Lilly (Eli) $LLY

Company profile

Eli Lilly and Company (Lilly) was incorporated in 1901 in Indiana to succeed to the drug manufacturing business founded in Indianapolis in 1876 by Colonel Eli Lilly, according to its annual report for fiscal 2025 (Form 10-K). The 10-K says it discovers, develops, manufactures and markets products in a single business segment, human pharmaceutical products, manufactures and distributes them through facilities in the United States, including Puerto Rico, and in Europe and Asia, and sells them in approximately 90 countries. It lists its products under four therapeutic areas: cardiometabolic health, oncology, immunology and neuroscience. Its principal executive offices are in Indianapolis, and its common stock trades on the New York Stock Exchange under the symbol LLY (10-K).

For fiscal 2025 the consolidated statements of operations report revenue of $65,179 million, made up of net product revenue of $60,958 million and collaboration and other revenue of $4,221 million, with net income of $20,640 million and diluted earnings per share of $22.95. Revenue was $43,481 million in the U.S. and $21,698 million outside the U.S. The 10-K says revenue increased in 2025 driven primarily by increased volume, partially offset by lower realized prices, both primarily driven by Mounjaro and Zepbound, and that Mounjaro and Zepbound accounted for 56 percent of total revenues in 2025. Research and development expense was $13,337 million (10-K).

At December 31, 2025 the company reported total assets of $112,476 million, total equity of $26,535 million and total debt of $42.5 billion. Net cash provided by operating activities was $16,813 million in 2025 and purchases of property and equipment were $7,841 million; the 10-K says it is making investments in global facilities to manufacture existing and future products. It paid dividends of $6.00 per share in 2025, increased the quarterly dividend to $1.73 per share effective for the dividend paid in the first quarter of 2026, and repurchased $4.1 billion of shares in 2025 under a $15.0 billion program its board authorized in December 2024 (10-K).

According to its 10-Q for the quarter ended June 30, 2026 (unaudited), revenue was $22,974 million in the second quarter of 2026 ($14,413 million in the U.S. and $8,561 million outside the U.S.) and $42,773 million in the first half. Second-quarter net income was $7,095 million and diluted earnings per share $7.94. The 10-Q says Lilly launched Foundayo (orforglipron) in the U.S. for the treatment of obesity in the second quarter of 2026, and that Mounjaro and Zepbound accounted for 65 percent of total revenue for the six months ended June 30, 2026 (10-Q).

In its release of August 5, 2026, filed as an exhibit to a Form 8-K, Lilly raised its full-year 2026 revenue guidance to a range of $85.0 billion to $87.0 billion and gave non-GAAP earnings per share guidance of $35.50 to $36.50 (company projection, as reported). The release reported second-quarter 2026 non-GAAP earnings per share of $8.38, a non-GAAP measure it reconciles to reported EPS of $7.94 (Form 8-K).

David Ricks has been Chair, President and Chief Executive Officer since 2017, and Lucas Montarce Executive Vice President and Chief Financial Officer since 2024, according to the 10-K's list of executive officers. At the end of 2025 Lilly employed approximately 50,000 people, including approximately 27,000 outside the U.S. and approximately 12,000 engaged in research and development activities (10-K).

