Eli Lilly and Company develops, manufactures and markets human medicines worldwide. Its single reportable segment spans cardiometabolic health, oncology, immunology and neuroscience, with growth increasingly concentrated in Mounjaro and Zepbound.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000059478-24-000065 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000059478-25-000067 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000059478-26-000013 | Feb 12, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Lilly’s expansion is increasingly driven by diabetes and obesity medicines, with manufacturing improvements supporting higher profitability despite falling realized prices. In 2025, revenue reached $65.179 billion and GAAP net income $20.640 billion; Mounjaro and Zepbound supplied 56% of revenue. Their share rose to 65% in the first half of 2026, increasing both growth potential and concentration risk. Cash generation strengthened, but acquisitions, factory investment and shareholder distributions continued to require substantial financing. The August 5 update raised revenue guidance while lowering the non-GAAP EPS range’s upper endpoint because acquired research charges outweighed the underlying earnings upgrade. Access expansion and pipeline progress offer opportunities, but neither guarantees profitable uptake. This view distinguishes the 2025 annual results from subsequent developments and reflects supplied disclosures through August 5, 2026, not independently verified later events.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
Lilly earns revenue from medicines it develops or acquires and from collaborations involving royalties, profit sharing and milestones. Therapeutic categories are not separate operating segments. Mounjaro treats type 2 diabetes, while tirzepatide is marketed for obesity as Zepbound in selected countries and as Mounjaro elsewhere. Verzenio, Trulicity, Taltz and Jardiance provide additional franchises, but growth is not evenly distributed: products other than Mounjaro, Zepbound and Verzenio collectively declined in 2025.
Commercial success depends on clinical differentiation, patent protection, manufacturing reliability and payer access. Three major wholesalers each represented 16%–24% of annual revenue in the disclosed comparative years. LillyDirect adds patient-access and self-pay channels through independent providers and pharmacies, but does not remove reimbursement constraints. Employer obesity coverage can require an opt-in, and CVS Caremark’s July 2025 removal of preferred Zepbound coverage on some plans reduced access.
Sources: 10-K · 2025-12-31
Revenue increased 45% in 2025 to $65.179 billion. Lilly attributed the change to a 50-percentage-point volume contribution, offset by six points of lower realized prices and supported by one point of currency benefit. These contributions describe revenue changes, not prescription counts. Mounjaro and Zepbound generated $22.965 billion and $13.542 billion, respectively. Gross margin improved to 83.0% through product mix and lower production costs, partly offset by pricing pressure.
GAAP net income rose 95% to $20.640 billion despite higher ongoing research and launch spending. Acquired research expense and special charges were lower than in 2024, also helping the comparison. Diluted EPS rose 96% to $22.95, modestly assisted by fewer weighted-average diluted shares. Revenue quality matters: Jardiance included a $370 million one-time commercialization benefit and a $200 million milestone, already included in revenue rather than additional proceeds.
Sources: 10-K · 2025-12-31
Operating cash flow reached $16.813 billion in 2025, below net income because working capital and taxes absorbed cash. Property-and-equipment purchases consumed $7.841 billion, while acquired research cash payments appeared separately in investing activities. Dividends and repurchases consumed $5.384 billion and $4.108 billion. Year-end cash was $7.268 billion against $42.503 billion of debt; unused credit facilities were additional borrowing capacity, not cash.
In the first half of 2026, operating cash flow increased to $16.023 billion, but investing used $19.312 billion, including factory spending, acquired research and acquisitions. Financing helped lift cash to $8.950 billion while reported debt reached $54.9 billion. The balance-sheet expansion therefore should not be mistaken for acquisitions and distributions being entirely self-funded.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The August 5, 2026 disclosures reported second-quarter revenue of $22.974 billion, up 48%, and GAAP net income of $7.095 billion, up 25%. Volume outweighed lower prices, while acquired research and transaction costs restrained earnings. Foundayo launched in the United States during the quarter. Centessa and Kelonia acquisitions closed in June; AtaiBeckley remained an agreed acquisition subject to closing conditions.
Full-year revenue guidance increased to $85–87 billion, but non-GAAP EPS guidance narrowed from $35.50–37.00 to $35.50–36.50. Acquired research charges more than offset the underlying-business upgrade. Tax-rate and EPS guidance exclude acquired research incurred after June 30, making subsequent transactions an important qualification rather than an assumed earnings contribution.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-08-05
Mounjaro and Zepbound represented 65% of first-half 2026 revenue, magnifying exposure to class-wide competition, safety allegations, reimbursement and channel fluctuations. A distinct patent risk arose from Lilly’s disclosed July 2026 notices that multiple generic companies had filed ANDAs seeking approval to market generic Mounjaro and/or Zepbound before expiration of some or all of their FDA Orange Book-listed patents. Lilly disclosed an intent to sue for patent infringement, not completed suits, generic approval, patent invalidity or early launch; the outcome remains unknown in the supplied record. Discounted Medicare obesity access began July 1, but uptake and the net effect of price concessions remain uncertain. Capacity additions require years and regulatory qualification. Litigation can materially affect individual periods, and Lilly generally cannot estimate maximum losses above accruals. Neither management’s liquidity assessment nor unused facilities establishes quantified covenant headroom.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31
USD 34.1241 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 34.1241 bn | — |
Consolidated GAAP revenue, including net product revenue and collaboration and other revenue, including recognized product-rights disposal gains.
Sources: 10-K · 2023-12-31
USD 45.0427 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 45.0427 bn | — |
GAAP net product revenue plus collaboration and other revenue, including recognized product-rights disposal gains.
Sources: 10-K · 2024-12-31
USD 65.179 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 65.179 bn | — |
Consolidated net product revenue plus collaboration and other revenue, including recognized net gains on product-rights sales.
Sources: 10-K · 2025-12-31
USD 5.2404 bn
FY2023 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 5.2404 bn | — |
GAAP net income reported in the statements of operations and attributed to Eli Lilly and Company shareholders in the equity statement.
Sources: 10-K · 2023-12-31
USD 10.59 bn
FY2024 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 10.59 bn | — |
Net income as reported in the statements of operations and allocated to Lilly shareholders in the equity statement; noncontrolling results are separately shown in equity.
Sources: 10-K · 2024-12-31
USD 20.64 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 20.64 bn | — |
Consolidated net income as presented in the statement of operations.
Sources: 10-K · 2025-12-31
USD 4.2401 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency · presentation: 2023 filing classification
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 4.2401 bn | — |
GAAP operating cash flow; externally acquired IPR&D development milestone payments are classified as investing activities.
Sources: 10-K · 2023-12-31
USD 8.8179 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 8.8179 bn | — |
GAAP operating cash flow; purchases of in-process R&D are classified separately in investing activities.
Sources: 10-K · 2024-12-31
USD 16.813 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 16.813 bn | — |
GAAP operating cash flow; acquired IPR&D purchases are classified in investing activities.
Sources: 10-K · 2025-12-31
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