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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The following table summarizes our revenue recognized in our consolidated condensed statements of operations:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net product revenue | $ | 10,354.9 |  |  | $ | 6,979.8 |  |  | $ | 18,151.4 |  |  | $ | 13,218.0 |
Collaboration and other revenue | 947.9 |  |  | 1,332.3 |  |  | 1,919.4 |  |  | 2,054.1 |
Revenue | $ | 11,302.8 |  |  | $ | 8,312.1 |  |  | $ | 20,070.8 |  |  | $ | 15,272.1 |
We recognize revenue primarily from two different types of contracts, product sales to customers (net product revenue) and collaborations and other arrangements. Revenue recognized from collaborations and other arrangements includes our share of profits from the collaborations, as well as royalties, upfront and milestone payments we receive under these types of contracts. See Note 4 for additional information related to our collaborations and other arrangements. Collaboration and other revenue disclosed above includes the revenue from the Jardiance® and Trajenta® families of products resulting from our collaboration with Boehringer Ingelheim and from the 2023 sale of rights for Baqsimi® discussed in Note 4. Substantially all of the remainder of collaboration and other revenue is related to contracts accounted for as contracts with customers. Collaboration and other revenue associated with intellectual property licensed in prior periods was not material during the three and six months ended June 30, 2024 and 2023. Adjustments to Revenue Adjustments to revenue recognized as a result of changes in estimates for our most significant United States (U.S.) sales returns, rebates, and discounts liability balances for products shipped in previous periods were 4 percent and 3 percent of U.S. revenue during the three and six months ended June 30, 2024, respectively, and less than 1 percent of U.S. revenue during the three and six months ended June 30, 2023. Contract Liabilities Our contract liabilities result from arrangements where we have received payment in advance of performance under the contract and do not include sales returns, rebates, and discounts. Changes in contract liabilities are generally due to either receipt of additional advance payments or our performance under the contract. The following table summarizes contract liability balances:
| June 30, 2024 |  | December 31, 2023
Contract liabilities | $ | 180.1 |  |  | $ | 193.6 |
During the three and six months ended June 30, 2024 and 2023, revenue recognized from contract liabilities as of the beginning of the respective year was not material. Revenue expected to be recognized in the future from contract liabilities as the related performance obligations are satisfied is not expected to be material in any one year. Disaggregation of Revenue The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the three months ended June 30, 2024 and 2023:
| Three Months Ended June 30,
| 2024 |  | 2023
| U.S. | Outside U.S. | Total |  | U.S. | Outside U.S. | Total
Cardiometabolic Health: |  |  |  |  |  |  |
Mounjaro® | $ | 2,413.7 |  | $ | 677.2 |  | $ | 3,090.8 |  |  | $ | 915.7 |  | $ | 64.0 |  | $ | 979.7 |