Summary sources:¹²³

Revenue by fiscal year, as reported in 10-K

Segments and products

• One reportable segment: human pharmaceutical products: The 10-K says Lilly operates as a single reportable segment engaged in the discovery, development, manufacturing, marketing and sales of pharmaceutical products worldwide, and that its chief operating decision maker uses consolidated net income to assess performance. Revenue comes from net product revenue and from collaboration and other revenue, which includes its share of profits from collaborations, royalties, and upfront and milestone payments; the 10-K breaks revenue down by product and by geography as shown below (10-K, Notes 2 and 17).¹
• Cardiometabolic health products, fiscal 2025: The 10-K lists Mounjaro for the treatment of adults with type 2 diabetes, in combination with diet and exercise, to improve glycemic control, and Zepbound for adults with obesity or overweight with at least one weight-related comorbid condition, and for moderate to severe obstructive sleep apnea in adults with obesity, each with a reduced-calorie diet and increased physical activity. Fiscal 2025 revenue as filed: Mounjaro $22,965 million ($13,651 million U.S., $9,315 million outside the U.S.); Zepbound $13,542 million ($13,484 million U.S., $58 million outside the U.S.); Trulicity $2,914 million U.S. and $1,362 million outside the U.S.; Jardiance (including Glyxambi, Synjardy and Trijardy XR, in collaboration with Boehringer Ingelheim) $1,582 million U.S. and $1,849 million outside the U.S.; total cardiometabolic health $33,864 million U.S. and $14,357 million outside the U.S. (10-K).¹
• Oncology products, fiscal 2025: The 10-K lists Verzenio for HR+, HER2- metastatic breast cancer and, with endocrine therapy, for HR+, HER2-, node positive, early breast cancer at high risk of recurrence; its other oncology products include Cyramza, Erbitux, Inluriyo, Jaypirca, Retevmo and Tyvyt. Fiscal 2025 revenue as filed: Verzenio $5,723 million ($3,464 million U.S., $2,259 million outside the U.S.); other oncology $1,888 million U.S. and $1,765 million outside the U.S.; total oncology $5,352 million U.S. and $4,024 million outside the U.S. (10-K).¹
• Immunology products, fiscal 2025: The 10-K lists Taltz for moderate to severe plaque psoriasis in adults and in pediatric patients aged 6 years or older, and for adults with active psoriatic arthritis, ankylosing spondylitis or active non-radiographic axial spondyloarthritis; its other immunology products include Ebglyss, Olumiant and Omvoh. Fiscal 2025 revenue as filed: Taltz $2,333 million U.S. and $1,230 million outside the U.S.; other immunology $631 million U.S. and $1,053 million outside the U.S.; total immunology $2,964 million U.S. and $2,283 million outside the U.S. (10-K).¹
• Neuroscience and other products, fiscal 2025: The 10-K lists Kisunla for adults with early symptomatic Alzheimer's disease with confirmed amyloid pathology and with mild cognitive impairment or mild dementia stage of disease, and Emgality for migraine prevention and the treatment of episodic cluster headache in adults. Fiscal 2025 revenue as filed: neuroscience $997 million U.S. and $394 million outside the U.S.; other $304 million U.S. and $639 million outside the U.S. (10-K).¹
• Revenue by geography, fiscal 2023 to 2025: The 10-K attributes revenue to countries based on the location of the customer or other party. U.S. revenue was $43,481 million in 2025, $30,375 million in 2024 and $21,791 million in 2023; revenue outside the U.S. was $21,698 million in 2025 and $14,668 million in 2024. For 2025, revenue outside the U.S. comprised Europe $11,558 million, Japan $2,132 million, China $1,951 million and rest of world $6,057 million. In the U.S. most products are distributed through wholesalers, and the three largest wholesalers each accounted for between 16 percent and 24 percent of consolidated revenue in 2025, 2024 and 2023 (10-K, Note 2).¹
• Revenue by product, quarter ended June 30, 2026 (unaudited): For the three months ended June 30, 2026 the 10-Q reports revenue of $9,943 million for Mounjaro ($4,791 million U.S., $5,152 million outside the U.S.), $4,928 million for Zepbound ($4,873 million U.S., $55 million outside the U.S.), $1,232 million for Jardiance, $1,219 million for Trulicity, $1,474 million for Verzenio, $856 million for Taltz and $429 million for neuroscience, with total revenue of $14,413 million in the U.S. and $8,561 million outside the U.S. (10-Q, unaudited).²

Risks

• Dependence on a few products: The 10-K says Mounjaro, Zepbound, Verzenio, Trulicity, Taltz and Jardiance (including Glyxambi, Synjardy and Trijardy XR) each brought in more than $3 billion of revenue and together accounted for 82 percent of total revenues in 2025, with Mounjaro and Zepbound alone at 56 percent, and that problems affecting these or other major products could materially impact its results (10-K, Item 1A).¹
• Loss of patent and data protection: Lilly says it depends on products with intellectual property protection for most of its revenues, cash flows and earnings, and that for non-biologic products loss of exclusivity typically results in the entry of generic competitors and a rapid and severe decline in revenues. The 10-K states: "Trulicity will lose significant patent and remaining data protections in the next few years." (10-K, Item 1A).¹
• Pricing, reimbursement and access: The 10-K says public and private actors continue to restrict pricing, reimbursement and patient access for its medicines, and that these pressures have negatively affected and are expected to continue to negatively affect its results. It also describes the preliminary voluntary agreements with the U.S. government announced in November 2025, under which it agreed to implement measures to lower Medicaid and certain other drug prices for U.S. patients (10-K, Item 1A).¹
• Research and development uncertainty: The 10-K states: "There is a high rate of failure inherent in drug discovery and development." It says bringing a product to market takes considerable time and significant cost, and that a significant portion of funds invested in research and development programs will not generate direct financial returns (10-K, Item 1A).¹
• Safety or efficacy concerns after approval: The company says products are approved on data from controlled clinical trials of fixed duration and defined populations, and that wider and longer use after launch may identify new or expanded safety or efficacy concerns, which could lead to label changes or other measures that reduce market acceptance and sales (10-K, Item 1A).¹
• Manufacturing and supply chain: The 10-K says Lilly is continuing a significant expansion of its manufacturing capabilities, that pharmaceutical manufacturing is complex and highly regulated, and that supply difficulties, disruptions or shortages could lead to product supply problems. It adds that it, like the pharmaceutical industry generally, depends on China-based suppliers for portions of its supply chain (10-K, Item 1A).¹
• Competition, counterfeit and compounded incretins: The company says it faces intensifying competition, including from China and other markets, and that it continues to see the production, marketing and sale of counterfeit, misbranded, adulterated and mass-compounded incretins in the U.S. and other markets that could materially impact it (10-K, Item 1A).¹
• Litigation and investigations: The 10-K states: "We are subject to a substantial number of claims, litigation, and investigations involving various current and historical products and practices." It says these relate to how it commercializes and prices its products, product safety, its operations, intellectual property and contractual matters (10-K, Item 1A).¹

Frequently asked questions

What does Eli Lilly do?

