0000059478-24-000245 | 10-Q | XBRL Viewer

Financial Instruments

9 Months Ended

Sep. 30, 2024

Investments in Equity and Debt Securities

Our equity investments are accounted for using three different methods depending on the type of equity investment:

•Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense.

•For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense.

•Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense.

We adjust our equity investments without readily determinable fair values based upon changes in the equity instruments' values resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Downward adjustments resulting from an impairment are recorded based upon impairment considerations, including the financial condition and near-term prospects of the issuer, general market conditions, and industry specific factors. Adjustments recorded for the three and nine months ended September 30, 2024 and 2023 were not material.

The net gains (losses) recognized in our consolidated condensed statements of operations for equity securities were $112.4 million and $(29.5) million for the three and nine months ended September 30, 2024, respectively, and $(62.9) million and $(141.5) million for the three and nine months ended September 30, 2023, respectively. The net gains (losses) recognized for the three and nine months ended September 30, 2024 and 2023 on equity securities sold during the respective periods were not material.

As of September 30, 2024, we had approximately $925 million of unfunded commitments to invest in venture capital funds, which we anticipate will be paid over a period of up to 10 years.

We record our available-for-sale debt securities at fair value, with changes in fair value reported as a component of accumulated other comprehensive income (loss). We periodically assess our investment in available-for-sale securities for impairment losses and credit losses. The amount of credit losses is determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. Impairment and credit losses related to available-for-sale securities were not material for the three and nine months ended September 30, 2024 and 2023.

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2024:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	685.2	$	105.9	$	185.1	$	100.8	$	293.4

A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:


	September 30, 2024		December 31, 2023
Unrealized gross gains	$	7.2	$	3.4
Unrealized gross losses	29.2		37.9
Fair value of securities in an unrealized gain position	278.0		159.2
Fair value of securities in an unrealized loss position	367.6		452.0

As of September 30, 2024, the available-for-sale securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Substantially all of the fixed-rate debt securities in a loss position are investment-grade debt securities. As of September 30, 2024, we do not intend to sell, and it is not more likely than not that we will be required to sell, the securities in a loss position before the market values recover or the underlying cash flows have been received, and there is no indication of a material default on interest or principal payments for our debt securities.

Realized gains and losses on sales of available-for-sale investments are computed based upon specific identification of the initial cost adjusted for any other-than-temporary declines in fair value that were recorded in earnings and were not material for the three and nine months ended September 30, 2024 and 2023. Proceeds from sales of available-for-sale investments were $23.2 million and $68.6 million for the three and nine months ended September 30, 2024, respectively, and $60.0 million and $121.8 million for the three and nine months ended September 30, 2023, respectively.

Fair Value of Investments

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for investment assets measured at fair value on a recurring basis, as well as the carrying amount and amortized cost of certain other investments:


					Fair Value Measurements Using
	Carrying Amount		Cost(1)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2024
Cash equivalents(2)	$	1,850.5	$	1,850.5	$	1,842.7	$	7.8	$	—	$	1,850.5

Short-term investments:
U.S. government and agency securities	$	34.5	$	34.6	$	34.5	$	—	$	—	$	34.5
Corporate debt securities	68.7		68.8		—		68.7		—		68.7

Asset-backed securities	2.7		2.7		—		2.7		—		2.7
Other securities	43.5		43.5		—		9.2		34.3		43.5

Short-term investments	$	149.4

Noncurrent investments:
U.S. government and agency securities	$	144.3	$	153.9	$	144.3	$	—	$	—	$	144.3

Corporate debt securities	219.1		225.7		—		219.1		—		219.1
Mortgage-backed securities	162.7		169.1		—		162.7		—		162.7
Asset-backed securities	53.2		53.1		—		53.2		—		53.2
Other securities	149.6		101.9		—		6.3		143.3		149.6
Marketable equity securities	552.6		492.7		552.6		—		—		552.6
Equity investments without readily determinable fair values(3)	831.1
Equity method investments(3)	1,087.6
Noncurrent investments	$	3,200.2

December 31, 2023
Cash equivalents(2)	$	1,088.4	$	1,088.4	$	1,079.3	$	9.1	$	—	$	1,088.4

Short-term investments:
U.S. government and agency securities	$	32.1	$	32.3	$	32.1	$	—	$	—	$	32.1
Corporate debt securities	52.0		52.1		—		52.0		—		52.0


Other securities	25.0		25.0		—		13.6		11.4		25.0

Short-term investments	$	109.1

Noncurrent investments:
U.S. government and agency securities	$	148.1	$	161.0	$	148.1	$	—	$	—	$	148.1
Corporate debt securities	214.3		226.6		—		214.3		—		214.3
Mortgage-backed securities	157.3		167.1		—		157.3		—		157.3
Asset-backed securities	53.5		54.4		—		53.5		—		53.5
Other securities	197.4		100.2		—		23.5		173.9		197.4
Marketable equity securities	711.3		493.2		711.3		—		—		711.3
Equity investments without readily determinable fair values(3)	608.0
Equity method investments(3)	962.3
Noncurrent investments	$	3,052.2

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

We determine our Level 1 and Level 2 fair value measurements based on a market approach using quoted market values, significant other observable inputs for identical or comparable assets or liabilities, or discounted cash flow analyses. Level 3 fair value measurements for other investment securities are determined using unobservable inputs, including the investments' cost adjusted for impairments and price changes from orderly transactions. Fair values are not readily available for certain equity investments measured under the measurement alternative.

Debt

In August 2024, we issued $750.0 million of 4.150 percent fixed-rate notes due in 2027, $1.00 billion of 4.200 percent fixed-rate notes due in 2029, $1.25 billion of 4.600 percent fixed-rate notes due in 2034, $1.25 billion of 5.050 percent fixed rate notes due in 2054, and $750.0 million of 5.200 percent fixed-rate notes due in 2064, all with interest to be paid semi-annually. We used a portion of the net cash proceeds from the offering of $4.96 billion to fund the acquisition of Morphic and related fees and expenses, with any remaining funds used for general business purposes, including the repayment of outstanding commercial paper.

In February 2024, we issued $1.00 billion of 4.500 percent fixed-rate notes due in 2027, $1.00 billion of 4.500 percent fixed-rate notes due in 2029, $1.50 billion of 4.700 percent fixed-rate notes due in 2034, $1.50 billion of 5.000 percent fixed-rate notes due in 2054, and $1.50 billion of 5.100 percent fixed-rate notes due in 2064, all with interest to be paid semi-annually. We used, or may be using, the net cash proceeds from the offering of $6.45 billion for general business purposes, including the repayment of outstanding commercial paper, repayment of current maturities of long-term debt, and repayment of the $750.0 million of 5.000 percent fixed-rate notes due in 2026.

In February 2023, we issued $750.0 million of 5.000 percent fixed-rate notes due in 2026, $1.00 billion of 4.700 percent fixed-rate notes due in 2033, $1.25 billion of 4.875 percent fixed-rate notes due in 2053, and $1.00 billion of 4.950 percent fixed-rate notes due in 2063, all with interest to be paid semi-annually. We used the net cash proceeds from the offering of $3.96 billion for general business purposes, including the repayment of outstanding commercial paper.

In September 2024, we renewed our 364-day credit facility and increased capacity to $5.00 billion, which will expire in September 2025 and is available to support our commercial paper program. We have not drawn against the $5.00 billion 364-day facility as of September 30, 2024.

In September 2024, we extended our $3.00 billion multi-year credit facility, which will now expire in December 2028 and is available to support our commercial paper program. We have not drawn against the $3.00 billion multi-year facility as of September 30, 2024.

Fair Value of Debt

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for our short-term and long-term debt:


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Short-term commercial paper borrowings
September 30, 2024	$	(1,295.3)	$	—	$	(1,293.4)	$	—	$	(1,293.4)
December 31, 2023	(6,189.4)		—		(6,166.4)		—		(6,166.4)
Long-term debt, including current portion
September 30, 2024	(29,824.4)		—		(28,023.3)		—		(28,023.3)
December 31, 2023	(19,035.9)		—		(17,221.7)		—		(17,221.7)

Risk Management and Related Financial Instruments

Financial instruments that potentially subject us to credit risk consist principally of trade receivables and interest-bearing investments. Wholesale distributors of life science products account for a substantial portion of our trade receivables; collateral is generally not required. We seek to mitigate the risk associated with this concentration through our ongoing credit-review procedures and insurance. The majority of our cash is held by a few major financial institutions that have been identified as Global Systemically Important Banks (G-SIBs) by the Financial Stability Board. G-SIBs are subject to rigorous regulatory testing and oversight and must meet certain capital requirements. We monitor our exposures with these institutions and do not expect any of these institutions to fail to meet their obligations. In accordance with documented corporate risk-management policies, we monitor the amount of credit exposure to any one financial institution or corporate issuer based on credit rating of our counterparty. We are exposed to credit-related losses in the event of nonperformance by counterparties to risk-management instruments but do not expect significant counterparties to fail to meet their obligations given their investment grade credit ratings.

We have entered into accounts receivable factoring agreements with financial institutions to sell certain of our non-U.S. accounts receivable. These transactions are accounted for as sales and result in a reduction in accounts receivable because the agreements transfer effective control over, and risk related to, the receivables to the buyers. We derecognized $419.2 million and $431.9 million of accounts receivable as of September 30, 2024 and December 31, 2023, respectively, under these factoring arrangements. The costs of factoring such accounts receivable as well as estimated credit losses were not material for the three and nine months ended September 30, 2024 and 2023.

Our derivative activities are initiated within the guidelines of documented corporate risk-management policies and are intended to offset losses and gains on the assets, liabilities, and transactions being hedged. Management reviews the correlation and effectiveness of our derivatives on a quarterly basis.

For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive income (loss) (see Note 11) and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive income (loss) (see Note 11). Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change.

We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (primarily the euro, Chinese yuan, and Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. Forward contracts generally have maturities not exceeding 12 months. At September 30, 2024, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

September 30, 2024

Purchase

Sell

Currency

Amount
(in millions)

Currency

Amount
(in millions)

Euro

5,325.1

U.S. dollars

5,955.9

U.S. dollars

1,945.4

Euro

1,744.4

U.S. dollars

521.1

Japanese yen

73,217.3

British pounds

128.8

U.S. dollars

170.4

Foreign currency exchange risk is also managed through the use of foreign currency debt, cross-currency interest rate swaps, and foreign currency forward contracts. Our foreign currency-denominated notes had carrying amounts of $6.50 billion and $7.14 billion as of September 30, 2024 and December 31, 2023, respectively, of which $5.75 billion and $5.67 billion have been designated as, and are effective as, economic hedges of net investments in certain of our foreign operations as of September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, we had outstanding cross-currency swaps with notional amounts of $728.6 million swapping U.S. dollars to euro and $402.3 million swapping Swiss francs to U.S. dollars which have settlement dates ranging through 2028. Our cross-currency interest rate swaps, for which a significant amount convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign-denominated fixed-rate debt, have also been designated as, and are effective as, economic hedges of net investments. At September 30, 2024, we had outstanding foreign currency forward contracts to sell 4.30 billion euro and to sell 3.20 billion Chinese yuan with settlement dates ranging through 2025, which have been designated as, and are effective as, economic hedges of net investments.

In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We seek to address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance.

Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated condensed statements of cash flows. At September 30, 2024, all of our total long-term debt is at a fixed rate. We have converted approximately 5 percent of our long-term fixed-rate notes to floating rates through the use of interest rate swaps.

We also may enter into forward-starting interest rate swaps and treasury locks, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss) (see Note 11) and, upon completion of a debt issuance and termination of the instrument, is amortized to interest expense over the life of the underlying debt. Cash proceeds or payments from the termination of these instruments are classified as operating activities in our consolidated condensed statements of cash flows.

The Effect of Risk-Management Instruments on the Consolidated Condensed Statements of Operations

The following effects of risk-management instruments were recognized in other–net, (income) expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fair value hedges:
Effect from hedged fixed-rate debt	$	48.0	$	(29.9)	$	29.0	$	(29.0)
Effect from interest rate contracts	(48.0)		29.9		(29.0)		29.0
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	1.4		3.2		5.8		10.3
Cross-currency interest rate swaps	(28.8)		24.7		58.5		(5.3)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	(0.2)		201.0		33.8		177.8
Total	$	(27.6)	$	228.9	$	98.1	$	182.8

During the three and nine months ended September 30, 2024 and 2023, the amortization of losses related to the portion of our risk management hedging instruments, fair value hedges, and cash flow hedges that was excluded from the assessment of effectiveness was not material.

The Effect of Risk-Management Instruments on Other Comprehensive Income (Loss)

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net investment hedges:
Foreign currency-denominated notes	$	(250.2)	$	183.5	$	(76.3)	$	62.3
Cross-currency interest rate swaps	(26.0)		28.6		(6.8)		9.0
Foreign currency forward contracts	(304.1)		217.7		(172.3)		199.3
Cash flow hedges:
Forward-starting interest rate swaps	(23.6)		84.3		53.8		141.4
Cross-currency interest rate swaps	(7.9)		16.4		7.7		30.5

During the next 12 months, we expect to reclassify $4.3 million of pretax net losses on cash flow hedges from accumulated other comprehensive loss to other–net, (income) expense. During the three and nine months ended September 30, 2024 and 2023, the amounts excluded from the assessment of hedge effectiveness recognized in other comprehensive income (loss) were not material.

Fair Value of Risk-Management Instruments

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for risk management assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.0)	$	—	$	(2.0)	$	—	$	(2.0)
Other noncurrent liabilities	(71.8)		—		(71.8)		—		(71.8)





Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(37.2)		—		(37.2)		—		(37.2)

Cross-currency interest rate contracts designated as cash flow hedges:

Other noncurrent assets	68.0		—		68.0		—		68.0

Foreign exchange contracts designated as net investment hedges:

Other current liabilities	(126.8)		—		(126.8)		—		(126.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	22.9		—		22.9		—		22.9
Other current liabilities	(14.7)		—		(14.7)		—		(14.7)


Contingent consideration liabilities:

Other noncurrent liabilities	(32.0)		—		—		(32.0)		(32.0)


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.4)	$	—	$	(2.4)	$	—	$	(2.4)
Other noncurrent liabilities	(100.3)		—		(100.3)		—		(100.3)
Interest rate contracts designated as cash flow hedges:

Other noncurrent assets	291.2		—		291.2		—		291.2

Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(28.4)		—		(28.4)		—		(28.4)
Other noncurrent liabilities	(3.5)		—		(3.5)		—		(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables	113.8		—		113.8		—		113.8
Other noncurrent assets	63.1		—		63.1		—		63.1

Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(115.8)		—		(115.8)		—		(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	129.6		—		129.6		—		129.6
Other current liabilities	(55.9)		—		(55.9)		—		(55.9)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(64.4)		—		—		(64.4)		(64.4)

Risk-management instruments above are disclosed on a gross basis. There are various rights of setoff associated with certain of the risk-management instruments above that are subject to enforceable master netting arrangements or similar agreements. Although various rights of setoff and master netting arrangements or similar agreements may exist with the individual counterparties to the risk-management instruments above, individually, these financial rights are not material.