Trulicity® | 876.7 |  | 368.9 |  | 1,245.6 |  |  | 1,371.3 |  | 441.2 |  | 1,812.5 |
Zepbound® | 1,243.2 |  | — |  | 1,243.2 |  |  | — |  | — |  | — |
Jardiance(1) | 428.9 |  | 340.7 |  | 769.6 |  |  | 386.1 |  | 282.2 |  | 668.3 |
Humalog® (2) | 434.7 |  | 196.9 |  | 631.6 |  |  | 229.8 |  | 210.6 |  | 440.4 |
Humulin® | 169.3 |  | 54.2 |  | 223.6 |  |  | 144.3 |  | 61.0 |  | 205.3 |
Basaglar® (3) | 105.2 |  | 75.6 |  | 180.8 |  |  | 83.0 |  | 71.2 |  | 154.2 |
Baqsimi | 3.3 |  | 9.0 |  | 12.4 |  |  | 606.2 |  | 7.7 |  | 613.9 |
Other cardiometabolic health | 41.1 |  | 76.0 |  | 117.0 |  |  | 45.0 |  | 91.6 |  | 136.6 |
Total cardiometabolic health | 5,716.1 |  | 1,798.5 |  | 7,514.6 |  |  | 3,781.4 |  | 1,229.5 |  | 5,010.9 |
Oncology: |  |  |  |  |  |  |
Verzenio® | 861.4 |  | 470.5 |  | 1,331.9 |  |  | 588.6 |  | 338.2 |  | 926.8 |
Cyramza® | 116.1 |  | 132.8 |  | 248.9 |  |  | 115.0 |  | 145.3 |  | 260.3 |
Erbitux® | 142.9 |  | 13.0 |  | 155.8 |  |  | 145.5 |  | 17.0 |  | 162.5 |
Tyvyt® | — |  | 123.0 |  | 123.0 |  |  | — |  | 103.6 |  | 103.6 |
Other oncology | 154.8 |  | 144.2 |  | 299.1 |  |  | 85.9 |  | 131.9 |  | 217.8 |
Total oncology | 1,275.2 |  | 883.5 |  | 2,158.7 |  |  | 935.0 |  | 736.0 |  | 1,671.0 |
Immunology: |  |  |  |  |  |  |
Taltz® | 539.4 |  | 285.3 |  | 824.7 |  |  | 472.3 |  | 231.6 |  | 703.9 |
Olumiant® | 44.5 |  | 183.2 |  | 227.7 |  |  | 50.8 |  | 168.1 |  | 218.9 |
Other immunology | 15.9 |  | 14.1 |  | 30.0 |  |  | — |  | 5.7 |  | 5.7 |
Total immunology | 599.8 |  | 482.6 |  | 1,082.4 |  |  | 523.1 |  | 405.4 |  | 928.5 |
Neuroscience: |  |  |  |  |  |  |
Emgality® | 137.6 |  | 54.4 |  | 192.0 |  |  | 118.8 |  | 50.5 |  | 169.3 |
Other neuroscience | 54.3 |  | 93.2 |  | 147.5 |  |  | 42.1 |  | 175.8 |  | 217.9 |
Total neuroscience | 191.9 |  | 147.6 |  | 339.5 |  |  | 160.9 |  | 226.3 |  | 387.2 |
Other: |  |  |  |  |  |  |
Cialis® | 7.5 |  | 80.2 |  | 87.7 |  |  | 9.2 |  | 106.4 |  | 115.6 |
Forteo® | 31.5 |  | 38.5 |  | 69.9 |  |  | 97.4 |  | 50.6 |  | 148.0 |
Other | 13.2 |  | 36.7 |  | 50.0 |  |  | 24.4 |  | 26.5 |  | 51.0 |
Total other | 52.2 |  | 155.4 |  | 207.6 |  |  | 131.0 |  | 183.5 |  | 314.6 |
Revenue | $ | 7,835.2 |  | $ | 3,467.5 |  | $ | 11,302.8 |  |  | $ | 5,531.4 |  | $ | 2,780.7 |  | $ | 8,312.1 |
Numbers may not add due to rounding. (1) Jardiance revenue includes Glyxambi®, Synjardy®, and Trijardy® XR. (2) Humalog revenue includes insulin lispro. (3) Basaglar revenue includes Rezvoglar®. The following table summarizes revenue, including net product revenue and collaboration and other revenue, by product for the six months ended June 30, 2024 and 2023:
| Six Months Ended June 30,
| 2024 |  | 2023
| U.S. | Outside U.S. | Total |  | U.S. | Outside U.S. | Total
Cardiometabolic Health: |  |  |  |  |  |  |
Mounjaro | $ | 3,934.0 |  | $ | 963.4 |  | $ | 4,897.4 |  |  | $ | 1,452.2 |  | $ | 96.0 |  | $ | 1,548.2 |
Trulicity | 1,958.6 |  | 743.3 |  | 2,701.9 |  |  | 2,918.7 |  | 871.0 |  | 3,789.6 |
Zepbound | 1,760.6 |  | — |  | 1,760.6 |  |  | — |  | — |  | — |
Jardiance(1) | 797.1 |  | 659.0 |  | 1,456.1 |  |  | 715.6 |  | 530.2 |  | 1,245.8 |