Eli Lilly and Company discovers, develops, manufactures and markets products in a single business segment, human pharmaceutical products, and sells them in approximately 90 countries. Its 10-K for fiscal 2025 lists products in cardiometabolic health (including Mounjaro, Zepbound, Trulicity and Jardiance), oncology (including Verzenio), immunology (including Taltz) and neuroscience (including Kisunla and Emgality).

How much revenue did Eli Lilly make in 2025?

Revenue was $65,179 million for fiscal 2025, the year ended December 31, 2025, compared with $45,043 million in 2024, according to its 10-K. Net income was $20,640 million, or $22.95 per diluted share.

How much of Lilly's revenue comes from Mounjaro and Zepbound?

The 10-K says Mounjaro and Zepbound accounted for 56 percent of total revenues in 2025: Mounjaro revenue was $22,965 million and Zepbound revenue $13,542 million. The 10-Q for the quarter ended June 30, 2026 says the two accounted for 65 percent of total revenue for the six months ended June 30, 2026.

What are Mounjaro and Zepbound approved for?

As the 10-K for fiscal 2025 lists them, Mounjaro is for the treatment of adults with type 2 diabetes, in combination with diet and exercise, to improve glycemic control. Zepbound is for adults with obesity or overweight with at least one weight-related comorbid condition, and for moderate to severe obstructive sleep apnea in adults with obesity, each in combination with a reduced-calorie diet and increased physical activity. Both contain tirzepatide; the 10-K says tirzepatide is marketed for obesity under the Zepbound name in Canada, Japan and the U.S.

How much of Lilly's revenue comes from outside the U.S.?

For fiscal 2025 the 10-K reports revenue of $43,481 million in the U.S. and $21,698 million outside the U.S., including $11,558 million in Europe, $2,132 million in Japan, $1,951 million in China and $6,057 million in the rest of the world.

What were Eli Lilly's latest quarterly results?

For the quarter ended June 30, 2026, its 10-Q (unaudited) reports revenue of $22,974 million, of which $14,413 million in the U.S. and $8,561 million outside the U.S., and net income of $7,095 million, or $7.94 per diluted share.

What is Lilly's guidance for 2026?

In its release of August 5, 2026, filed with a Form 8-K, Lilly raised its full-year 2026 revenue guidance to $85.0 billion to $87.0 billion and gave non-GAAP earnings per share guidance of $35.50 to $36.50. These are company projections, as reported, not results.

What is Foundayo?

Foundayo is the brand name of orforglipron. The 10-Q for the quarter ended June 30, 2026 says the FDA approved orforglipron for the treatment of obesity and that Lilly launched Foundayo in the U.S. for that use in the second quarter of 2026; it also says orforglipron was submitted for type 2 diabetes in the U.S., the EU and Japan. The August 5, 2026 release reported Foundayo revenue of $98 million in the second quarter of 2026 (Form 8-K).

Does Eli Lilly pay a dividend or buy back shares?

Lilly paid dividends of $6.00 per share in 2025 and increased the quarterly dividend to $1.73 per share effective for the dividend paid in the first quarter of 2026. It repurchased $4.1 billion of shares in 2025 under a $15.0 billion program authorized in December 2024, with $10.9 billion remaining at December 31, 2025 (10-K).

Who runs Eli Lilly?

David Ricks is Chair, President and Chief Executive Officer, since 2017, and Lucas Montarce is Executive Vice President and Chief Financial Officer, since 2024, according to the 10-K for fiscal 2025.

How many employees does Eli Lilly have?

At the end of 2025 Lilly employed approximately 50,000 people, including approximately 27,000 outside the U.S. and approximately 12,000 engaged in research and development activities, according to its 10-K.

Sources

1. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2025, Feb 12, 2026
2. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-Q for the quarterly period ended June 30, 2026 (unaudited), Aug 5, 2026
3. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 8-K, Exhibit 99.1: press release dated August 5, 2026, "Lilly reports second-quarter 2026 financial results, raises full-year guidance, and highlights continued growth and pipeline progress", Aug 5, 2026
4. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2021, Feb 23, 2022
5. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2022, Feb 22, 2023
6. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2023, Feb 21, 2024
7. Eli Lilly and Company (SEC filing), Eli Lilly and Company Form 10-K for the fiscal year ended December 31, 2024, Feb 19, 2025

Figures last checked against the sources above on Oct 12, 2026. General information, not investment advice.