Contingent consideration liabilities relate to our liabilities arising in connection with the contingent value rights (CVRs) issued as a result of acquisitions of businesses. The fair values of the CVR liabilities were estimated using a discounted cash flow analysis and Level 3 inputs, including projections representative of a market participant's view of the expected cash payments associated with the agreed upon regulatory milestones based on probabilities of technical success, timing of the potential milestone events for the compounds, and estimated discount rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net product revenue	$	10,571.6	$	7,306.2	$	28,723.0	$	20,524.2
Collaboration and other revenue	867.5		2,192.4		2,786.9		4,246.5
Revenue	$	11,439.1	$	9,498.6	$	31,509.9	$	24,770.7

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


	Three Months Ended September 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total

Cardiometabolic Health:
Mounjaro®	$	2,384.7	$	728.0	$	3,112.7	$	1,277.0	$	132.4	$	1,409.3
Trulicity®	935.3		366.0		1,301.4		1,259.0		414.6		1,673.6
Zepbound®	1,257.8		—		1,257.8		—		—		—
Jardiance(1)	335.9		350.5		686.4		415.9		284.8		700.8
Humalog® (2)	323.9		210.8		534.6		194.2		201.2		395.4
Humulin®	149.9		57.1		207.1		145.5		61.2		206.7
Basaglar® (3)	85.5		76.2		161.6		111.4		68.2		179.6
Baqsimi	8.2		5.1		13.4		3.8		9.3		13.1
Other cardiometabolic health	35.8		96.3		132.0		53.2		88.6		141.9
Total cardiometabolic health	5,517.0		1,890.0		7,407.0		3,460.0		1,260.3		4,720.4

Oncology:
Verzenio®	878.8		490.4		1,369.3		684.6		355.7		1,040.2
Cyramza®	106.5		129.4		236.0		88.0		136.1		224.1
Erbitux®	133.2		18.7		152.0		134.0		19.9		153.9
Tyvyt®	—		150.2		150.2		—		115.1		115.1
Other oncology	175.8		148.8		324.3		95.0		118.7		213.8
Total oncology	1,294.3		937.5		2,231.8		1,001.6		745.5		1,747.1

Immunology:
Taltz®	600.3		279.3		879.6		509.3		234.9		744.2
Olumiant®	68.9		181.8		250.8		65.7		165.7		231.4
Other immunology	24.9		30.5		55.3		—		11.4		11.4
Total immunology	694.1		491.6		1,185.7		575.0		412.0		986.9

Neuroscience:
Emgality®	141.3		61.6		202.9		126.5		42.1		168.5

Zyprexa (4)	1.9		29.8		31.7		49.9		1,431.5		1,481.4
Other neuroscience	58.1		59.1		117.2		31.0		87.0		118.2
Total neuroscience	201.3		150.5		351.8		207.4		1,560.6		1,768.1


Other:
Forteo®	71.7		46.4		118.1		101.2		45.2		146.4
Cialis®	4.2		87.3		91.5		4.9		82.0		86.8
Other	31.1		22.1		53.2		18.0		24.8		42.9
Total other	107.0		155.8		262.8		124.1		152.0		276.1
Revenue	$	7,813.6	$	3,625.5	$	11,439.1	$	5,368.1	$	4,130.5	$	9,498.6

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®.

(4) Zyprexa revenue includes sale of rights for the olanzapine portfolio in July 2023.

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


	Nine Months Ended September 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total

Cardiometabolic Health:
Mounjaro	$	6,318.7	$	1,691.3	$	8,010.0	$	2,729.1	$	228.4	$	2,957.5
Trulicity	2,894.0		1,109.3		4,003.3		4,177.7		1,285.6		5,463.2
Zepbound	3,018.4		—		3,018.4		—		—		—
Jardiance(1)	1,133.1		1,009.4		2,142.5		1,131.5		815.1		1,946.6
Humalog(2)	1,096.8		608.1		1,704.9		695.6		601.2		1,296.8
Humulin	472.3		164.5		636.8		488.6		175.4		664.0
Basaglar(3)	273.9		226.1		500.0		329.7		213.4		543.1
Baqsimi	1.4		23.4		24.8		633.1		25.4		658.4
Other cardiometabolic health	114.4		259.5		373.9		131.1		260.7		392.0
Total cardiometabolic health	15,323.0		5,091.6		20,414.6		10,316.4		3,605.2		13,921.6

Oncology:
Verzenio	2,378.4		1,373.1		3,751.5		1,734.2		983.7		2,717.9
Cyramza	329.9		384.8		714.7		303.6		417.5		721.1
Erbitux	408.2		44.2		452.4		398.3		48.0		446.3
Tyvyt	—		389.9		389.9		—		279.7		279.7
Other oncology	451.4		440.6		892.0		253.9		355.2		609.1
Total oncology	3,567.9		2,632.6		6,200.5		2,690.0		2,084.1		4,774.1

Immunology:
Taltz	1,486.7		821.7		2,308.4		1,293.8		681.2		1,975.0
Olumiant	159.8		536.0		695.9		158.8		520.4		679.2
Other immunology	44.5		53.3		97.7		—		39.0		39.0
Total immunology	1,691.0		1,411.0		3,102.0		1,452.6		1,240.6		2,693.2

Neuroscience:
Emgality	404.0		216.7		620.6		354.0		138.2		492.2
Zyprexa (4)	0.5		107.0		107.5		69.1		1,581.9		1,651.0
Other neuroscience	151.9		200.3		352.3		89.7		282.9		372.6
Total neuroscience	556.4		524.0		1,080.4		512.8		2,003.0		2,515.8

Other:
Cialis	17.6		301.0		318.6		21.6		281.1		302.7
Forteo	124.9		124.4		249.3		269.2		147.6		416.8
Other	62.5		82.0		144.5		73.0		73.4		146.5
Total other	205.0		507.4		712.4		363.8		502.1		866.0
Revenue	$	21,343.2	$	10,166.7	$	31,509.9	$	15,335.6	$	9,435.0	$	24,770.7

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.

(4) Zyprexa revenue includes sale of rights for the olanzapine portfolio in July 2023.

The following table summarizes revenue by geographical area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue(1):
U.S.	$	7,813.6	$	5,368.1	$	21,343.2	$	15,335.6
Europe	1,628.3		2,568.6		4,472.7		4,837.1
Japan	429.1		390.8		1,255.7		1,233.6
China	459.9		390.8		1,231.2		1,162.6
Other foreign countries	1,108.2		780.3		3,207.1		2,201.8
Revenue	$	11,439.1	$	9,498.6	$	31,509.9	$	24,770.7

Numbers may not add due to rounding.

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

Schedule of Amounts Recorded for Contract Liabilities

The following table summarizes contract liability balances:


	September 30, 2024		December 31, 2023
Contract liabilities	$	173.2	$	193.6

Contingencies (Details) R$ in Millions, $ in Millions	1 Months Ended		9 Months Ended
Contingencies (Details) R$ in Millions, $ in Millions	Jul. 31, 2019 BRL (R$)	Jul. 31, 2018 BRL (R$)	Sep. 30, 2024 USD ($) patent	Sep. 30, 2024 BRL (R$) patent
Emgality Patent Litigation
Loss Contingencies [Line Items]
Number of patents			3	3
Employee Litigation, July 2018 Ruling \| Brazil
Loss Contingencies [Line Items]
Damages awarded, value		R$ 300	$ 250	R$ 1,360
Employee Litigation, July 2019 Ruling \| Brazil
Loss Contingencies [Line Items]
Damages awarded, value	R$ 500		$ 26	R$ 141

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Condensed Statements of Shareholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Employee Benefit Trust

Accumulated Other Comprehensive Loss

Common Stock in Treasury

Noncontrolling Interests

Beginning balance (in shares) at Dec. 31, 2022

950,632

Beginning balance (in shares) at Dec. 31, 2022

^[1]

450

Beginning balance at Dec. 31, 2022

$ 594.1

$ 6,921.4

$ 10,042.6

$ (3,013.2)

$ (3,844.6)

$ (50.5)

^[1]

$ 125.6

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

3,050.7

4.6

Other comprehensive income, net of tax

$ 59.7

59.7

Cash dividends declared

(2,034.0)

Retirement of treasury shares (in shares)

(2,299)

^[1]

Retirement of treasury shares

$ (1.4)

(748.6)

$ 750.0

^[1]

Purchase of treasury shares (in shares)

^[1]

2,299

Purchase of treasury shares

^[1]

$ (750.0)

Issuance of stock under employee stock plans, net (in shares)

1,372

(48)

^[1]

Issuance of stock under employee stock plans, net

$ 0.9

(269.7)

$ 8.8

^[1]

Stock-based compensation

508.3

Other

(0.8)

$ (3.3)

^[1]

(43.2)

Ending balance (in shares) at Sep. 30, 2023

949,705

Ending balance (in shares) at Sep. 30, 2023

^[2]

402

Ending balance at Sep. 30, 2023

$ 593.6

7,160.0

10,309.9

(3,013.2)

(3,784.9)

$ (45.0)

^[2]

87.0

Beginning balance (in shares) at Jun. 30, 2023

949,688

Beginning balance (in shares) at Jun. 30, 2023

^[2]

402

Beginning balance at Jun. 30, 2023

$ 593.6

6,948.6

10,368.5

(3,013.2)

(3,788.7)

$ (45.0)

^[2]

85.5

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

(57.4)

4.1

Other comprehensive income, net of tax

3.8

Issuance of stock under employee stock plans, net (in shares)

Issuance of stock under employee stock plans, net

(4.2)

Stock-based compensation

215.6

Other

(1.2)

(2.6)

Ending balance (in shares) at Sep. 30, 2023

949,705

Ending balance (in shares) at Sep. 30, 2023

^[2]

402

Ending balance at Sep. 30, 2023

$ 593.6

7,160.0

10,309.9

(3,013.2)

(3,784.9)

$ (45.0)

^[2]

87.0

Beginning balance (in shares) at Dec. 31, 2023

949,781

Beginning balance (in shares) at Dec. 31, 2023

^[1]

402

Beginning balance at Dec. 31, 2023

10,863.7

$ 593.6

7,250.4

10,312.3

(3,013.2)

(4,327.0)

$ (44.2)

^[1]

91.8

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

6,180.2

(3.2)

Other comprehensive income, net of tax

52.2

Cash dividends declared

(2,342.9)

Retirement of treasury shares (in shares)

(582)

^[1]

Retirement of treasury shares

$ (0.3)

(520.8)

$ 521.1

^[1]

Purchase of treasury shares (in shares)

^[1]

582

Purchase of treasury shares

^[1]

$ (521.1)

Issuance of stock under employee stock plans, net (in shares)

1,016

(37)

^[1]

Issuance of stock under employee stock plans, net

$ 0.6

(414.5)

$ 11.5

^[1]

Stock-based compensation

503.7

Other

(1.6)

(7.9)

Ending balance (in shares) at Sep. 30, 2024

950,215

Ending balance (in shares) at Sep. 30, 2024

^[2]

365

Ending balance at Sep. 30, 2024

14,320.7

$ 593.9

7,339.6

13,627.2

(3,013.2)

(4,274.8)

$ (32.7)

^[2]

80.7

Beginning balance (in shares) at Jun. 30, 2024

950,781

Beginning balance (in shares) at Jun. 30, 2024

^[2]

365

Beginning balance at Jun. 30, 2024

$ 594.2

7,214.2

13,178.0

(3,013.2)

(4,378.5)

$ (32.7)

^[2]

73.5

Increase (Decrease) in Shareholders' Equity [Roll Forward]

Net income (loss)

970.3

11.8

Other comprehensive income, net of tax

103.7

Retirement of treasury shares (in shares)

(582)

^[2]

Retirement of treasury shares

$ (0.3)

(520.8)

$ 521.1

^[2]

Purchase of treasury shares (in shares)

^[2]

582

Purchase of treasury shares

$ (521.1)

^[2]

Issuance of stock under employee stock plans, net (in shares)

Issuance of stock under employee stock plans, net

(7.8)

Stock-based compensation

133.2

Other

(0.3)

(4.6)

Ending balance (in shares) at Sep. 30, 2024

950,215

Ending balance (in shares) at Sep. 30, 2024

^[2]

365

Ending balance at Sep. 30, 2024

$ 14,320.7

$ 593.9

$ 7,339.6

$ 13,627.2

$ (3,013.2)

$ (4,274.8)

$ (32.7)

^[2]

$ 80.7

[1]	As of September 30, 2024, there was $1.98 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.
[2]	As of September 30, 2024, there was $1.98 billion remaining under our $5.00 billion share repurchase program authorized in May 2021.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 970.3	$ (57.4)	$ 6,180.2	$ 3,050.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Comprehensive Income (Loss) - AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ 10,863.7
Other comprehensive income (loss) before reclassifications	$ 79.9	$ (12.1)	(29.2)	$ 38.0
Net amount reclassified from accumulated other comprehensive loss	23.8	15.9	81.4	21.7
Net other comprehensive income (loss)	103.7	3.8	52.2	59.7
Ending balance	14,320.7		14,320.7
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(4,378.5)	(3,788.7)	(4,327.0)	(3,844.6)
Ending balance	(4,274.8)	(3,784.9)	(4,274.8)	(3,784.9)
Foreign Currency Translation Gains (Losses)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,001.6)	(1,885.3)	(1,819.0)	(1,874.2)
Other comprehensive income (loss) before reclassifications	117.9	(88.7)	(74.9)	(74.6)
Net amount reclassified from accumulated other comprehensive loss	0.0	0.0	10.2	(25.2)
Net other comprehensive income (loss)	117.9	(88.7)	(64.7)	(99.8)
Ending balance	(1,883.7)	(1,974.0)	(1,883.7)	(1,974.0)
Net Unrealized Gains (Losses) on Available-For-Sale Securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(32.6)	(33.5)	(26.2)	(37.1)
Other comprehensive income (loss) before reclassifications	15.9	(13.5)	9.3	(11.3)
Net amount reclassified from accumulated other comprehensive loss	0.0	1.4	0.2	2.8
Net other comprehensive income (loss)	15.9	(12.1)	9.5	(8.5)
Ending balance	(16.7)	(45.6)	(16.7)	(45.6)
Defined Benefit Pension and Retiree Health Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(2,633.6)	(2,058.8)	(2,697.3)	(2,062.3)
Other comprehensive income (loss) before reclassifications	(28.9)	10.5	(12.1)	(11.9)
Net amount reclassified from accumulated other comprehensive loss	23.7	13.0	70.6	38.9
Net other comprehensive income (loss)	(5.2)	23.5	58.5	27.0
Ending balance	(2,638.8)	(2,035.3)	(2,638.8)	(2,035.3)
Net Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	289.3	188.9	215.5	129.0
Other comprehensive income (loss) before reclassifications	(25.0)	79.6	48.5	135.8
Net amount reclassified from accumulated other comprehensive loss	0.1	1.5	0.4	5.2
Net other comprehensive income (loss)	(24.9)	81.1	48.9	141.0
Ending balance	$ 264.4	$ 270.0	$ 264.4	$ 270.0

Revenue - Contract Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liabilities	$ 173.2	$ 193.6

