In the fourth quarter of 2023, the revenue for the company experienced a notable increase of 28%. This growth was primarily driven by the success of the New Products(i) category, which saw its revenue rise from $2.19 billion to $2.49 billion. The impressive performance of products such as Mounjaro and Zepbound contributed to this growth.
Additionally, the Growth Products(ii) category also showed positive results, with a 9% increase in revenue to $5.27 billion. Key contributors to this growth were Verzenio and Jardiance.
The company’s pipeline progress during this period was also noteworthy. The FDA approved Zepbound for adults dealing with obesity or overweight conditions with weight-related comorbidities. Another significant milestone was the approval of Jaypirca for the treatment of chronic lymphocytic leukemia or small lymphocytic lymphoma under the Accelerated Approval Program.
Furthermore, positive results were obtained from the SYNERGY-NASH study, a Phase 2 trial of tirzepatide in adults with nonalcoholic steatohepatitis (NASH), also known as metabolic dysfunction-associated steatohepatitis (MASH).
In terms of business development, the company completed the acquisitions of POINT Biopharma Global Inc. and Mablink Biosciences SAS, further expanding its portfolio and capabilities.
The company’s earnings per share (EPS) for Q4 2023 increased by 13% to $2.42 on a reported basis and by 19% to $2.49 on a non-GAAP basis. These figures include $0.62 of acquired intellectual property rights (IPR).
Overall, the fourth quarter of 2023 proved to be a period of significant growth for the company, with strong revenue performance, pipeline progress, and strategic acquisitions contributing to its success.