Humalog(2) | 773.0 |  | 397.3 |  | 1,170.3 |  |  | 501.4 |  | 400.0 |  | 901.4 |
Humulin | 322.4 |  | 107.4 |  | 429.8 |  |  | 343.1 |  | 114.2 |  | 457.3 |
Basaglar(3) | 188.4 |  | 149.9 |  | 338.3 |  |  | 218.4 |  | 145.2 |  | 363.5 |
Baqsimi | (6.9) |  | 18.3 |  | 11.5 |  |  | 629.3 |  | 16.1 |  | 645.4 |
Other cardiometabolic health | 78.9 |  | 163.0 |  | 241.7 |  |  | 77.7 |  | 172.2 |  | 250.1 |
Total cardiometabolic health | 9,806.1 |  | 3,201.6 |  | 13,007.6 |  |  | 6,856.4 |  | 2,344.9 |  | 9,201.3 |
Oncology: |  |  |  |  |  |  |
Verzenio | 1,499.6 |  | 882.6 |  | 2,382.2 |  |  | 1,049.6 |  | 628.0 |  | 1,677.7 |
Cyramza | 223.3 |  | 255.4 |  | 478.7 |  |  | 215.6 |  | 281.4 |  | 497.0 |
Erbitux | 275.0 |  | 25.4 |  | 300.4 |  |  | 264.2 |  | 28.1 |  | 292.4 |
Tyvyt | — |  | 239.7 |  | 239.7 |  |  | — |  | 164.6 |  | 164.6 |
Other oncology | 275.6 |  | 292.0 |  | 567.7 |  |  | 159.0 |  | 236.5 |  | 395.3 |
Total oncology | 2,273.5 |  | 1,695.1 |  | 3,968.7 |  |  | 1,688.4 |  | 1,338.6 |  | 3,027.0 |
Immunology: |  |  |  |  |  |  |
Taltz | 886.4 |  | 542.3 |  | 1,428.8 |  |  | 784.5 |  | 446.3 |  | 1,230.8 |
Olumiant | 90.9 |  | 354.2 |  | 445.1 |  |  | 93.1 |  | 354.6 |  | 447.8 |
Other immunology | 19.6 |  | 22.9 |  | 42.4 |  |  | — |  | 27.7 |  | 27.7 |
Total immunology | 996.9 |  | 919.4 |  | 1,916.3 |  |  | 877.6 |  | 828.6 |  | 1,706.3 |
Neuroscience: |  |  |  |  |  |  |
Emgality | 262.7 |  | 155.1 |  | 417.8 |  |  | 227.5 |  | 96.1 |  | 323.6 |
Other neuroscience | 92.4 |  | 218.4 |  | 310.8 |  |  | 77.9 |  | 346.2 |  | 424.1 |
Total neuroscience | 355.1 |  | 373.5 |  | 728.6 |  |  | 305.4 |  | 442.3 |  | 747.7 |
Other: |  |  |  |  |  |  |
Cialis | 13.4 |  | 213.7 |  | 227.1 |  |  | 16.8 |  | 199.1 |  | 215.9 |
Forteo | 53.2 |  | 78.0 |  | 131.2 |  |  | 168.0 |  | 102.3 |  | 270.3 |
Other | 31.4 |  | 59.9 |  | 91.3 |  |  | 55.0 |  | 48.7 |  | 103.7 |
Total other | 98.0 |  | 351.6 |  | 449.6 |  |  | 239.8 |  | 350.1 |  | 589.9 |
Revenue | $ | 13,529.6 |  | $ | 6,541.2 |  | $ | 20,070.8 |  |  | $ | 9,967.6 |  | $ | 5,304.6 |  | $ | 15,272.1 |
Numbers may not add due to rounding. (1) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR. (2) Humalog revenue includes insulin lispro. (3) Basaglar revenue includes Rezvoglar. The following table summarizes revenue by geographical area:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue(1): |  |  |  |  |  |  |
U.S. | $ | 7,835.2 |  |  | $ | 5,531.4 |  |  | $ | 13,529.6 |  |  | $ | 9,967.6 |
Europe | 1,403.7 |  |  | 1,177.6 |  |  | 2,844.4 |  |  | 2,268.5 |
Japan | 462.7 |  |  | 455.6 |  |  | 826.6 |  |  | 842.8 |
China | 395.1 |  |  | 399.0 |  |  | 771.3 |  |  | 771.7 |
Other foreign countries | 1,206.1 |  |  | 748.5 |  |  | 2,098.9 |  |  | 1,421.5 |
Revenue | $ | 11,302.8 |  |  | $ | 8,312.1 |  |  | $ | 20,070.8 |  |  | $ | 15,272.1 |
Numbers may not add due to rounding. (1) Revenue is attributed to the countries based on the location of the customer or other party.

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- 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 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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