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We are involved in various lawsuits, claims, government investigations and other legal proceedings that arise in the ordinary course of business. These claims or proceedings can involve various types of parties, including governments, regulatory agencies, competitors, customers, suppliers, service providers, licensees, employees, or shareholders, among others. These matters may involve patent infringement, antitrust, securities, pricing, access, sales and marketing practices, environmental, commercial, contractual rights, licensing obligations, health and safety matters, consumer fraud, employment matters, product liability, insurance coverage, and regulatory compliance, among others. The resolution of these matters often develops over a long period of time and expectations can change as a result of new findings, rulings, appeals or settlement arrangements. Legal proceedings that are significant or that we believe could become significant or material are described below. We are defending against the legal proceedings in which we are named as defendants vigorously. It is not possible to determine the final outcome of these matters, and, unless otherwise noted, we cannot reasonably estimate the maximum potential exposure or the range of possible loss in excess of amounts accrued for any of these matters; however, we believe that the resolution of all such matters will not have a material adverse effect on our consolidated financial position or liquidity, but could possibly be material to our consolidated results of operations in any one accounting period. Litigation accruals and environmental liabilities and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for litigation liability insurance, we are self-insured for litigation liability losses for all our currently and previously marketed products. Patent Litigation Emgality Patent Litigation We are a named defendant in litigation filed by Teva Pharmaceuticals International GMBH and Teva Pharmaceuticals USA, Inc. (collectively, Teva) in the U.S. District Court for the District of Massachusetts seeking a ruling that various claims in three different Teva patents are infringed by our launch and continued sales of Emgality for the prevention of migraine in adults. Following a trial, in November 2022, a jury returned a verdict in favor of Teva. In September 2023, the court granted our motion to overrule the jury verdict and found all asserted claims of the three patents invalid. Teva has appealed the decision. This matter is ongoing. Environmental Proceedings Under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly known as "Superfund," we have been designated as one of several potentially responsible parties with respect to the cleanup of fewer than 10 sites. Under Superfund, each responsible party may be jointly and severally liable for the entire amount of the cleanup. Other Matters Actos® Litigation We, along with Takeda Chemical Industries, Ltd. and Takeda affiliates (collectively, Takeda), are named in a third party payer class action in the U.S. District Court for the Central District of California. Plaintiffs claim that they and similarly situated class members are entitled to recover money paid for or to reimburse Actos prescriptions because of alleged concealment of bladder cancer risk. Our agreement with Takeda calls for Takeda to defend and indemnify us against our losses and expenses with respect to U.S. litigation arising out of the manufacture, use, or sale of Actos and other related expenses in accordance with the terms of the agreement. In August 2023, the U.S. Court of Appeals for the Ninth Circuit granted our and Takeda's petition for permission to appeal the class certification order, the appeal has been fully briefed, and oral argument is scheduled for November 2024. This matter is ongoing. Mounjaro and Trulicity Product Liability Litigation Since August 2023, we, along with Novo Nordisk A/S (Novo) and other related Novo entities, have been named in numerous lawsuits by plaintiffs alleging injuries following purported use of incretin medicines. Certain complaints name us and allege injuries that plaintiffs claim are associated with the use of Mounjaro and/or Trulicity. Lawsuits in U.S. federal courts have generally been coordinated and/or consolidated for pretrial proceedings in a federal multidistrict litigation pending in the U.S. District Court for the Eastern District of Pennsylvania. There are also cases pending in various U.S. state courts, as well as a class action petition filed in Israel. These matters are ongoing. 340B Litigation and Investigations We are the plaintiff in a lawsuit filed in January 2021 in the U.S. District Court for the Southern District of Indiana against the U.S. Department of Health and Human Services (HHS), the Secretary of HHS, the Health Resources and Services Administration (HRSA), and the Administrator of HRSA. The lawsuit challenges HHS's December 30, 2020 advisory opinion stating that drug manufacturers are required to deliver discounts under the 340B program to all contract pharmacies and HHS's Administrative Dispute Resolution (ADR) regulations. We seek a declaratory judgment that the defendants violated the Administrative Procedure Act and the U.S. Constitution, a preliminary injunction enjoining implementation of the ADR process created by defendants and, with it, their application of the advisory opinion, and other related relief. In March 2021, the court entered an order preliminarily enjoining the government's enforcement of the ADR process against us. In May 2021, HRSA sent us an enforcement letter notifying us that it determined that our policy was contrary to the 340B statute. In response, in May 2021, we amended our complaint to bring claims related to HRSA's determination. In June 2021, the defendants withdrew the HHS December 30, 2020 advisory opinion. In July 2021, the court held oral argument on the parties' cross motions for summary judgment and the defendants' motion to dismiss. In October 2021, the court denied the defendants' motion to dismiss, and granted in part and denied in part the parties' cross motions for summary judgment. Both parties filed notices of appeal related to the court's summary judgment order. In October 2022, the U.S. Court of Appeals for the Seventh Circuit held oral argument. This matter is ongoing. We, along with other pharmaceutical manufacturers, have been named as a defendant in ADR petitions filed in 2021, 2023, and 2024 that are being held in abeyance as to us. Petitioners seek declaratory, injunctive, and/or monetary relief related to the 340B program. As described above, the U.S. District Court for the Southern District of Indiana has entered a preliminary injunction enjoining the government's enforcement of the administrative dispute resolution process against us. HHS has now promulgated a revised regulation governing ADR proceedings, which took effect in June 2024 and may lead to the resumption of ADR proceedings against us. In July 2021, we, along with Sanofi-Aventis U.S., LLC (Sanofi), Novo Nordisk Inc. (Novo Nordisk), and AstraZeneca Pharmaceuticals LP (AstraZeneca), were named as a defendant in a purported class action lawsuit filed in the U.S. District Court for the Western District of New York by Mosaic Health, Inc. alleging antitrust and unjust enrichment claims related to the defendants' 340B distribution programs. We, with Sanofi, Novo Nordisk, and AstraZeneca, filed a motion to dismiss the lawsuit, which was granted in September 2022. In January 2024, the court dismissed the case. Plaintiffs have appealed to the U.S. Court of Appeals for the Second Circuit. This matter is ongoing. We received a civil investigative subpoena in February 2021 from the Office of the Attorney General for the State of Vermont relating to the sale of pharmaceutical products to Vermont covered entities under the 340B program. We are cooperating with this subpoena. Branchburg Manufacturing Facility In May 2021, we received a subpoena from the U.S. Department of Justice requesting the production of certain documents relating to our manufacturing site in Branchburg, New Jersey. We are cooperating with the subpoena. Brazil Litigation – Cosmopolis Facility Labor Attorney Litigation First initiated in 2008, Eli Lilly do Brasil Limitada (Lilly Brasil) is named in a Public Civil Action brought by the Labor Public Attorney (LPA) alleging harm to employees and former employees caused by alleged exposure to soil and groundwater contaminants at a former manufacturing facility in Cosmopolis, operated by the company between 1977 and 2003. In May 2014, the trial Court ruled against Lilly Brasil, ordering it to undertake several remedial and compensatory actions, including health coverage for a class of individuals and certain of their children. In July 2018, the appeals court generally affirmed the trial Court's ruling, which included a liquidated award of 300 million Brazilian reais, which, when adjusted for inflation, is approximately 1.36 billion Brazilian reais (approximately $250 million as of September 30, 2024). In August 2019, Lilly Brasil appealed to the superior labor court (TST) and in June 2021, the majority of the elements of Lilly Brasil's appeal were admitted; elements not proceeding are subject to an interlocutory appeal to the TST that was filed in June 2021. Mediation hearings are ongoing. In July 2019, at the LPA's request, the trial Court ordered a freeze of Lilly Brasil’s immovable property in the amount of 500 million Brazilian reais, which was reduced on Lilly Brasil's appeal and, when adjusted for inflation, is approximately 141 million Brazilian reais (approximately $26 million as of September 30, 2024). The parties appealed to the TST, which appeal is under review. The trial Court is currently assessing the status of Lilly Brasil’s compliance with the obligations as to the land and an inspection in the industrial plant occurred in October 2023. These matters are ongoing. Individual Former Employee Litigation Lilly Brasil is also named in various pending lawsuits filed in the trial Court by individual former employees making related claims. These individual lawsuits are at various stages in the litigation process. Puerto Rico Tax Matter In May 2013, the Municipality of Carolina in Puerto Rico (Municipality) filed a lawsuit against us alleging noncompliance with respect to a contract with the Municipality and seeking a declaratory judgment. In December 2020, the Puerto Rico Appellate Court (AP) reversed the summary judgment previously granted by the Court of First Instance (CFI) in our favor dismissing the Municipality's complaint in its entirety. The AP remanded the case to the CFI for trial on the merits. The trial began in May 2022; however, the Municipality filed a new motion requesting the CFI to execute an alleged judgment. The request was denied by the CFI in our favor and the Municipality filed for revision at the AP, which we opposed, staying the case. The AP denied the Municipality's motion for revision. Trial resumed in October 2024 and this matter is ongoing. Average Manufacturer Price Litigation In November 2014, we, along with another pharmaceutical manufacturer, were named as co-defendants in United States et al. ex rel. Streck v. Takeda Pharm. Am., Inc., et al., which was unsealed in the U.S. District Court for the Northern District of Illinois. The complaint alleges that the defendants should have treated certain credits from distributors as retroactive price increases and included such increases in calculating average manufacturer prices. Following a trial in August 2022, the jury returned a verdict in favor of the plaintiff. Lilly appealed to the U.S. Court of Appeals for the Seventh Circuit which was heard and we await a decision. Health Choice Alliance We were named as a defendant in a lawsuit filed in Texas state court in October 2019 seeking damages under the Texas Medicaid Fraud Prevention Act for certain patient support programs related to our products Humalog, Humulin, and Forteo. The action has been stayed since 2020. Pricing Matters Pricing Litigation We, along with Sanofi, Novo Nordisk, and, in some matters, certain pharmacy benefit managers, have been named in numerous lawsuits, including putative class actions, by states and state attorneys general, counties, municipalities, third-party payers, consumers, and other parties related to the pricing of insulin and certain other products and rebates paid by manufacturers to pharmacy benefit managers. These lawsuits assert various theories, including consumer protection, unfair and deceptive trade practices, fraud, false advertising, unjust enrichment, civil conspiracy, federal and state RICO, antitrust, and unfair competition claims. These lawsuits have been brought in various state and federal courts since 2017 and are at various stages in the litigation process. The cases pending in federal court have generally been coordinated and/or consolidated for pretrial proceedings in a federal multidistrict litigation pending in the U.S. District Court for the District of New Jersey. The defendants have filed motions to dismiss an initial set of State attorney general and self-funded payer complaints, which are awaiting the Court's decision. In May 2023, we reached a settlement in the consumer class action. In January 2024, the Multi-District Litigation court denied the consumer class plaintiffs’ motion for class certification. We and the consumer class plaintiffs subsequently terminated our settlement agreement and stipulated that the denial of class certification applies to Lilly. These matters are ongoing. Pricing Investigations and Similar Matters We have been subject to various investigations and received subpoenas, civil investigative demand requests, information requests, interrogatories, and other inquiries from various governmental entities related to pricing issues, including the pricing and sale of insulins and other products and calculations of average manufacturer price and best price. These include subpoenas from the Vermont Attorney General Office, civil investigative demands from the Washington, New Mexico, Colorado, Louisiana, Texas, Indiana and Oregon Attorney General Offices, the U.S. Department of Justice, and the U.S. Federal Trade Commission, as well as information requests from the Mississippi, Washington D.C., California, Florida, Hawaii, and Nevada Attorney General Offices. To the extent the foregoing governmental entities have not filed lawsuits, we are cooperating with the foregoing investigations, subpoenas, and inquiries. In January 2022, the Michigan Attorney General filed a petition in Michigan state court seeking authorization to investigate Lilly for potential violations of the Michigan Consumer Protection Act (MCPA), and a complaint seeking a declaratory judgment that the Attorney General has authority to investigate Lilly's sale of insulin under the MCPA. The court authorized the proposed investigation and the issuance of civil investigative subpoenas. In April 2022, the parties entered into a stipulation providing that the State of Michigan will not issue any civil investigative subpoena to us under the MCPA until the declaratory judgment action is resolved. In July 2022, the court dismissed the case in its entirety. In June 2023, the Michigan Court of Appeals affirmed the judgment in our favor. In August 2023, the Michigan Attorney General filed an application for leave to appeal to the Michigan Supreme Court, and oral argument was held in October 2024. This matter is ongoing. Research Corporation Technologies, Inc. In April 2016, we were named as a defendant in litigation filed by Research Corporation Technologies, Inc. (RCT) in the U.S. District Court for the District of Arizona. The complaint seeks damages for breach of contract, unjust enrichment, and conversion related to processes used to manufacture certain products, including Humalog and Humulin. In October 2021, the court issued a summary judgment decision in favor of RCT on certain issues, including with respect to a disputed royalty. In July 2024, we reached a confidential agreement with RCT that requires different payments based on various litigation outcomes as determined on appeal. Pursuant to this agreement, the court entered final judgment, Lilly filed a notice of appeal to the U.S. Court of Appeals for the Ninth Circuit, and Lilly made an initial payment under the agreement. The remaining amount payable under the agreement, if any, should not have a material impact on our financial position, liquidity or results of operations. The settlement agreement is not an admission of liability or fault by us, and is subject to conditions. This matter is ongoing.

Collaborations and Other Arrangements - Narrative (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of product rights				$ 530.9	$ 1,604.3
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Olanzapine Portfolio
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of product rights	$ 1,050.0
Additional cash proceeds	$ 305.0
Revenue recognized			$ 1,420.0		1,420.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Baqsimi
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from sale of product rights		$ 500.0
Additional cash proceeds		$ 125.0
Milestone payment received				$ 450.0
Revenue recognized					$ 579.0
Royalty Agreement Terms \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative arrangement, rights and obligations percent (up to)				20.00%
Milestone Payments, Sales-based \| Olumiant®
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements				$ 100.0
Milestone Payments, Sales-based \| Ebglyss
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements				1,250.0
Milestone Payments, Sales-based \| Ebglyss \| Roche
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements				1,030.0
Milestone Payments, Sales-based \| Orforglipron \| Chugai
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements				250.0
Milestone Payments, Development and Regulatory \| Orforglipron \| Chugai
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Potential achievements				$ 140.0

Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

The following table summarizes components of inventories:


	September 30, 2024		December 31, 2023
Finished products	$	1,114.0	$	791.7
Work in process	4,035.1		3,248.6
Raw materials and supplies	2,237.3		1,630.1
Total (approximates replacement cost)	7,386.4		5,670.4
Increase to last-in, first-out (LIFO) cost	73.4		102.4
Inventories	$	7,459.8	$	5,772.8

Retirement Benefits - Components of Net Periodic (Benefit) Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 84.9	$ 72.5	$ 254.3	$ 217.8
Interest cost	165.9	162.3	496.6	486.0
Expected return on plan assets	(278.8)	(264.0)	(834.3)	(791.5)
Amortization of prior service cost	0.6	0.6	1.6	1.8
Recognized actuarial gain (loss)	31.4	30.6	93.8	91.5
Net periodic cost	4.0	2.0	12.0	5.6
Retiree Health Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	8.9	7.9	26.6	23.8
Interest cost	15.5	15.3	46.6	46.0
Expected return on plan assets	(48.0)	(45.5)	(144.1)	(136.6)
Amortization of prior service cost	(1.4)	(13.3)	(4.2)	(39.7)
Recognized actuarial gain (loss)	(0.6)	(1.5)	(1.9)	(4.4)
Net periodic cost	$ (25.6)	$ (37.1)	$ (77.0)	$ (110.9)

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Components of Other Comprehensive Income (Loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2024 and 2023:



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2024	$	(2,001.6)	$	(32.6)	$	(2,633.6)	$	289.3	$	(4,378.5)

Other comprehensive income (loss) before reclassifications	117.9		15.9		(28.9)		(25.0)		79.9
Net amount reclassified from accumulated other comprehensive loss	—		—		23.7		0.1		23.8
Net other comprehensive income (loss)	117.9		15.9		(5.2)		(24.9)		103.7

Balance at September 30, 2024	$	(1,883.7)	$	(16.7)	$	(2,638.8)	$	264.4	$	(4,274.8)



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2023	$	(1,885.3)	$	(33.5)	$	(2,058.8)	$	188.9	$	(3,788.7)

Other comprehensive income (loss) before reclassifications	(88.7)		(13.5)		10.5		79.6		(12.1)
Net amount reclassified from accumulated other comprehensive loss	—		1.4		13.0		1.5		15.9
Net other comprehensive income (loss)	(88.7)		(12.1)		23.5		81.1		3.8

Balance at September 30, 2023	$	(1,974.0)	$	(45.6)	$	(2,035.3)	$	270.0	$	(3,784.9)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2024 and 2023:


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2024	$	(1,819.0)	$	(26.2)	$	(2,697.3)	$	215.5	$	(4,327.0)

Other comprehensive income (loss) before reclassifications	(74.9)		9.3		(12.1)		48.5		(29.2)
Net amount reclassified from accumulated other comprehensive loss	10.2		0.2		70.6		0.4		81.4
Net other comprehensive income (loss)	(64.7)		9.5		58.5		48.9		52.2

Balance at September 30, 2024	$	(1,883.7)	$	(16.7)	$	(2,638.8)	$	264.4	$	(4,274.8)


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2023	$	(1,874.2)	$	(37.1)	$	(2,062.3)	$	129.0	$	(3,844.6)

Other comprehensive income (loss) before reclassifications	(74.6)		(11.3)		(11.9)		135.8		38.0
Net amount reclassified from accumulated other comprehensive loss	(25.2)		2.8		38.9		5.2		21.7
Net other comprehensive income (loss)	(99.8)		(8.5)		27.0		141.0		59.7

Balance at September 30, 2023	$	(1,974.0)	$	(45.6)	$	(2,035.3)	$	270.0	$	(3,784.9)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Tax benefit (expense)	2024		2023		2024		2023
Foreign currency translation gains/losses	$	121.9	$	(90.3)	$	53.7	$	(50.2)
Net unrealized gains/losses on available-for-sale securities	(5.0)		3.5		(3.0)		2.5
Defined benefit pension and retiree health benefit plans	(1.0)		(6.9)		(1.5)		(13.9)
Net unrealized gains/losses on cash flow hedges	6.4		(21.6)		(13.1)		(37.5)
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$	122.3	$	(115.3)	$	36.1	$	(99.1)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Loss

Reclassifications out of accumulated other comprehensive loss were as follows:


Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statements of Operations

	2024		2023		2024		2023
Amortization of retirement benefit items:
Prior service benefits, net	$	(0.8)	$	(12.7)	$	(2.6)	$	(37.9)	Other–net, (income) expense
Actuarial losses, net	30.8		29.1		91.9		87.1		Other–net, (income) expense
Total before tax	30.0		16.4		89.3		49.2
Tax benefit	(6.3)		(3.4)		(18.7)		(10.3)		Income taxes
Net of tax	23.7		13.0		70.6		38.9

Other, net of tax	0.1		2.9		10.8		(17.2)		Other–net, (income) expense

Total reclassifications, net of tax	$	23.8	$	15.9	$	81.4	$	21.7

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventories

The following table summarizes components of inventories:


	September 30, 2024		December 31, 2023
Finished products	$	1,114.0	$	791.7
Work in process	4,035.1		3,248.6
Raw materials and supplies	2,237.3		1,630.1
Total (approximates replacement cost)	7,386.4		5,670.4
Increase to last-in, first-out (LIFO) cost	73.4		102.4
Inventories	$	7,459.8	$	5,772.8

Basis of Presentation and Implementation of New Financial Accounting Standards	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Implementation of New Financial Accounting Standards	Basis of Presentation and Implementation of New Financial Accounting Standards We have prepared the accompanying unaudited consolidated condensed financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the consolidated condensed financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. We issued our financial statements by filing them with the Securities and Exchange Commission and have evaluated subsequent events up to the time of the filing of this Quarterly Report on Form 10-Q. All per-share amounts, unless otherwise noted in the footnotes, are presented on a diluted basis; that is, based on the weighted-average number of common shares outstanding plus the effect of incremental shares from our stock-based compensation programs, if dilutive. We operate as a single operating segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Regional commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the financial information regularly reviewed by the chief operating decision maker for purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods. Implementation of New Financial Accounting Standards Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2024. We are currently evaluating the potential impact of adopting this standard on our disclosures.

