.6		1,371.3		441.2		1,812.5
Zepbound®	1,243.2		—		1,243.2		—		—		—
Jardiance(1)	428.9		340.7		769.6		386.1		282.2		668.3
Humalog® (2)	434.7		196.9		631.6		229.8		210.6		440.4
Humulin®	169.3		54.2		223.6		144.3		61.0		205.3
Basaglar® (3)	105.2		75.6		180.8		83.0		71.2		154.2
Baqsimi	3.3		9.0		12.4		606.2		7.7		613.9
Other cardiometabolic health	41.1		76.0		117.0		45.0		91.6		136.6
Total cardiometabolic health	5,716.1		1,798.5		7,514.6		3,781.4		1,229.5		5,010.9
Oncology:
Verzenio®	861.4		470.5		1,331.9		588.6		338.2		926.8
Cyramza®	116.1		132.8		248.9		115.0		145.3		260.3
Erbitux®	142.9		13.0		155.8		145.5		17.0		162.5
Tyvyt®	—		123.0		123.0		—		103.6		103.6
Other oncology	154.8		144.2		299.1		85.9		131.9		217.8
Total oncology	1,275.2		883.5		2,158.7		935.0		736.0		1,671.0
Immunology:
Taltz®	539.4		285.3		824.7		472.3		231.6		703.9
Olumiant®	44.5		183.2		227.7		50.8		168.1		218.9
Other immunology	15.9		14.1		30.0		—		5.7		5.7
Total immunology	599.8		482.6		1,082.4		523.1		405.4		928.5
Neuroscience:
Emgality®	137.6		54.4		192.0		118.8		50.5		169.3
Other neuroscience	54.3		93.2		147.5		42.1		175.8		217.9
Total neuroscience	191.9		147.6		339.5		160.9		226.3		387.2
Other:
Cialis®	7.5		80.2		87.7		9.2		106.4		115.6
Forteo®	31.5		38.5		69.9		97.4		50.6		148.0
Other	13.2		36.7		50.0		24.4		26.5		51.0
Total other	52.2		155.4		207.6		131.0		183.5		314.6
Revenue	$	7,835.2	$	3,467.5	$	11,302.8	$	5,531.4	$	2,780.7	$	8,312.1

Numbers may not add due to rounding.

(1) Jardiance revenue includes Glyxambi®, Synjardy®, and Trijardy® XR.

(2) Humalog revenue includes insulin lispro.

(3) Basaglar revenue includes Rezvoglar®.

The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the six months ended June 30, 2024 and 2023:

	Six Months Ended June 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total
Cardiometabolic Health:
Mounjaro	$	3,934.0	$	963.4	$	4,897.4	$	1,452.2	$	96.0	$	1,548.2
Trulicity	1,958.6		743.3		2,701.9		2,918.7		871.0		3,789.6
Zepbound	1,760.6		—		1,760.6		—		—		—
Jardiance(1)	797.1		659.0		1,456.1		715.6		530.2		1,245.8
Humalog(2)	773.0		397.3		1,170.3		501.4		400.0		901.4
Humulin	322.4		107.4		429.8		343.1		114.2		457.3
Basaglar(3)	188.4		149.9		338.3		218.4		145.2		363.5
Baqsimi	(6.9)		18.3		11.5		629.3		16.1		645.4
Other cardiometabolic health	78.9		163.0		241.7		77.7		172.2		250.1
Total cardiometabolic health	9,806.1		3,201.6		13,007.6		6,856.4		2,344.9		9,201.3
Oncology:
Verzenio	1,499.6		882.6		2,382.2		1,049.6		628.0		1,677.7
Cyramza	223.3		255.4		478.7		215.6		281.4		497.0
Erbitux	275.0		25.4		300.4		264.2		28.1		292.4
Tyvyt	—		239.7		239.7		—		164.6		164.6
Other oncology	275.6		292.0		567.7		159.0		236.5		395.3
Total oncology	2,273.5		1,695.1		3,968.7		1,688.4		1,338.6		3,027.0
Immunology:
Taltz	886.4		542.3		1,428.8		784.5		446.3		1,230.8
Olumiant	90.9		354.2		445.1		93.1		354.6		447.8
Other immunology	19.6		22.9		42.4		—		27.7		27.7
Total immunology	996.9		919.4		1,916.3		877.6		828.6		1,706.3
Neuroscience:
Emgality	262.7		155.1		417.8		227.5		96.1		323.6
Other neuroscience	92.4		218.4		310.8		77.9		346.2		424.1
Total neuroscience	355.1		373.5		728.6		305.4		442.3		747.7
Other:
Cialis	13.4		213.7		227.1		16.8		199.1		215.9
Forteo	53.2		78.0		131.2		168.0		102.3		270.3
Other	31.4		59.9		91.3		55.0		48.7		103.7
Total other	98.0		351.6		449.6		239.8		350.1		589.9
Revenue	$	13,529.6	$	6,541.2	$	20,070.8	$	9,967.6	$	5,304.6	$	15,272.1

Numbers may not add due to rounding.

(1) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR.

(2) Humalog revenue includes insulin lispro.

(3) Basaglar revenue includes Rezvoglar.

The following table summarizes revenue by geographical area:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue(1):
U.S.	$	7,835.2	$	5,531.4	$	13,529.6	$	9,967.6
Europe	1,403.7		1,177.6		2,844.4		2,268.5
Japan	462.7		455.6		826.6		842.8
China	395.1		399.0		771.3		771.7
Other foreign countries	1,206.1		748.5		2,098.9		1,421.5
Revenue	$	11,302.8	$	8,312.1	$	20,070.8	$	15,272.1

Numbers may not add due to rounding.

(1) Revenue is attributed to the countries based on the location of the customer or other party.