Financial Instruments - Narrative (Details) € in Millions, ¥ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	Feb. 28, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net investment gains (losses) on equity securities				$ 112,400,000	$ (62,900,000)	$ (29,500,000)	$ (141,500,000)
Unfunded commitments to invest in venture capital funds				925,000,000		$ 925,000,000
Unfunded commitments to invest in venture capital funds, anticipated payment period						10 years
Proceeds from sales of available-for-sale investments				23,200,000	$ 60,000,000.0	$ 68,600,000	$ 121,800,000
Accounts receivable derecognized				419,200,000		$ 419,200,000				$ 431,900,000
Average remaining maturity of foreign currency derivatives						12 months
Maximum remaining maturity of foreign currency derivatives						180 days
Foreign currency-denominated notes, designated as hedge				$ 5,750,000,000		$ 5,750,000,000				5,670,000,000
Variable rate				5.00%		5.00%		5.00%	5.00%
Losses expected to be reclassified in the next 12 months				$ 4,300,000		$ 4,300,000
Swap U.S. Dollars to Euro
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, notional amount				728,600,000		728,600,000
Swap Swiss Francs to U.S. Dollars
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, notional amount				402,300,000		402,300,000
Sell Euro
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount \| €								€ 4,300
Sell Chinese Yuan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, notional amount \| ¥									¥ 3,200
Foreign Currency Denominated Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt				6,500,000,000		6,500,000,000				$ 7,140,000,000
4.150% Notes Due 2027 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 750,000,000
Stated interest rate	4.15%
4.2% Notes Due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,000,000,000
Stated interest rate	4.20%
4.6% Notes Due 2034 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,250,000,000
Stated interest rate	4.60%
5.050% Notes Due 2054 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 1,250,000,000
Stated interest rate	5.05%
5.200% Notes Due 2064 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount	$ 750,000,000
Stated interest rate	5.20%
4.5% Notes Due 2027 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Stated interest rate		4.50%
4.5% Notes Due 2029 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Stated interest rate		4.50%
4.7% Notes Due 2034 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Stated interest rate		4.70%
5.0% Notes Due 2054 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Stated interest rate		5.00%
5.1% Notes Due 2064 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 1,500,000,000
Stated interest rate		5.10%
Senior Notes Due 2027, 2029, 2034, 2054, 2064 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from issuance of debt	$ 4,960,000,000	$ 6,450,000,000
5.0% Notes Due 2026 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount		$ 750,000,000	$ 750,000,000
Stated interest rate		5.00%	5.00%
4.7% Notes Due 2033 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount			$ 1,000,000,000
Stated interest rate			4.70%
4.875% Notes Due 2053 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount			$ 1,250,000,000
Stated interest rate			4.875%
4.95% Notes Due 2063 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount			$ 1,000,000,000
Stated interest rate			4.95%
Senior Notes Due 2026, 2033, 2053 And 2063 \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from issuance of debt			$ 3,960,000,000
Credit Facility 2025 \| Line of Credit \| Maturity Date 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit facility, maximum borrowing capacity				5,000,000,000		$ 5,000,000,000
Debt instrument, term						364 days
Credit Facility 2028 \| Line of Credit \| Maturity Date 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Line of credit facility, maximum borrowing capacity				$ 3,000,000,000		$ 3,000,000,000

Revenue - Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 11,439.1	$ 9,498.6	$ 31,509.9	$ 24,770.7
U.S.
Disaggregation of Revenue [Line Items]
Revenue	7,813.6	5,368.1	21,343.2	15,335.6
Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	3,625.5	4,130.5	10,166.7	9,435.0
Cardiometabolic Health
Disaggregation of Revenue [Line Items]
Revenue	7,407.0	4,720.4	20,414.6	13,921.6
Cardiometabolic Health \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	5,517.0	3,460.0	15,323.0	10,316.4
Cardiometabolic Health \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,890.0	1,260.3	5,091.6	3,605.2
Mounjaro®
Disaggregation of Revenue [Line Items]
Revenue	3,112.7	1,409.3	8,010.0	2,957.5
Mounjaro® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	2,384.7	1,277.0	6,318.7	2,729.1
Mounjaro® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	728.0	132.4	1,691.3	228.4
Trulicity®
Disaggregation of Revenue [Line Items]
Revenue	1,301.4	1,673.6	4,003.3	5,463.2
Trulicity® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	935.3	1,259.0	2,894.0	4,177.7
Trulicity® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	366.0	414.6	1,109.3	1,285.6
Zepbound®
Disaggregation of Revenue [Line Items]
Revenue	1,257.8	0.0	3,018.4	0.0
Zepbound® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,257.8	0.0	3,018.4	0.0
Zepbound® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Jardiance
Disaggregation of Revenue [Line Items]
Revenue	686.4	700.8	2,142.5	1,946.6
Jardiance \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	335.9	415.9	1,133.1	1,131.5
Jardiance \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	350.5	284.8	1,009.4	815.1
Humalog®
Disaggregation of Revenue [Line Items]
Revenue	534.6	395.4	1,704.9	1,296.8
Humalog® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	323.9	194.2	1,096.8	695.6
Humalog® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	210.8	201.2	608.1	601.2
Humulin®
Disaggregation of Revenue [Line Items]
Revenue	207.1	206.7	636.8	664.0
Humulin® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	149.9	145.5	472.3	488.6
Humulin® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	57.1	61.2	164.5	175.4
Basaglar®
Disaggregation of Revenue [Line Items]
Revenue	161.6	179.6	500.0	543.1
Basaglar® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	85.5	111.4	273.9	329.7
Basaglar® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	76.2	68.2	226.1	213.4
Baqsimi
Disaggregation of Revenue [Line Items]
Revenue	13.4	13.1	24.8	658.4
Baqsimi \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	8.2	3.8	1.4	633.1
Baqsimi \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	5.1	9.3	23.4	25.4
Other cardiometabolic health
Disaggregation of Revenue [Line Items]
Revenue	132.0	141.9	373.9	392.0
Other cardiometabolic health \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	35.8	53.2	114.4	131.1
Other cardiometabolic health \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	96.3	88.6	259.5	260.7
Oncology
Disaggregation of Revenue [Line Items]
Revenue	2,231.8	1,747.1	6,200.5	4,774.1
Oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,294.3	1,001.6	3,567.9	2,690.0
Oncology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	937.5	745.5	2,632.6	2,084.1
Verzenio®
Disaggregation of Revenue [Line Items]
Revenue	1,369.3	1,040.2	3,751.5	2,717.9
Verzenio® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	878.8	684.6	2,378.4	1,734.2
Verzenio® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	490.4	355.7	1,373.1	983.7
Cyramza®
Disaggregation of Revenue [Line Items]
Revenue	236.0	224.1	714.7	721.1
Cyramza® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	106.5	88.0	329.9	303.6
Cyramza® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	129.4	136.1	384.8	417.5
Erbitux®
Disaggregation of Revenue [Line Items]
Revenue	152.0	153.9	452.4	446.3
Erbitux® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	133.2	134.0	408.2	398.3
Erbitux® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	18.7	19.9	44.2	48.0
Tyvyt®
Disaggregation of Revenue [Line Items]
Revenue	150.2	115.1	389.9	279.7
Tyvyt® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Tyvyt® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	150.2	115.1	389.9	279.7
Other oncology
Disaggregation of Revenue [Line Items]
Revenue	324.3	213.8	892.0	609.1
Other oncology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	175.8	95.0	451.4	253.9
Other oncology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	148.8	118.7	440.6	355.2
Immunology
Disaggregation of Revenue [Line Items]
Revenue	1,185.7	986.9	3,102.0	2,693.2
Immunology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	694.1	575.0	1,691.0	1,452.6
Immunology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	491.6	412.0	1,411.0	1,240.6
Taltz®
Disaggregation of Revenue [Line Items]
Revenue	879.6	744.2	2,308.4	1,975.0
Taltz® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	600.3	509.3	1,486.7	1,293.8
Taltz® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	279.3	234.9	821.7	681.2
Olumiant®
Disaggregation of Revenue [Line Items]
Revenue	250.8	231.4	695.9	679.2
Olumiant® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	68.9	65.7	159.8	158.8
Olumiant® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	181.8	165.7	536.0	520.4
Other immunology
Disaggregation of Revenue [Line Items]
Revenue	55.3	11.4	97.7	39.0
Other immunology \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	24.9	0.0	44.5	0.0
Other immunology \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	30.5	11.4	53.3	39.0
Neuroscience
Disaggregation of Revenue [Line Items]
Revenue	351.8	1,768.1	1,080.4	2,515.8
Neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	201.3	207.4	556.4	512.8
Neuroscience \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	150.5	1,560.6	524.0	2,003.0
Emgality®
Disaggregation of Revenue [Line Items]
Revenue	202.9	168.5	620.6	492.2
Emgality® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	141.3	126.5	404.0	354.0
Emgality® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	61.6	42.1	216.7	138.2
Zyprexa
Disaggregation of Revenue [Line Items]
Revenue	31.7	1,481.4	107.5	1,651.0
Zyprexa \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	1.9	49.9	0.5	69.1
Zyprexa \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	29.8	1,431.5	107.0	1,581.9
Other neuroscience
Disaggregation of Revenue [Line Items]
Revenue	117.2	118.2	352.3	372.6
Other neuroscience \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	58.1	31.0	151.9	89.7
Other neuroscience \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	59.1	87.0	200.3	282.9
Other
Disaggregation of Revenue [Line Items]
Revenue	262.8	276.1	712.4	866.0
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	107.0	124.1	205.0	363.8
Other \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	155.8	152.0	507.4	502.1
Forteo®
Disaggregation of Revenue [Line Items]
Revenue	118.1	146.4	249.3	416.8
Forteo® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	71.7	101.2	124.9	269.2
Forteo® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	46.4	45.2	124.4	147.6
Cialis®
Disaggregation of Revenue [Line Items]
Revenue	91.5	86.8	318.6	302.7
Cialis® \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	4.2	4.9	17.6	21.6
Cialis® \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	87.3	82.0	301.0	281.1
Other
Disaggregation of Revenue [Line Items]
Revenue	53.2	42.9	144.5	146.5
Other \| U.S.
Disaggregation of Revenue [Line Items]
Revenue	31.1	18.0	62.5	73.0
Other \| Outside U.S.
Disaggregation of Revenue [Line Items]
Revenue	$ 22.1	$ 24.8	$ 82.0	$ 73.4

Asset Impairment, Restructuring, and Other Special Charges (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Asset impairment, restructuring, and other special charges	$ 81,600,000	$ 0	$ 516,600,000	$ 0

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of the Contractual Maturities of Our Investments in Debt Securities Measured at Fair Value

The table below summarizes the contractual maturities of our investments in debt securities measured at fair value as of September 30, 2024:


	Maturities by Period
	Total		Less Than 1 Year		1-5 Years		6-10 Years		More Than 10 Years
Fair value of debt securities	$	685.2	$	105.9	$	185.1	$	100.8	$	293.4

Schedule of the Fair Value of Available-for-Sale Securities in an Unrealized Gain or Loss Position

A summary of the amount of unrealized gains and losses in accumulated other comprehensive loss and the fair value of available-for-sale securities in an unrealized gain or loss position follows:


	September 30, 2024		December 31, 2023
Unrealized gross gains	$	7.2	$	3.4
Unrealized gross losses	29.2		37.9
Fair value of securities in an unrealized gain position	278.0		159.2
Fair value of securities in an unrealized loss position	367.6		452.0

Schedule of Fair Value Information, Assets


					Fair Value Measurements Using
	Carrying Amount		Cost(1)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2024
Cash equivalents(2)	$	1,850.5	$	1,850.5	$	1,842.7	$	7.8	$	—	$	1,850.5

Short-term investments:
U.S. government and agency securities	$	34.5	$	34.6	$	34.5	$	—	$	—	$	34.5
Corporate debt securities	68.7		68.8		—		68.7		—		68.7

Asset-backed securities	2.7		2.7		—		2.7		—		2.7
Other securities	43.5		43.5		—		9.2		34.3		43.5

Short-term investments	$	149.4

Noncurrent investments:
U.S. government and agency securities	$	144.3	$	153.9	$	144.3	$	—	$	—	$	144.3

Corporate debt securities	219.1		225.7		—		219.1		—		219.1
Mortgage-backed securities	162.7		169.1		—		162.7		—		162.7
Asset-backed securities	53.2		53.1		—		53.2		—		53.2
Other securities	149.6		101.9		—		6.3		143.3		149.6
Marketable equity securities	552.6		492.7		552.6		—		—		552.6
Equity investments without readily determinable fair values(3)	831.1
Equity method investments(3)	1,087.6
Noncurrent investments	$	3,200.2

December 31, 2023
Cash equivalents(2)	$	1,088.4	$	1,088.4	$	1,079.3	$	9.1	$	—	$	1,088.4

Short-term investments:
U.S. government and agency securities	$	32.1	$	32.3	$	32.1	$	—	$	—	$	32.1
Corporate debt securities	52.0		52.1		—		52.0		—		52.0


Other securities	25.0		25.0		—		13.6		11.4		25.0

Short-term investments	$	109.1

Noncurrent investments:
U.S. government and agency securities	$	148.1	$	161.0	$	148.1	$	—	$	—	$	148.1
Corporate debt securities	214.3		226.6		—		214.3		—		214.3
Mortgage-backed securities	157.3		167.1		—		157.3		—		157.3
Asset-backed securities	53.5		54.4		—		53.5		—		53.5
Other securities	197.4		100.2		—		23.5		173.9		197.4
Marketable equity securities	711.3		493.2		711.3		—		—		711.3
Equity investments without readily determinable fair values(3)	608.0
Equity method investments(3)	962.3
Noncurrent investments	$	3,052.2

(1) For available-for-sale debt securities, amounts disclosed represent the securities' amortized cost.

(2) We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. The cost of these investments approximates fair value.

(3) Fair value disclosures are not applicable for equity method investments and investments accounted for under the measurement alternative for equity investments.

Schedule of Fair Value Information, Liabilities

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for our short-term and long-term debt:


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Short-term commercial paper borrowings
September 30, 2024	$	(1,295.3)	$	—	$	(1,293.4)	$	—	$	(1,293.4)
December 31, 2023	(6,189.4)		—		(6,166.4)		—		(6,166.4)
Long-term debt, including current portion
September 30, 2024	(29,824.4)		—		(28,023.3)		—		(28,023.3)
December 31, 2023	(19,035.9)		—		(17,221.7)		—		(17,221.7)

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for risk management assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.0)	$	—	$	(2.0)	$	—	$	(2.0)
Other noncurrent liabilities	(71.8)		—		(71.8)		—		(71.8)





Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(37.2)		—		(37.2)		—		(37.2)

Cross-currency interest rate contracts designated as cash flow hedges:

Other noncurrent assets	68.0		—		68.0		—		68.0

Foreign exchange contracts designated as net investment hedges:

Other current liabilities	(126.8)		—		(126.8)		—		(126.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	22.9		—		22.9		—		22.9
Other current liabilities	(14.7)		—		(14.7)		—		(14.7)


Contingent consideration liabilities:

Other noncurrent liabilities	(32.0)		—		—		(32.0)		(32.0)


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.4)	$	—	$	(2.4)	$	—	$	(2.4)
Other noncurrent liabilities	(100.3)		—		(100.3)		—		(100.3)
Interest rate contracts designated as cash flow hedges:

Other noncurrent assets	291.2		—		291.2		—		291.2

Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(28.4)		—		(28.4)		—		(28.4)
Other noncurrent liabilities	(3.5)		—		(3.5)		—		(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables	113.8		—		113.8		—		113.8
Other noncurrent assets	63.1		—		63.1		—		63.1

Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(115.8)		—		(115.8)		—		(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	129.6		—		129.6		—		129.6
Other current liabilities	(55.9)		—		(55.9)		—		(55.9)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(64.4)		—		—		(64.4)		(64.4)

Schedule of Derivative Instruments

At September 30, 2024, we had outstanding foreign currency forward commitments as follows, all of which have settlement dates within 180 days:

September 30, 2024

Purchase

Sell

Currency

Amount
(in millions)

Currency

Amount
(in millions)

Euro

5,325.1

U.S. dollars

5,955.9

U.S. dollars

1,945.4

Euro

1,744.4

U.S. dollars

521.1

Japanese yen

73,217.3

British pounds

128.8

U.S. dollars

170.4

Schedule of Effects of Risk-Management Instruments Were Recognized in Other–Net, (Income) Expense

The following effects of risk-management instruments were recognized in other–net, (income) expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fair value hedges:
Effect from hedged fixed-rate debt	$	48.0	$	(29.9)	$	29.0	$	(29.0)
Effect from interest rate contracts	(48.0)		29.9		(29.0)		29.0
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	1.4		3.2		5.8		10.3
Cross-currency interest rate swaps	(28.8)		24.7		58.5		(5.3)
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	(0.2)		201.0		33.8		177.8
Total	$	(27.6)	$	228.9	$	98.1	$	182.8

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Net Investment Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net investment hedges:
Foreign currency-denominated notes	$	(250.2)	$	183.5	$	(76.3)	$	62.3
Cross-currency interest rate swaps	(26.0)		28.6		(6.8)		9.0
Foreign currency forward contracts	(304.1)		217.7		(172.3)		199.3
Cash flow hedges:
Forward-starting interest rate swaps	(23.6)		84.3		53.8		141.4
Cross-currency interest rate swaps	(7.9)		16.4		7.7		30.5

Schedule of Effective Portion of Risk-Management Instruments that was Recognized in Other Comprehensive Income (Loss), Cash Flow Hedges

The effective portion of risk-management instruments that was recognized in other comprehensive income (loss) is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net investment hedges:
Foreign currency-denominated notes	$	(250.2)	$	183.5	$	(76.3)	$	62.3
Cross-currency interest rate swaps	(26.0)		28.6		(6.8)		9.0
Foreign currency forward contracts	(304.1)		217.7		(172.3)		199.3
Cash flow hedges:
Forward-starting interest rate swaps	(23.6)		84.3		53.8		141.4
Cross-currency interest rate swaps	(7.9)		16.4		7.7		30.5

Schedule of Fair Value, by Balance Sheet Grouping

The following table summarizes certain fair value information at September 30, 2024 and December 31, 2023 for risk management assets and liabilities measured at fair value on a recurring basis:


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
September 30, 2024
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.0)	$	—	$	(2.0)	$	—	$	(2.0)
Other noncurrent liabilities	(71.8)		—		(71.8)		—		(71.8)





Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(37.2)		—		(37.2)		—		(37.2)

Cross-currency interest rate contracts designated as cash flow hedges:

Other noncurrent assets	68.0		—		68.0		—		68.0

Foreign exchange contracts designated as net investment hedges:

Other current liabilities	(126.8)		—		(126.8)		—		(126.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	22.9		—		22.9		—		22.9
Other current liabilities	(14.7)		—		(14.7)		—		(14.7)


Contingent consideration liabilities:

Other noncurrent liabilities	(32.0)		—		—		(32.0)		(32.0)


			Fair Value Measurements Using
	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
December 31, 2023
Risk-management instruments:
Interest rate contracts designated as fair value hedges:


Other current liabilities	$	(2.4)	$	—	$	(2.4)	$	—	$	(2.4)
Other noncurrent liabilities	(100.3)		—		(100.3)		—		(100.3)
Interest rate contracts designated as cash flow hedges:

Other noncurrent assets	291.2		—		291.2		—		291.2

Cross-currency interest rate contracts designated as net investment hedges:


Other current liabilities	(28.4)		—		(28.4)		—		(28.4)
Other noncurrent liabilities	(3.5)		—		(3.5)		—		(3.5)
Cross-currency interest rate contracts designated as cash flow hedges:
Other receivables	113.8		—		113.8		—		113.8
Other noncurrent assets	63.1		—		63.1		—		63.1

Foreign exchange contracts designated as hedging instruments:
Other current liabilities	(115.8)		—		(115.8)		—		(115.8)
Foreign exchange contracts not designated as hedging instruments:
Other receivables	129.6		—		129.6		—		129.6
Other current liabilities	(55.9)		—		(55.9)		—		(55.9)
Contingent consideration liabilities:
Other current liabilities	(39.5)		—		—		(39.5)		(39.5)
Other noncurrent liabilities	(64.4)		—		—		(64.4)		(64.4)

Collaborations and Other Arrangements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaborations and Other Arrangements

We often enter into collaborative and other arrangements to develop and commercialize drug candidates or to sell the rights of a product. See Note 2 for a discussion of our recognition of revenue from our collaborations and other arrangements.

Collaborative activities may include research and development, marketing and selling, manufacturing, and distribution for which we may receive from or pay to the collaboration partner expense reimbursements. Operating expenses for costs incurred pursuant to these arrangements are reported in their respective expense line item, net of any payments due to or reimbursements due from our collaboration partners, with such reimbursements being recognized at the time the party becomes obligated to pay. Each arrangement is unique in nature, and our more significant arrangements are discussed below.

Boehringer Ingelheim Collaboration

We and Boehringer Ingelheim have a global agreement to jointly develop and commercialize a portfolio of compounds. Currently included in the collaboration are Boehringer Ingelheim's products: Jardiance, Glyxambi, Synjardy, Trijardy XR, Trajenta, and Jentadueto® as well as our products: Basaglar and Rezvoglar. Glyxambi, Synjardy, and Trijardy XR are included in the Jardiance product family. Jentadueto is included in the Trajenta product family. Rezvoglar is included in the Basaglar product family.

In connection with the regulatory approvals of Jardiance, Trajenta, and Basaglar in the U.S., Europe, and Japan, milestone payments made for Jardiance and Trajenta were capitalized as intangible assets and are being amortized to cost of sales, and milestone payments received for Basaglar were recorded as contract liabilities and are being amortized to collaboration and other revenue. Net milestones capitalized with respect to Jardiance and Trajenta and net milestones deferred with respect to Basaglar are not material.

For the Jardiance product family, we and Boehringer Ingelheim generally share equally the ongoing development and commercialization costs in the most significant markets, and we record our portion of the development and commercialization costs as research and development expense and marketing, selling, and administrative expense, respectively. We receive a royalty on net sales of Boehringer Ingelheim's products in the most significant markets and recognize the royalty as collaboration and other revenue. Boehringer Ingelheim is entitled to potential performance payments depending on the net sales of the Jardiance product family; therefore, our reported revenue for Jardiance may be reduced by any potential performance payments we make related to this product family. The royalty received by us related to the Jardiance product family may also be increased or decreased depending on whether net sales for this product family exceed or fall below certain thresholds. We pay to Boehringer Ingelheim a royalty on net sales for the Basaglar product family in the U.S. We record our sales of the Basaglar product family to third parties as net product revenue with the royalty payments made to Boehringer Ingelheim recorded as cost of sales. The following table summarizes our revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Jardiance	$	686.4	$	700.8	$	2,142.5	$	1,946.6
Basaglar	161.6		179.6		500.0		543.1
Trajenta	91.7		95.2		257.3		284.7

Olumiant

We have a worldwide license and collaboration agreement with Incyte Corporation (Incyte), which provides us the development and commercialization rights to baricitinib, which is branded and trademarked as Olumiant, and certain follow-on compounds, for the treatment of inflammatory and autoimmune diseases and COVID-19. Incyte has the right to receive tiered, double digit royalty payments on worldwide net sales with rates ranging up to 20 percent. Incyte has the right to receive an additional royalty ranging up to the low teens on worldwide net sales for the treatment of COVID-19 that exceed a specified aggregate worldwide net sales threshold. The agreement calls for payments by us to Incyte associated with certain development, success-based regulatory, and sales-based milestones.

In connection with the regulatory approvals of Olumiant in the U.S., Europe, and Japan, as well as achievement of a sales-based milestone, milestone payments were capitalized as intangible assets and are being amortized to cost of sales through the term of the collaboration. Net milestones capitalized are not material. As of September 30, 2024, Incyte is eligible to receive up to $100.0 million of additional payments from us in potential sales-based milestones.

We record our sales of Olumiant to third parties as net product revenue with the royalty payments made to Incyte recorded as cost of sales. The following table summarizes our net product revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Olumiant	$	250.8	$	231.4	$	695.9	$	679.2

Tyvyt

We have a collaboration agreement with Innovent Biologics, Inc. (Innovent) to jointly develop and commercialize sintilimab injection in China, where it is branded and trademarked as Tyvyt. We record our sales of Tyvyt to third parties as net product revenue, with payments made to Innovent for its portion of the gross margin reported as cost of sales. We report as collaboration and other revenue our portion of the gross margin for Tyvyt sales made by Innovent to third parties. The following table summarizes our revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Tyvyt	$	150.2	$	115.1	$	389.9	$	279.7

EbglyssTM

We have a license agreement with F. Hoffmann-La Roche Ltd and Genentech, Inc. (collectively, Roche), which provides us the worldwide development and commercialization rights to lebrikizumab, which is branded and trademarked as Ebglyss. Roche receives tiered royalty payments on worldwide net sales ranging in percentages from high single digits to high teens, which we recognize as cost of sales. As of September 30, 2024, Roche is eligible to receive additional payments from us, including up to $1.03 billion in potential sales-based milestones. During the three and nine months ended September 30, 2024 and 2023, milestone payments to Roche were not material.

We have a license agreement with Almirall, S.A. (Almirall), under which Almirall licensed the rights to develop and commercialize Ebglyss, for the treatment or prevention of dermatology indications, including, but not limited to, atopic dermatitis in Europe. We receive tiered royalty payments on net sales in Europe ranging in percentages from low double digits to low twenties, which we recognize as collaboration and other revenue. During the three and nine months ended September 30, 2024 and 2023, collaboration and other revenue recognized under this license agreement was not material. As of September 30, 2024, we are eligible to receive additional payments up to $1.25 billion in a series of sales-based milestones.

Orforglipron

We have a license agreement with Chugai Pharmaceutical Co., Ltd (Chugai), which provides us with the worldwide development and commercialization rights to orforglipron. Chugai has the right to receive tiered royalty payments on future worldwide net sales from mid-single digits to low teens if the product is successfully commercialized. As of September 30, 2024, Chugai is eligible to receive up to $140.0 million contingent upon the achievement of success-based regulatory milestones and up to $250.0 million in a series of sales-based milestones, contingent upon the commercial success of orforglipron. During the three and nine months ended September 30, 2024 and 2023, milestone payments to Chugai were not material.

Olanzapine Portfolio (including Zyprexa)

In July 2023, we sold the rights for the olanzapine portfolio, including Zyprexa, to Cheplapharm Arzneimittel GmbH (Cheplapharm), a European company. Under the terms of the agreement, we received $1.05 billion in cash upon closing and an additional $305.0 million in cash upon the one-year anniversary of closing. We included both in the transaction price as of September 30, 2023.

We entered into a supply agreement with Cheplapharm that obligates Cheplapharm to purchase Zyprexa product we are manufacturing at an amount which represents a standalone selling price. As the product we are manufacturing under this supply agreement has no alternative use to us and we have right to payment, we recognize net product revenue over time as we manufacture the product.

During the three and nine months ended September 30, 2023, we recognized $1.42 billion in revenue primarily related to the net gain on the sale of rights for the olanzapine portfolio.

Baqsimi

In June 2023, we sold the rights for Baqsimi to Amphastar Pharmaceuticals, Inc. (Amphastar). Under the terms of the agreement, we received $500.0 million in cash upon closing and an additional $125.0 million in cash upon the one-year anniversary of closing. We included both in the transaction price as of September 30, 2023. We are eligible to receive payments of up to $450.0 million in a series of sales-based milestones that have not been included in the transaction price as of September 30, 2024.

We entered into a supply agreement with Amphastar that obligates Amphastar to purchase Baqsimi product we are manufacturing at an amount which represents a standalone selling price. As the product we are manufacturing under this supply agreement has no alternative use to us and we have right to payment, we recognize net product revenue over time as we manufacture the product.

For the nine months ended September 30, 2023, we recognized $579.0 million in revenue primarily related to the net gain on the sale of rights for Baqsimi.

Other–Net, (Income) Expense (Tables)

9 Months Ended

Sep. 30, 2024

Nonoperating Income (Expense) [Abstract]

Schedule of Other–Net, (Income) Expense

Other–net, (income) expense consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest expense	$	192.7	$	124.6	$	555.9	$	347.7
Interest income	(47.8)		(48.9)		(130.9)		(129.1)
Net investment (gains) losses on equity securities (Note 7)	(112.4)		62.9		29.5		141.5
Retirement benefit plans	(115.4)		(115.5)		(345.9)		(346.9)

Other (income) expense	20.9		0.1		(0.1)		11.1
Other–net, (income) expense	$	(62.0)	$	23.2	$	108.5	$	24.3

Financial Instruments - Schedule of Short-term and Long-term Classification (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	$ (29,824.4)	$ (19,035.9)
Carrying Amount \| Commercial Paper
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,295.3)	(6,189.4)
Estimate of Fair Value Measurement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(28,023.3)	(17,221.7)
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0.0	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	(28,023.3)	(17,221.7)
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt, including current portion	0.0	0.0
Estimate of Fair Value Measurement \| Commercial Paper
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,293.4)	(6,166.4)
Estimate of Fair Value Measurement \| Commercial Paper \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	0.0	0.0
Estimate of Fair Value Measurement \| Commercial Paper \| Significant Other Observable Inputs (Level 2)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	(1,293.4)	(6,166.4)
Estimate of Fair Value Measurement \| Commercial Paper \| Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Short-term commercial paper borrowings	$ 0.0	$ 0.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Daniel Skovronsky [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 11, 2024, Daniel Skovronsky, M.D., Ph.D., executive vice president, chief scientific officer and president, Lilly research laboratories and Lilly immunology, adopted a sales plan (Plan). The Plan was entered into during an open trading window and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act of 1934 and our policies regarding trading in our securities. The Plan calls for the sale of up to 5,000 shares of company common stock between February 10, 2025 and September 8, 2025 subject to the terms and conditions of the Plan.
Name	Daniel Skovronsky
Title	executive vice president, chief scientific officer and president
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 11, 2024
Expiration Date	September 8, 2025
Arrangement Duration	210 days
Aggregate Available	5,000	5,000

Consolidated Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 970.3	$ (57.4)	$ 6,180.2	$ 3,050.7
Other comprehensive income, net of tax (Note 11)	103.7	3.8	52.2	59.7
Comprehensive income (loss)	$ 1,074.0	$ (53.6)	$ 6,232.4	$ 3,110.4

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Financial Instruments - Schedule of Risk Management Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		$ (39.5)
Other noncurrent liabilities	$ (32.0)	(64.4)
Carrying Amount \| Foreign Exchange Contract \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(14.7)	(55.9)
Other receivables	22.9	129.6
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		(39.5)
Other noncurrent liabilities	(32.0)	(64.4)
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		0.0
Other noncurrent liabilities	0.0	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		0.0
Other noncurrent liabilities	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities		(39.5)
Other noncurrent liabilities	(32.0)	(64.4)
Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Not Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(14.7)	(55.9)
Other receivables	22.9	129.6
Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other receivables	0.0	0.0
Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(14.7)	(55.9)
Other receivables	22.9	129.6
Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Not Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other receivables	0.0	0.0
Fair Value Hedging \| Carrying Amount \| Interest Rate Contracts \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(2.0)	(2.4)
Other noncurrent liabilities	(71.8)	(100.3)
Fair Value Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(2.0)	(2.4)
Other noncurrent liabilities	(71.8)	(100.3)
Fair Value Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other noncurrent liabilities	0.0	0.0
Fair Value Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(2.0)	(2.4)
Other noncurrent liabilities	(71.8)	(100.3)
Fair Value Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other noncurrent liabilities	0.0	0.0
Net Investment Hedges \| Carrying Amount \| Cross-currency interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(37.2)	(28.4)
Other noncurrent liabilities		(3.5)
Net Investment Hedges \| Carrying Amount \| Foreign Exchange Contract \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(126.8)	(115.8)
Net Investment Hedges \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(37.2)	(28.4)
Other noncurrent liabilities		(3.5)
Net Investment Hedges \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other noncurrent liabilities		0.0
Net Investment Hedges \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(37.2)	(28.4)
Other noncurrent liabilities		(3.5)
Net Investment Hedges \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Other noncurrent liabilities		0.0
Net Investment Hedges \| Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(126.8)	(115.8)
Net Investment Hedges \| Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Net Investment Hedges \| Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	(126.8)	(115.8)
Net Investment Hedges \| Estimate of Fair Value Measurement \| Foreign Exchange Contract \| Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current liabilities	0.0	0.0
Cash Flow Hedging \| Carrying Amount \| Interest Rate Contracts \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		291.2
Cash Flow Hedging \| Carrying Amount \| Cross-currency interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	68.0	63.1
Other receivables		113.8
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		291.2
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		0.0
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		291.2
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Interest Rate Contracts \| Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets		0.0
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	68.0	63.1
Other receivables		113.8
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	0.0	0.0
Other receivables		0.0
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	68.0	63.1
Other receivables		113.8
Cash Flow Hedging \| Estimate of Fair Value Measurement \| Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other noncurrent assets	$ 0.0	0.0
Other receivables		$ 0.0

Consolidated Condensed Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents (Note 7)	$ 3,369.0	$ 2,818.6
Short-term investments (Note 7)	149.4	109.1
Accounts receivable, net of allowances of $15.7 (2024) and $14.8 (2023)	10,294.8	9,090.5
Other receivables	1,756.9	2,245.7
Inventories (Note 6)	7,459.8	5,772.8
Prepaid expenses	8,250.6	5,540.8
Other current assets	134.6	149.5
Total current assets	31,415.1	25,727.0
Investments (Note 7)	3,200.2	3,052.2
Goodwill	5,768.4	4,939.7
Other intangibles, net	6,537.3	6,906.6
Deferred tax assets	7,392.3	5,477.3
Property and equipment, net of accumulated depreciation of $11,816.0 (2024) and $11,099.3 (2023)	16,171.8	12,913.6
Other noncurrent assets	5,121.8	4,989.9
Total assets	75,606.9	64,006.3
Current Liabilities
Short-term borrowings and current maturities of long-term debt	2,074.3	6,904.5
Accounts payable	2,886.5	2,598.8
Employee compensation	1,703.3	1,650.4
Sales rebates and discounts	12,429.7	11,689.0
Dividends payable	0.0	1,169.2
Other current liabilities	5,580.3	3,281.3
Total current liabilities	24,674.1	27,293.2
Noncurrent Liabilities
Long-term debt	29,045.4	18,320.8
Accrued retirement benefits (Note 9)	1,448.5	1,438.8
Long-term income taxes payable	3,878.8	3,849.2
Other noncurrent liabilities	2,239.4	2,240.6
Total noncurrent liabilities	36,612.1	25,849.4
Commitments and Contingencies (Note 10)
Eli Lilly and Company Shareholders' Equity
Common stock	593.9	593.6
Additional paid-in capital	7,339.6	7,250.4
Retained earnings	13,627.2	10,312.3
Employee benefit trust	(3,013.2)	(3,013.2)
Accumulated other comprehensive loss (Note 11)	(4,274.8)	(4,327.0)
Cost of common stock in treasury	(32.7)	(44.2)
Total Eli Lilly and Company shareholders' equity	14,240.0	10,771.9
Noncontrolling interests	80.7	91.8
Total equity	14,320.7	10,863.7
Total liabilities and equity	$ 75,606.9	$ 64,006.3

Financial Instruments - Schedule of Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	$ 3,200.2	$ 3,052.2
Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,850.5	1,088.4
Short-term investments	149.4	109.1
Equity investments without readily determinable fair values	831.1	608.0
Equity method investments	1,087.6	962.3
Noncurrent investments	3,200.2	3,052.2
Carrying Amount \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	34.5	32.1
Noncurrent investments	144.3	148.1
Carrying Amount \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	68.7	52.0
Noncurrent investments	219.1	214.3
Carrying Amount \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	162.7	157.3
Carrying Amount \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.7
Noncurrent investments	53.2	53.5
Carrying Amount \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	43.5	25.0
Carrying Amount \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	149.6	197.4
Carrying Amount \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	552.6	711.3
Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,850.5	1,088.4
Cost \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	34.6	32.3
Noncurrent investments	153.9	161.0
Cost \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	68.8	52.1
Noncurrent investments	225.7	226.6
Cost \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	169.1	167.1
Cost \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.7
Noncurrent investments	53.1	54.4
Cost \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	43.5	25.0
Cost \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	101.9	100.2
Cost \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	492.7	493.2
Estimate of Fair Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,850.5	1,088.4
Estimate of Fair Value Measurement \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	34.5	32.1
Noncurrent investments	144.3	148.1
Estimate of Fair Value Measurement \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	68.7	52.0
Noncurrent investments	219.1	214.3
Estimate of Fair Value Measurement \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	162.7	157.3
Estimate of Fair Value Measurement \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.7
Noncurrent investments	53.2	53.5
Estimate of Fair Value Measurement \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	43.5	25.0
Estimate of Fair Value Measurement \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	149.6	197.4
Estimate of Fair Value Measurement \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	552.6	711.3
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	1,842.7	1,079.3
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	34.5	32.1
Noncurrent investments	144.3	148.1
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0.0	0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	552.6	711.3
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	7.8	9.1
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	68.7	52.0
Noncurrent investments	219.1	214.3
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	162.7	157.3
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	2.7
Noncurrent investments	53.2	53.5
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	9.2	13.6
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6.3	23.5
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| U.S. government and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Mortgage-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	0.0
Noncurrent investments	0.0	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	34.3	11.4
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Other securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	143.3	173.9
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Marketable equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0.0	$ 0.0

Revenue - Schedule of Revenue Recognized (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 11,439.1	$ 9,498.6	$ 31,509.9	$ 24,770.7
Net product revenue
Disaggregation of Revenue [Line Items]
Revenue	10,571.6	7,306.2	28,723.0	20,524.2
Collaboration and other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 867.5	$ 2,192.4	$ 2,786.9	$ 4,246.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 41
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		9 Months Ended
	May 23, 2024	Dec. 27, 2023	May 31, 2024	Dec. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Acquired in-process research and development					$ 2,826.4	$ 2,975.1	$ 3,091.2	$ 3,177.2
NexPharm Parent HoldCo, LLC and Isopro Holdings, LLC
Business Acquisition [Line Items]
Cash paid, net of cash acquired	$ 924.7		$ 924.7
Point Biopharma Global Inc
Business Acquisition [Line Items]
Business acquisition, share price (in dollars per share)				$ 12.50
Cash paid for acquisitions, net of cash acquired		$ 1,035.8		$ 1,040.0

Financial Instruments - Schedule of Effect of Risk Management (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flow hedges:
Total	$ (27.6)	$ 228.9	$ 98.1	$ 182.8
Hedged Fixed Rate Debt
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(250.2)	183.5	(76.3)	62.3
Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(26.0)	28.6	(6.8)	9.0
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(7.9)	16.4	7.7	30.5
Foreign Exchange Contract
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(304.1)	217.7	(172.3)	199.3
Forward-starting interest rate swaps
Cash flow hedges:
Effective portion of risk-management instruments that was recognized in other comprehensive income (loss)	(23.6)	84.3	53.8	141.4
Designated as Hedging Instrument \| Hedged Fixed Rate Debt
Fair value hedges:
Effect from hedged fixed-rate debt	48.0	(29.9)	29.0	(29.0)
Designated as Hedging Instrument \| Interest Rate Contracts
Fair value hedges:
Effect from interest rate contracts	(48.0)	29.9	(29.0)	29.0
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	1.4	3.2	5.8	10.3
Designated as Hedging Instrument \| Cross-currency interest rate swaps
Cash flow hedges:
Effective portion of losses on interest rate contracts reclassified from accumulated other comprehensive loss	(28.8)	24.7	58.5	(5.3)
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Cash flow hedges:
Net (gains) losses on foreign currency exchange contracts not designated as hedging instruments	$ (0.2)	$ 201.0	$ 33.8	$ 177.8

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 25, 2024
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Entity File Number	001-6351
Entity Registrant Name	ELI LILLY AND COMPANY
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0470950
Entity Address, Address Line One	Lilly Corporate Center
Entity Address, City or Town	Indianapolis
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46285
City Area Code	317
Local Phone Number	276-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		949,315,694
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000059478
Current Fiscal Year End Date	--12-31
Quarterly Report	true
Transition Report	false
Common Stock (no par value)
Document Information [Line Items]
Title of 12(b) Security	Common Stock (no par value)
Trading Symbol	LLY
Security Exchange Name	NYSE
7 1/8% Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	7 1/8% Notes due 2025
Trading Symbol	LLY25
Security Exchange Name	NYSE
1.625% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2026
Trading Symbol	LLY26
Security Exchange Name	NYSE
2.125% Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	2.125% Notes due 2030
Trading Symbol	LLY30
Security Exchange Name	NYSE
0.625% Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	0.625% Notes due 2031
Trading Symbol	LLY31
Security Exchange Name	NYSE
0.500% Notes due 2033
Document Information [Line Items]
Title of 12(b) Security	0.500% Notes due 2033
Trading Symbol	LLY33
Security Exchange Name	NYSE
6.77% Notes due 2036
Document Information [Line Items]
Title of 12(b) Security	6.77% Notes due 2036
Trading Symbol	LLY36
Security Exchange Name	NYSE
1.625% Notes due 2043
Document Information [Line Items]
Title of 12(b) Security	1.625% Notes due 2043
Trading Symbol	LLY43
Security Exchange Name	NYSE
1.700% Notes due 2049
Document Information [Line Items]
Title of 12(b) Security	1.700% Notes due 2049
Trading Symbol	LLY49A
Security Exchange Name	NYSE
1.125% Notes due 2051
Document Information [Line Items]
Title of 12(b) Security	1.125% Notes due 2051
Trading Symbol	LLY51
Security Exchange Name	NYSE
1.375% Notes due 2061
Document Information [Line Items]
Title of 12(b) Security	1.375% Notes due 2061
Trading Symbol	LLY61
Security Exchange Name	NYSE

Other–Net, (Income) Expense

9 Months Ended

Sep. 30, 2024

Nonoperating Income (Expense) [Abstract]

Other–Net, (Income) Expense

Other–net, (income) expense consisted of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest expense	$	192.7	$	124.6	$	555.9	$	347.7
Interest income	(47.8)		(48.9)		(130.9)		(129.1)
Net investment (gains) losses on equity securities (Note 7)	(112.4)		62.9		29.5		141.5
Retirement benefit plans	(115.4)		(115.5)		(345.9)		(346.9)

Other (income) expense	20.9		0.1		(0.1)		11.1
Other–net, (income) expense	$	(62.0)	$	23.2	$	108.5	$	24.3

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates were 38.9 percent and 19.1 percent for the three and nine months ended September 30, 2024, respectively, and 113.4 percent and 24.6 percent for the three and nine months ended September 30, 2023, respectively, primarily driven by unfavorable tax impacts of non-deductible acquired IPR&D charges, with a larger impact occurring in 2023. The U.S. examination of tax years 2016-2018 began in 2019 and remains ongoing. The Internal Revenue Service commenced its examination of tax years 2019-2021 during the third quarter of 2023. The resolution of both audit periods will likely extend beyond the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Implementation of New Financial Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Implementation of New Financial Accounting Standard	Implementation of New Financial Accounting Standards Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures. ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2024. We are currently evaluating the potential impact of adopting this standard on our disclosures.
Business Combinations	We engage in various forms of business development activities to enhance or refine our product pipeline, including acquisitions, collaborations, investments, and licensing arrangements. In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process. We account for each arrangement as either a business combination or an asset acquisition in accordance with GAAP.
Investments in Equity and Debt Securities	Our equity investments are accounted for using three different methods depending on the type of equity investment: •Investments in companies over which we have significant influence but not a controlling interest are accounted for using the equity method, with our share of earnings or losses reported in other-net, (income) expense. •For equity investments that do not have readily determinable fair values, we measure these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any change in recorded value is recorded in other-net, (income) expense. •Our public equity investments are measured and carried at fair value. Any change in fair value is recognized in other-net, (income) expense. We adjust our equity investments without readily determinable fair values based upon changes in the equity instruments' values resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Downward adjustments resulting from an impairment are recorded based upon impairment considerations, including the financial condition and near-term prospects of the issuer, general market conditions, and industry specific factors.We record our available-for-sale debt securities at fair value, with changes in fair value reported as a component of accumulated other comprehensive income (loss). We periodically assess our investment in available-for-sale securities for impairment losses and credit losses. The amount of credit losses is determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration.
Description of Derivative Risk Management	For derivative instruments that are designated and qualify as fair value hedges, the derivative instrument is marked to market, with gains and losses recognized currently in income to offset the respective losses and gains recognized on the underlying exposure. For derivative instruments that are designated and qualify as cash flow hedges, gains and losses are reported as a component of accumulated other comprehensive income (loss) (see Note 11) and reclassified into earnings in the same period the hedged transaction affects earnings. For derivative and non-derivative instruments that are designated and qualify as net investment hedges, the foreign currency translation gains or losses due to spot rate fluctuations are reported as a component of accumulated other comprehensive income (loss) (see Note 11). Derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in earnings during the period of change. We may enter into foreign currency forward or option contracts to reduce the effect of fluctuating currency exchange rates (primarily the euro, Chinese yuan, and Japanese yen). Foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures. Forward and option contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies. These contracts are recorded at fair value with the gain or loss recognized in other–net, (income) expense. In the normal course of business, our operations are exposed to fluctuations in interest rates which can vary the costs of financing, investing, and operating. We seek to address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. The objective of controlling these risks is to limit the impact of fluctuations in interest rates on earnings. Our primary interest-rate risk exposure results from changes in short-term U.S. dollar interest rates. In an effort to manage interest-rate exposures, we strive to achieve an acceptable balance between fixed- and floating-rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance. Interest rate swaps or collars that convert our fixed-rate debt to a floating rate are designated as fair value hedges of the underlying instruments. Interest rate swaps or collars that convert floating-rate debt to a fixed rate are designated as cash flow hedges. Interest expense on the debt is adjusted to include the payments made or received under the swap agreements. Cash proceeds from or payments to counterparties resulting from the termination of interest rate swaps are classified as operating activities in our consolidated condensed statements of cash flows. We also may enter into forward-starting interest rate swaps and treasury locks, which we designate as cash flow hedges, as part of any anticipated future debt issuances in order to reduce the risk of cash flow volatility from future changes in interest rates. The change in fair value of these instruments is recorded as part of other comprehensive income (loss) (see Note 11) and, upon completion of a debt issuance and termination of the instrument, is amortized to interest expense over the life of the underlying debt. Cash proceeds or payments from the termination of these instruments are classified as operating activities in our consolidated condensed statements of cash flows.
Contingencies	Litigation accruals and environmental liabilities and the related estimated insurance recoverables are reflected on a gross basis as liabilities and assets, respectively, on our consolidated balance sheets. With respect to the product liability claims currently asserted against us, we have accrued for our estimated exposures to the extent they are both probable and reasonably estimable based on the information available to us. We accrue for certain product liability claims incurred but not filed to the extent we can formulate a reasonable estimate of their costs. We estimate these expenses based primarily on historical claims experience and data regarding product usage. Legal defense costs expected to be incurred in connection with significant product liability loss contingencies are accrued when both probable and reasonably estimable. Because of the nature of pharmaceutical products, it is possible that we could become subject to large numbers of additional product liability and related claims in the future. Due to a very restrictive market for litigation liability insurance, we are self-insured for litigation liability losses for all our currently and previously marketed products.

Other Comprehensive Income (Loss) - Tax Effect (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$ 122.3	$ (115.3)	$ 36.1	$ (99.1)
Foreign currency translation gains/losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	121.9	(90.3)	53.7	(50.2)
Net unrealized gains/losses on available-for-sale securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	(5.0)	3.5	(3.0)	2.5
Defined Benefit Pension and Retiree Health Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	(1.0)	(6.9)	(1.5)	(13.9)
Net unrealized gains/losses on cash flow hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$ 6.4	$ (21.6)	$ (13.1)	$ (37.5)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
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-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Consolidated Condensed Statements of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	May 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividend declared per share (in dollars per share)	$ 2.60	$ 2.26
Stock repurchase program, remaining authorized amount	$ 1,980
Stock repurchase program, authorized amount			$ 5,000

Financial Instruments - Schedule of Foreign Currency Forward Commitments (Details) - Sep. 30, 2024 € in Millions, ¥ in Millions, £ in Millions, $ in Millions	USD ($)	EUR (€)	JPY (¥)	GBP (£)
Buy Euros Sell U.S. Dollars
Offsetting Assets [Line Items]
Derivative liability, notional amount \| €		€ 5,325.1
Derivative asset, notional amount	$ 5,955.9
Buy USD Sell Euro
Offsetting Assets [Line Items]
Derivative liability, notional amount	1,945.4
Derivative asset, notional amount \| €		€ 1,744.4
Buy U.S. Dollars Sell Japanese Yen
Offsetting Assets [Line Items]
Derivative liability, notional amount	521.1
Derivative asset, notional amount \| ¥			¥ 73,217.3
Buy GBP Sell USD
Offsetting Assets [Line Items]
Derivative liability, notional amount \| £				£ 128.8
Derivative asset, notional amount	$ 170.4

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Other Comprehensive Income (Loss) - Reclassification (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	$ (20.9)	$ (0.1)	$ 0.1	$ (11.1)
Total before tax	1,588.4	427.2	7,641.7	4,045.8
Tax benefit	(618.1)	(484.6)	(1,461.5)	(995.1)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	23.8	15.9	81.4	21.7
Amortization of retirement benefit items \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before tax	30.0	16.4	89.3	49.2
Tax benefit	(6.3)	(3.4)	(18.7)	(10.3)
Total reclassifications, net of tax	23.7	13.0	70.6	38.9
Prior service benefits, net \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	(0.8)	(12.7)	(2.6)	(37.9)
Actuarial losses, net \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	30.8	29.1	91.9	87.1
Other, net of tax \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other–net, (income) expense	$ 0.1	$ 2.9	$ 10.8	$ (17.2)

Financial Instruments - Schedule of Contractual Maturities (Details) $ in Millions	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Total	$ 685.2
Less Than 1 Year	105.9
1-5 Years	185.1
6-10 Years	100.8
More Than 10 Years	$ 293.4

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Revenue - Disaggregation of Revenue by Geographical Area (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 11,439.1	$ 9,498.6	$ 31,509.9	$ 24,770.7
U.S.
Disaggregation of Revenue [Line Items]
Revenue	7,813.6	5,368.1	21,343.2	15,335.6
Europe
Disaggregation of Revenue [Line Items]
Revenue	1,628.3	2,568.6	4,472.7	4,837.1
Japan
Disaggregation of Revenue [Line Items]
Revenue	429.1	390.8	1,255.7	1,233.6
China
Disaggregation of Revenue [Line Items]
Revenue	459.9	390.8	1,231.2	1,162.6
Other foreign countries
Disaggregation of Revenue [Line Items]
Revenue	$ 1,108.2	$ 780.3	$ 3,207.1	$ 2,201.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Revenue - Adjustments to Revenue (Details)	3 Months Ended		9 Months Ended
Revenue - Adjustments to Revenue (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
U.S. \| Sales returns, rebates, and discounts
Change in Accounting Estimate [Line Items]
Revenue, information used to determine revenue recognized, change in accounting estimate, percent (less than)	6.00%	2.00%	4.00%	1.00%

Consolidated Condensed Statements of Operations (Unaudited) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue (Note 2)	$ 11,439,100,000	$ 9,498,600,000	$ 31,509,900,000	$ 24,770,700,000
Costs, expenses, and other:
Cost of sales	2,170,800,000	1,860,100,000	6,014,500,000	5,294,200,000
Research and development	2,734,100,000	2,409,100,000	7,968,100,000	6,750,700,000
Marketing, selling, and administrative	2,099,800,000	1,803,900,000	6,169,300,000	5,478,500,000
Acquired in-process research and development (Note 3)	2,826,400,000	2,975,100,000	3,091,200,000	3,177,200,000
Asset impairment, restructuring, and other special charges (Note 5)	81,600,000	0	516,600,000	0
Other–net, (income) expense (Note 12)	(62,000,000.0)	23,200,000	108,500,000	24,300,000
Costs, expenses, and other	9,850,700,000	9,071,400,000	23,868,200,000	20,724,900,000
Income before income taxes	1,588,400,000	427,200,000	7,641,700,000	4,045,800,000
Income taxes (Note 8)	618,100,000	484,600,000	1,461,500,000	995,100,000
Net income (loss)	$ 970,300,000	$ (57,400,000)	$ 6,180,200,000	$ 3,050,700,000
Earnings (loss) per share:
Basic (in dollars per share)	$ 1.08	$ (0.06)	$ 6.86	$ 3.39
Diluted (in dollars per share)	$ 1.07	$ (0.06)	$ 6.83	$ 3.38
Shares used in calculation of earnings (loss) per share:
Basic (in shares)	901.0	899.8	900.9	900.2
Diluted (in shares)	905.0	899.8	904.4	903.1

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 1,114.0	$ 791.7
Work in process	4,035.1	3,248.6
Raw materials and supplies	2,237.3	1,630.1
Total (approximates replacement cost)	7,386.4	5,670.4
Increase to last-in, first-out (LIFO) cost	73.4	102.4
Inventories	$ 7,459.8	$ 5,772.8

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions			1 Months Ended
	May 23, 2024	Dec. 27, 2023	May 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill				$ 5,768.4	$ 4,939.7
NexPharm Parent HoldCo, LLC and Isopro Holdings, LLC
Business Acquisition [Line Items]
Cash	$ 2.3
Goodwill	816.5
Property and equipment	108.5
Other assets and liabilities, net	(0.3)
Acquisition date fair value of consideration transferred	927.0
Less:
Cash acquired	(2.3)
Cash paid, net of cash acquired	$ 924.7		$ 924.7
Point Biopharma Global Inc
Business Acquisition [Line Items]
Cash		$ 302.7
Acquired in-process research and development (IPR&D)		196.0
Goodwill		859.1
Other assets and liabilities, net		(19.3)
Acquisition date fair value of consideration transferred		1,338.5
Less:
Cash acquired		$ (302.7)

Financial Instruments - Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Unrealized gross gains	$ 7.2	$ 3.4
Unrealized gross losses	29.2	37.9
Fair value of securities in an unrealized gain position	278.0	159.2
Fair value of securities in an unrealized loss position	$ 367.6	$ 452.0

Asset Impairment, Restructuring, and Other Special Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Asset Impairment, Restructuring, and Other Special Charges	Asset Impairment, Restructuring, and Other Special Charges Asset impairment, restructuring, and other special charges recognized during the three months ended September 30, 2024 were $81.6 million, which primarily related to impairment of an intangible asset in development driven by expected commercial projections. Asset impairment, restructuring, and other special charges recognized during the nine months ended September 30, 2024 were $516.6 million, which primarily related to litigation charges and the previously mentioned impairment. See Note 10 for additional information related to the litigation charges. There were no asset impairment, restructuring, and other special charges recognized during the three and nine months ended September 30, 2023.

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rates, percentage	38.90%	113.40%	19.10%	24.60%

Other–Net, (Income) Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nonoperating Income (Expense) [Abstract]
Interest expense	$ 192.7	$ 124.6	$ 555.9	$ 347.7
Interest income	(47.8)	(48.9)	(130.9)	(129.1)
Net investment (gains) losses on equity securities (Note 7)	(112.4)	62.9	29.5	141.5
Retirement benefit plans	(115.4)	(115.5)	(345.9)	(346.9)
Other (income) expense	20.9	0.1	(0.1)	11.1
Other–net, (income) expense	$ (62.0)	$ 23.2	$ 108.5	$ 24.3

Collaborations and Other Arrangements (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Significant Milestones and Revenue Recognized

The following table summarizes our revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Jardiance	$	686.4	$	700.8	$	2,142.5	$	1,946.6
Basaglar	161.6		179.6		500.0		543.1
Trajenta	91.7		95.2		257.3		284.7

The following table summarizes our net product revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Olumiant	$	250.8	$	231.4	$	695.9	$	679.2

The following table summarizes our revenue recognized:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Tyvyt	$	150.2	$	115.1	$	389.9	$	279.7

Acquisitions - Asset Acquisitions (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Morphic Holding, Inc. (Morphic)
Business Acquisition [Line Items]
Acquired IPR&D Charge	$ 2,548.5
DICE Therapeutics, Inc.
Business Acquisition [Line Items]
Acquired IPR&D Charge		$ 1,915.5
Versanis Bio, Inc.
Business Acquisition [Line Items]
Acquired IPR&D Charge		604.1
Emergence Therapeutics AG
Business Acquisition [Line Items]
Acquired IPR&D Charge		$ 406.5

Collaborations and Other Arrangements - Net Product Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 11,439.1	$ 9,498.6	$ 31,509.9	$ 24,770.7
Jardiance
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	686.4	700.8	2,142.5	1,946.6
Basaglar
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	161.6	179.6	500.0	543.1
Trajenta
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	91.7	95.2	257.3	284.7
Olumiant
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	250.8	231.4	695.9	679.2
Tyvyt
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 150.2	$ 115.1	$ 389.9	$ 279.7

- Definition

+ References

+ Details

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities
Net income	$ 6,180.2	$ 3,050.7
Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:
Depreciation and amortization	1,281.8	1,139.6
Change in deferred income taxes	(1,716.4)	(1,834.8)
Stock-based compensation expense	503.7	508.3
Net investment losses	29.8	144.5
Gains on sale of product rights	(100.7)	(1,853.9)
Acquired in-process research and development	3,091.2	3,177.2
Other changes in operating assets and liabilities, net of acquisitions and divestitures	(3,160.1)	117.2
Other operating activities, net	234.6	103.2
Net Cash Provided by Operating Activities	6,344.1	4,552.0
Cash Flows from Investing Activities
Purchases of property and equipment	(3,561.8)	(2,377.0)
Proceeds from sales and maturities of short-term investments	107.3	155.2
Purchases of short-term investments	(68.6)	(79.2)
Proceeds from sales of and distributions from noncurrent investments	318.0	476.2
Purchases of noncurrent investments	(525.1)	(474.8)
Proceeds from sale of product rights	530.9	1,604.3
Cash paid for acquisitions, net of cash acquired	(947.7)	0.0
Purchases of in-process research and development	(3,094.6)	(3,364.0)
Other investing activities, net	(139.4)	(169.1)
Net Cash Used for Investing Activities	(7,381.0)	(4,228.4)
Cash Flows from Financing Activities
Dividends paid	(3,512.1)	(3,051.2)
Net change in short-term borrowings	(4,894.1)	97.0
Proceeds from issuance of long-term debt	11,417.1	3,958.5
Repayments of long-term debt	(664.2)	0.0
Purchases of common stock	(446.1)	(750.0)
Other financing activities, net	(445.1)	(303.4)
Net Cash Provided by (Used for) Financing Activities	1,455.5	(49.1)
Effect of exchange rate changes on cash and cash equivalents	131.8	39.3
Net increase in cash and cash equivalents	550.4	313.8
Cash and cash equivalents at January 1	2,818.6	2,067.0
Cash and Cash Equivalents at September 30	$ 3,369.0	$ 2,380.8

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of the Amounts Recognized for Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at May 23, 2024
Cash	$	2.3
Goodwill(1)	816.5
Property and equipment	108.5
Other assets and liabilities, net	(0.3)
Acquisition date fair value of consideration transferred	927.0
Less:
Cash acquired	(2.3)
Cash paid, net of cash acquired	$	924.7

(1) The goodwill recognized from this acquisition is primarily attributable to the synergies between the manufacturing capabilities of the site and our products as well as the assembled workforce of the site, which is deductible for tax purposes.

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at December 27, 2023
Cash	$	302.7
Acquired in-process research and development (IPR&D)	196.0
Goodwill (1)	859.1

Other assets and liabilities, net	(19.3)
Acquisition date fair value of consideration transferred	1,338.5
Less:
Cash acquired	(302.7)
Cash paid, net of cash acquired	$	1,035.8

(1) The goodwill recognized from this acquisition is primarily attributable to the radiopharmaceutical discovery, development, and manufacturing capabilities and the assembled workforce for POINT, which is not deductible for tax purposes.

Schedule of Research and Development Assets Acquired Other than Through Business Combination

The following table summarizes our significant acquired IPR&D charges during the three and nine months ended September 30, 2024 and 2023:

Counterparty

Compound(s), Therapy or Asset

Acquisition Month

Phase of Development(1)

Acquired IPR&D Charge

Morphic Holding, Inc. (Morphic)

MORF-057, inhibitor of α4β7 integrin for the treatment of inflammatory bowel disease

August 2024

Phase 2

2,548.5

DICE Therapeutics, Inc.

DC-806, an oral IL-17 inhibitor for the treatment of chronic diseases in immunology(2)

August 2023

Phase 2

1,915.5

Versanis Bio, Inc.

Bimagrumab, a monoclonal antibody for the treatment of people living with obesity and obesity-related complications

August 2023

Phase 2

604.1

Emergence Therapeutics AG

ETx-22, a Nectin-4 antibody-drug conjugate for the treatment of urothelial cancer

August 2023

Pre-clinical

406.5

(1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable.

(2) In 2024, we discontinued development of this molecule in favor of another molecule in development.

Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Other Comprehensive Income (Loss)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the three months ended September 30, 2024 and 2023:



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2024	$	(2,001.6)	$	(32.6)	$	(2,633.6)	$	289.3	$	(4,378.5)

Other comprehensive income (loss) before reclassifications	117.9		15.9		(28.9)		(25.0)		79.9
Net amount reclassified from accumulated other comprehensive loss	—		—		23.7		0.1		23.8
Net other comprehensive income (loss)	117.9		15.9		(5.2)		(24.9)		103.7

Balance at September 30, 2024	$	(1,883.7)	$	(16.7)	$	(2,638.8)	$	264.4	$	(4,274.8)



(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at July 1, 2023	$	(1,885.3)	$	(33.5)	$	(2,058.8)	$	188.9	$	(3,788.7)

Other comprehensive income (loss) before reclassifications	(88.7)		(13.5)		10.5		79.6		(12.1)
Net amount reclassified from accumulated other comprehensive loss	—		1.4		13.0		1.5		15.9
Net other comprehensive income (loss)	(88.7)		(12.1)		23.5		81.1		3.8

Balance at September 30, 2023	$	(1,974.0)	$	(45.6)	$	(2,035.3)	$	270.0	$	(3,784.9)

The following tables summarize the activity related to each component of other comprehensive income (loss) during the nine months ended September 30, 2024 and 2023:


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2024	$	(1,819.0)	$	(26.2)	$	(2,697.3)	$	215.5	$	(4,327.0)

Other comprehensive income (loss) before reclassifications	(74.9)		9.3		(12.1)		48.5		(29.2)
Net amount reclassified from accumulated other comprehensive loss	10.2		0.2		70.6		0.4		81.4
Net other comprehensive income (loss)	(64.7)		9.5		58.5		48.9		52.2

Balance at September 30, 2024	$	(1,883.7)	$	(16.7)	$	(2,638.8)	$	264.4	$	(4,274.8)


(Amounts presented net of taxes)	Foreign Currency Translation Gains (Losses)		Net Unrealized Gains (Losses) on Available-For-Sale Securities		Defined Benefit Pension and Retiree Health Benefit Plans		Net Unrealized Gains (Losses) on Cash Flow Hedges		Accumulated Other Comprehensive Loss
Balance at January 1, 2023	$	(1,874.2)	$	(37.1)	$	(2,062.3)	$	129.0	$	(3,844.6)

Other comprehensive income (loss) before reclassifications	(74.6)		(11.3)		(11.9)		135.8		38.0
Net amount reclassified from accumulated other comprehensive loss	(25.2)		2.8		38.9		5.2		21.7
Net other comprehensive income (loss)	(99.8)		(8.5)		27.0		141.0		59.7

Balance at September 30, 2023	$	(1,974.0)	$	(45.6)	$	(2,035.3)	$	270.0	$	(3,784.9)

The tax effects on the net activity related to each component of other comprehensive income (loss) were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
Tax benefit (expense)	2024		2023		2024		2023
Foreign currency translation gains/losses	$	121.9	$	(90.3)	$	53.7	$	(50.2)
Net unrealized gains/losses on available-for-sale securities	(5.0)		3.5		(3.0)		2.5
Defined benefit pension and retiree health benefit plans	(1.0)		(6.9)		(1.5)		(13.9)
Net unrealized gains/losses on cash flow hedges	6.4		(21.6)		(13.1)		(37.5)
Benefit (expense) for income taxes allocated to other comprehensive income (loss) items	$	122.3	$	(115.3)	$	36.1	$	(99.1)

Except for the tax effects of foreign currency translation gains and losses related to our foreign currency-denominated notes, cross-currency interest rate swaps, and other foreign currency exchange contracts designated as net investment hedges (see Note 7), income taxes were not provided for foreign currency translation. Generally, the assets and liabilities of foreign operations are translated into U.S. dollars using the current exchange rate. For those operations, changes in exchange rates generally do not affect cash flows; therefore, resulting translation adjustments are made in shareholders' equity rather than in the consolidated condensed statements of operations.

Reclassifications out of accumulated other comprehensive loss were as follows:


Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30,				Nine Months Ended September 30,				Affected Line Item in the Consolidated Condensed Statements of Operations

	2024		2023		2024		2023
Amortization of retirement benefit items:
Prior service benefits, net	$	(0.8)	$	(12.7)	$	(2.6)	$	(37.9)	Other–net, (income) expense
Actuarial losses, net	30.8		29.1		91.9		87.1		Other–net, (income) expense
Total before tax	30.0		16.4		89.3		49.2
Tax benefit	(6.3)		(3.4)		(18.7)		(10.3)		Income taxes
Net of tax	23.7		13.0		70.6		38.9

Other, net of tax	0.1		2.9		10.8		(17.2)		Other–net, (income) expense

Total reclassifications, net of tax	$	23.8	$	15.9	$	81.4	$	21.7

Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Pension and Retiree Health (Benefit) Cost

Net pension and retiree health (benefit) cost included the following components:


	Defined Benefit Pension Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic cost:
Service cost	$	84.9	$	72.5	$	254.3	$	217.8
Interest cost	165.9		162.3		496.6		486.0
Expected return on plan assets	(278.8)		(264.0)		(834.3)		(791.5)
Amortization of prior service cost	0.6		0.6		1.6		1.8
Recognized actuarial loss	31.4		30.6		93.8		91.5

Net periodic cost	$	4.0	$	2.0	$	12.0	$	5.6


	Retiree Health Benefit Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic benefit:
Service cost	$	8.9	$	7.9	$	26.6	$	23.8
Interest cost	15.5		15.3		46.6		46.0
Expected return on plan assets	(48.0)		(45.5)		(144.1)		(136.6)
Amortization of prior service benefit	(1.4)		(13.3)		(4.2)		(39.7)
Recognized actuarial gain	(0.6)		(1.5)		(1.9)		(4.4)

Net periodic benefit	$	(25.6)	$	(37.1)	$	(77.0)	$	(110.9)

Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances	$ 15.7	$ 14.8
Property and equipment, accumulated depreciation	$ 11,816.0	$ 11,099.3

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net product revenue	$	10,571.6	$	7,306.2	$	28,723.0	$	20,524.2
Collaboration and other revenue	867.5		2,192.4		2,786.9		4,246.5
Revenue	$	11,439.1	$	9,498.6	$	31,509.9	$	24,770.7

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, as well as from the 2023 sales of rights for the olanzapine portfolio, including Zyprexa®, and for Baqsimi®, all of which are 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 nine months ended September 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 6 percent and 2 percent of U.S. revenue during the three months ended September 30, 2024 and 2023, respectively, and 4 percent and less than 1 percent of U.S. revenue during the nine months ended September 30, 2024 and 2023, respectively.

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:


	September 30, 2024		December 31, 2023
Contract liabilities	$	173.2	$	193.6

During the three and nine months ended September 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 September 30, 2024 and 2023:


	Three Months Ended September 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total

Cardiometabolic Health:
Mounjaro®	$	2,384.7	$	728.0	$	3,112.7	$	1,277.0	$	132.4	$	1,409.3
Trulicity®	935.3		366.0		1,301.4		1,259.0		414.6		1,673.6
Zepbound®	1,257.8		—		1,257.8		—		—		—
Jardiance(1)	335.9		350.5		686.4		415.9		284.8		700.8
Humalog® (2)	323.9		210.8		534.6		194.2		201.2		395.4
Humulin®	149.9		57.1		207.1		145.5		61.2		206.7
Basaglar® (3)	85.5		76.2		161.6		111.4		68.2		179.6
Baqsimi	8.2		5.1		13.4		3.8		9.3		13.1
Other cardiometabolic health	35.8		96.3		132.0		53.2		88.6		141.9
Total cardiometabolic health	5,517.0		1,890.0		7,407.0		3,460.0		1,260.3		4,720.4

Oncology:
Verzenio®	878.8		490.4		1,369.3		684.6		355.7		1,040.2
Cyramza®	106.5		129.4		236.0		88.0		136.1		224.1
Erbitux®	133.2		18.7		152.0		134.0		19.9		153.9
Tyvyt®	—		150.2		150.2		—		115.1		115.1
Other oncology	175.8		148.8		324.3		95.0		118.7		213.8
Total oncology	1,294.3		937.5		2,231.8		1,001.6		745.5		1,747.1

Immunology:
Taltz®	600.3		279.3		879.6		509.3		234.9		744.2
Olumiant®	68.9		181.8		250.8		65.7		165.7		231.4
Other immunology	24.9		30.5		55.3		—		11.4		11.4
Total immunology	694.1		491.6		1,185.7		575.0		412.0		986.9

Neuroscience:
Emgality®	141.3		61.6		202.9		126.5		42.1		168.5

Zyprexa (4)	1.9		29.8		31.7		49.9		1,431.5		1,481.4
Other neuroscience	58.1		59.1		117.2		31.0		87.0		118.2
Total neuroscience	201.3		150.5		351.8		207.4		1,560.6		1,768.1


Other:
Forteo®	71.7		46.4		118.1		101.2		45.2		146.4
Cialis®	4.2		87.3		91.5		4.9		82.0		86.8
Other	31.1		22.1		53.2		18.0		24.8		42.9
Total other	107.0		155.8		262.8		124.1		152.0		276.1
Revenue	$	7,813.6	$	3,625.5	$	11,439.1	$	5,368.1	$	4,130.5	$	9,498.6

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®.

(4) Zyprexa revenue includes sale of rights for the olanzapine portfolio in July 2023.

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


	Nine Months Ended September 30,
	2024						2023
	U.S.		Outside U.S.		Total		U.S.		Outside U.S.		Total

Cardiometabolic Health:
Mounjaro	$	6,318.7	$	1,691.3	$	8,010.0	$	2,729.1	$	228.4	$	2,957.5
Trulicity	2,894.0		1,109.3		4,003.3		4,177.7		1,285.6		5,463.2
Zepbound	3,018.4		—		3,018.4		—		—		—
Jardiance(1)	1,133.1		1,009.4		2,142.5		1,131.5		815.1		1,946.6
Humalog(2)	1,096.8		608.1		1,704.9		695.6		601.2		1,296.8
Humulin	472.3		164.5		636.8		488.6		175.4		664.0
Basaglar(3)	273.9		226.1		500.0		329.7		213.4		543.1
Baqsimi	1.4		23.4		24.8		633.1		25.4		658.4
Other cardiometabolic health	114.4		259.5		373.9		131.1		260.7		392.0
Total cardiometabolic health	15,323.0		5,091.6		20,414.6		10,316.4		3,605.2		13,921.6

Oncology:
Verzenio	2,378.4		1,373.1		3,751.5		1,734.2		983.7		2,717.9
Cyramza	329.9		384.8		714.7		303.6		417.5		721.1
Erbitux	408.2		44.2		452.4		398.3		48.0		446.3
Tyvyt	—		389.9		389.9		—		279.7		279.7
Other oncology	451.4		440.6		892.0		253.9		355.2		609.1
Total oncology	3,567.9		2,632.6		6,200.5		2,690.0		2,084.1		4,774.1

Immunology:
Taltz	1,486.7		821.7		2,308.4		1,293.8		681.2		1,975.0
Olumiant	159.8		536.0		695.9		158.8		520.4		679.2
Other immunology	44.5		53.3		97.7		—		39.0		39.0
Total immunology	1,691.0		1,411.0		3,102.0		1,452.6		1,240.6		2,693.2

Neuroscience:
Emgality	404.0		216.7		620.6		354.0		138.2		492.2
Zyprexa (4)	0.5		107.0		107.5		69.1		1,581.9		1,651.0
Other neuroscience	151.9		200.3		352.3		89.7		282.9		372.6
Total neuroscience	556.4		524.0		1,080.4		512.8		2,003.0		2,515.8

Other:
Cialis	17.6		301.0		318.6		21.6		281.1		302.7
Forteo	124.9		124.4		249.3		269.2		147.6		416.8
Other	62.5		82.0		144.5		73.0		73.4		146.5
Total other	205.0		507.4		712.4		363.8		502.1		866.0
Revenue	$	21,343.2	$	10,166.7	$	31,509.9	$	15,335.6	$	9,435.0	$	24,770.7

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.

(4) Zyprexa revenue includes sale of rights for the olanzapine portfolio in July 2023.

The following table summarizes revenue by geographical area:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue(1):
U.S.	$	7,813.6	$	5,368.1	$	21,343.2	$	15,335.6
Europe	1,628.3		2,568.6		4,472.7		4,837.1
Japan	429.1		390.8		1,255.7		1,233.6
China	459.9		390.8		1,231.2		1,162.6
Other foreign countries	1,108.2		780.3		3,207.1		2,201.8
Revenue	$	11,439.1	$	9,498.6	$	31,509.9	$	24,770.7

Numbers may not add due to rounding.

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

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Retirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Retirement Benefits

Net pension and retiree health (benefit) cost included the following components:


	Defined Benefit Pension Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic cost:
Service cost	$	84.9	$	72.5	$	254.3	$	217.8
Interest cost	165.9		162.3		496.6		486.0
Expected return on plan assets	(278.8)		(264.0)		(834.3)		(791.5)
Amortization of prior service cost	0.6		0.6		1.6		1.8
Recognized actuarial loss	31.4		30.6		93.8		91.5

Net periodic cost	$	4.0	$	2.0	$	12.0	$	5.6


	Retiree Health Benefit Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Components of net periodic benefit:
Service cost	$	8.9	$	7.9	$	26.6	$	23.8
Interest cost	15.5		15.3		46.6		46.0
Expected return on plan assets	(48.0)		(45.5)		(144.1)		(136.6)
Amortization of prior service benefit	(1.4)		(13.3)		(4.2)		(39.7)
Recognized actuarial gain	(0.6)		(1.5)		(1.9)		(4.4)

Net periodic benefit	$	(25.6)	$	(37.1)	$	(77.0)	$	(110.9)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (r)(2)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

We engage in various forms of business development activities to enhance or refine our product pipeline, including acquisitions, collaborations, investments, and licensing arrangements. In connection with these arrangements, our partners may be entitled to future royalties and/or commercial milestones based on sales should products be approved for commercialization and/or milestones based on the successful progress of compounds through the development process. We account for each arrangement as either a business combination or an asset acquisition in accordance with GAAP.

Business Combination

When an acquisition met the definition of a business under GAAP, the assets acquired and liabilities assumed were recorded at their respective fair values as of the acquisition date in our consolidated condensed financial statements. The determination of estimated fair value required management to make significant estimates and assumptions. The excess of the purchase price over the fair value of the acquired net assets was recorded as goodwill. The results of operations of the acquisition are included in our consolidated condensed financial statements from the date of acquisition.

Manufacturing Facility Acquisition

Overview of Transaction

In May 2024, we acquired all outstanding membership interests of NexPharm Parent HoldCo, LLC and Isopro Holdings, LLC, which together own the assets of a manufacturing site in Pleasant Prairie, Wisconsin, for a purchase price of $924.7 million, net of cash acquired. The facility is intended to further expand our global parenteral (injectable) product manufacturing network.

Assets Acquired and Liabilities Assumed

Our access to information was limited prior to this acquisition. As a consequence, we are in the process of determining fair values and tax bases of the assets acquired. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized.

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at May 23, 2024
Cash	$	2.3
Goodwill(1)	816.5
Property and equipment	108.5
Other assets and liabilities, net	(0.3)
Acquisition date fair value of consideration transferred	927.0
Less:
Cash acquired	(2.3)
Cash paid, net of cash acquired	$	924.7

The results of operations attributable to this acquisition for the three and nine months ended September 30, 2024 were not material.

Pro forma information has not been included as this acquisition did not have a material impact on our consolidated condensed statements of operations for the three and nine months ended September 30, 2023.

POINT Acquisition

Overview of Transaction

In December 2023, we acquired all shares of POINT Biopharma Global Inc. (POINT) for a purchase price of $12.50 per share in cash (or an aggregate of $1.04 billion, net of cash acquired). POINT has capabilities in radiopharmaceutical discovery, development, and manufacturing efforts, as well as clinical and pre-clinical radioligand therapies in development for the treatment of cancer.

Acquired and Liabilities Assumed

Our access to POINT information was limited prior to the acquisition. As a consequence, we are in the process of determining fair values and tax bases of a significant portion of the assets acquired and liabilities assumed, including the identification and valuation of intangible assets and tax exposures. The final determination of these amounts will be completed as soon as possible but no later than one year from the acquisition date. The final determination may result in asset and liability fair values and tax bases that differ from the preliminary estimates and require changes to the preliminary amounts recognized.

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at December 27, 2023
Cash	$	302.7
Acquired in-process research and development (IPR&D)	196.0
Goodwill (1)	859.1

Other assets and liabilities, net	(19.3)
Acquisition date fair value of consideration transferred	1,338.5
Less:
Cash acquired	(302.7)
Cash paid, net of cash acquired	$	1,035.8

The results of operations attributable to POINT for the three and nine months ended September 30, 2024 were not material.

Asset Acquisitions

Upon each asset acquisition, the cost allocated to acquired IPR&D was immediately expensed as acquired IPR&D if the compound had no alternative future use. Milestone payment obligations incurred prior to regulatory approval of the compound were expensed as acquired IPR&D when the event triggering an obligation to pay the milestone occurred. We recognized acquired IPR&D charges of $2.83 billion and $3.09 billion for the three and nine months ended September 30, 2024, respectively, and $2.98 billion and $3.18 billion for the three and nine months ended September 30, 2023, respectively. The following table summarizes our significant acquired IPR&D charges during the three and nine months ended September 30, 2024 and 2023:

Counterparty

Compound(s), Therapy or Asset

Acquisition Month

Phase of Development(1)

Acquired IPR&D Charge

Morphic Holding, Inc. (Morphic)

MORF-057, inhibitor of α4β7 integrin for the treatment of inflammatory bowel disease

August 2024

Phase 2

2,548.5

DICE Therapeutics, Inc.

DC-806, an oral IL-17 inhibitor for the treatment of chronic diseases in immunology(2)

August 2023

Phase 2

1,915.5

Versanis Bio, Inc.

Bimagrumab, a monoclonal antibody for the treatment of people living with obesity and obesity-related complications

August 2023

Phase 2

604.1

Emergence Therapeutics AG

ETx-22, a Nectin-4 antibody-drug conjugate for the treatment of urothelial cancer

August 2023

Pre-clinical

406.5

(1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable.

(2) In 2024, we discontinued development of this molecule in favor of another molecule in development.

Acquisitions

Business Combination

Manufacturing Facility Acquisition

Overview of Transaction

Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at May 23, 2024
Cash	$	2.3
Goodwill(1)	816.5
Property and equipment	108.5
Other assets and liabilities, net	(0.3)
Acquisition date fair value of consideration transferred	927.0
Less:
Cash acquired	(2.3)
Cash paid, net of cash acquired	$	924.7

The results of operations attributable to this acquisition for the three and nine months ended September 30, 2024 were not material.

POINT Acquisition

Overview of Transaction

Acquired and Liabilities Assumed

The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:


Estimated Fair Value at December 27, 2023
Cash	$	302.7
Acquired in-process research and development (IPR&D)	196.0
Goodwill (1)	859.1

Other assets and liabilities, net	(19.3)
Acquisition date fair value of consideration transferred	1,338.5
Less:
Cash acquired	(302.7)
Cash paid, net of cash acquired	$	1,035.8

The results of operations attributable to POINT for the three and nine months ended September 30, 2024 were not material.

Asset Acquisitions

Counterparty

Compound(s), Therapy or Asset

Acquisition Month

Phase of Development(1)

Acquired IPR&D Charge

Morphic Holding, Inc. (Morphic)

MORF-057, inhibitor of α4β7 integrin for the treatment of inflammatory bowel disease

August 2024

Phase 2

2,548.5

DICE Therapeutics, Inc.

DC-806, an oral IL-17 inhibitor for the treatment of chronic diseases in immunology(2)

August 2023

Phase 2

1,915.5

Versanis Bio, Inc.

Bimagrumab, a monoclonal antibody for the treatment of people living with obesity and obesity-related complications

August 2023

Phase 2

604.1

Emergence Therapeutics AG

ETx-22, a Nectin-4 antibody-drug conjugate for the treatment of urothelial cancer

August 2023

Pre-clinical

406.5

(1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable.

(2) In 2024, we discontinued development of this molecule in favor of another molecule in development.