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ELI LILLY & CoLLY

Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
NYSE

Stock Price $LLY

Latest filings

You are here#1 of 40 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q328-K110

LLY filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 110 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’19Mar ’19
  2. Leadership change8-K · Feb ’21Feb ’21
  3. Leadership change8-K · Mar ’23Mar ’23
  4. FY2024 annual report10-K · Feb ’25Feb ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $65.18B
YoY changeLargest recent move+32.0%in FY24Latest +44.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All LLY Financial Metrics58 metrics

Income Statement15

Balance Sheet25

Cash Flow13

Per Share5

02—Overview

ELI LILLY & Co Financial Overview 2021–2025

Updated Jul 10, 2026

Eli Lilly’s incretin franchise has fundamentally rewired its earnings profile, with Mounjaro and Zepbound combining to generate 56%a of total revenues in FY2025. This concentrated demand validates the central investment thesis: the company has successfully transitioned from a legacy pharmaceutical manufacturer into a hyper-growth cardiometabolic powerhouse, unlocking unprecedented profitability by dominating the global obesity and diabetes markets.

The sheer velocity of this transformation is evident across the five-year horizon. Total revenue scaled from $28.3 billion in FY2021 to $65.18 billionb in FY2025, fueled by a 45% year-over-year revenue jump in the final twelve months. This top-line explosion vastly outpaced rising clinical costs, allowing net income to surge 95% to $20.64 billion in FY2025 even as research and development expenses expanded to $13.34 billion. The company aggressively leveraged this cash generation, authorizing a $15.0 billion share repurchase program late in FY2024 and deploying billions into fixed-rate debt to rapidly expand its international manufacturing capacity.

The market has heavily priced in this structural growth. At the close of FY2025, the stock traded at 46.8x earnings and closed at $1074.68c per share. Investors are directly rewarding Eli Lilly's ability to commercialize pipeline breakthroughs into immediate cash flow, prioritizing the massive commercial upside of its weight-loss assets over impending government-set pricing controls and persistent supply chain bottlenecks.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, revenue posted a 56% increase year-over-year to $19.8 billiond, driving a 168% increase in net income to $7.4 billion. Gross margins expanded while acquired in-process R&D charges plummeted 63% to $584 million. The company subsequently acquired Ventyx Biosciences for $1.1 billion in March 2026 and raised $8.94 billion via new debt offerings. Management also executed $2.3 billion in quarterly share repurchases.

The bull case centers on a 170% jump in diluted EPS to $8.26e, demonstrating the ability to scale volume while expanding operational profitability. Conversely, the bear case highlights rising overhead, including a 28% increase in R&D expenses to $3.5 billion, alongside risks of mandatory debt redemptions if the proposed Centessa acquisition fails. At 40.7x earnings as of April 30, 2026, the valuation remains steep but reflects persistent hyper-growth.

What to watch: integration of the Ventyx Biosciences portfolio; progress on the pending Centessa buyout.

03—Filings

Recent SEC Filings

  1. 8-KELI LILLY & Co 8-K Report, Financial Results (Aug 5, 2026)Eli Lilly reported strong second-quarter 2026 results, with revenue up 48% year over year to $23.0 billion, driven by a 60% increase in volume partially offset by a 13% decline in realized prices. Growth was led by Mounjaro (up 91% to $9.9 billion) and Zepbound (up 46% to $4.9 billion in Q2 U.S. revenue terms), while Key Products revenue reached $15.7 billion. Gross margin as a percent of revenue expanded to 85.8% reported (86.3% non-GAAP). Lilly raised full-year 2026 revenue guidance to $85.0-$87.0 billion and raised its performance margin guidance to 49.0%-50.5%. Reported EPS rose 26% to $7.94 and non-GAAP EPS rose 33% to $8.38. However, both figures absorbed $3.03 per share of acquired IPR&D charges ($2.8 billion pre-tax) tied to Q2 business development, including Orna Therapeutics and Ajax Therapeutics. Excluding this charge, underlying EPS growth was substantially stronger. Full-year non-GAAP EPS guidance was set at $35.50-$36.50, an increase of $2.78 at the midpoint from underlying growth that was more than offset by the $3.03 IPR&D charge, so the net guidance range is actually narrowed at the top end from $37.00 to $36.50. Investors should weigh the strong top-line momentum and pipeline progress, including a complete retatrutide clinical package with a planned BLA submission in Q1 2027, against ongoing pricing pressure (ex-adjustment U.S. price declined roughly 9%), a higher effective tax rate from non-deductible IPR&D, and continued acquisition activity including the pending AtaiBeckley deal.
  2. 8-KELI LILLY & Co 8-K Report, Corporate Update (May 20, 2026)Eli Lilly and Company (LLY) has announced the successful completion of a significant debt offering, raising approximately $8.94 billion in net proceeds. This offering comprised multiple tranches of both floating rate and fixed rate notes with varying maturity dates and interest rates, ranging from 2028 to 2066. The issuance of these notes was registered under a Form S-3 shelf registration statement, indicating Lilly's proactive capital management strategy. The substantial capital infusion is poised to support the company's ongoing operations, strategic initiatives, and potential future investments. A notable aspect of this offering is the conditional mandatory redemption for certain series of notes tied to the consummation of the 'Centessa Acquisition'. Should this acquisition not proceed under specified conditions, specific series of notes will be subject to redemption at 101% of their principal amount, plus accrued interest, highlighting a potential contingent liability for the company dependent on M&A outcomes.
  3. 8-KELI LILLY & Co 8-K Report, Shareholder Vote Results (May 7, 2026)Eli Lilly and Company (LLY) held its 2026 Annual Meeting of Shareholders on May 4, 2026, with a strong turnout of approximately 90% of outstanding shares participating in the vote. Key outcomes include the re-election of four directors, Carolyn Bertozzi, William Kaelin, Jr., Jon Moeller, and David Ricks, to three-year terms. Additionally, shareholders provided advisory approval for the compensation of named executive officers and ratified the appointment of Ernst & Young LLP as the independent auditor for 2026, both with significant support. However, two significant proposals to amend the Company's Articles of Incorporation, one to eliminate the classified board structure and another to remove supermajority voting provisions, failed to gain the required 80% approval from outstanding shares. Furthermore, shareholder proposals requesting an independent board chair and an annual lobbying report were also not approved. These voting results indicate continued shareholder confidence in the current board and executive compensation practices, while also highlighting resistance to certain governance structure changes at this time.
  4. 8-KELI LILLY & Co 8-K Report, Financial Results (Apr 30, 2026)Eli Lilly reported first-quarter 2026 results that were far above the prior year, with revenue up 56% to $19.8 billion, driven by a 65% increase in volume partially offset by a 13% decline in realized prices. Growth was led by Mounjaro (up 125% to $8.7 billion) and Zepbound (up 80% to $4.2 billion). Reported EPS rose 170% to $8.26 and non-GAAP EPS rose 156% to $8.55, though both figures absorbed $0.52 of acquired IPR&D charges, versus $1.72 in the prior-year quarter. Gross margin as a percent of revenue slipped modestly to 81.9% (non-GAAP 82.6%), reflecting lower realized prices, while R&D rose 28% and marketing, selling and administrative expenses rose 19%. Management raised full-year 2026 guidance: revenue is now expected at $82.0 billion to $85.0 billion (from $80 to $83 billion) and non-GAAP EPS at $35.50 to $37.00 (from $33.50 to $35.00). Performance margin guidance was also raised to 47.0% to 48.5%, and the tax rate guidance is unchanged at 18% to 19%. The guidance excludes acquired IPR&D incurred after March 31, 2026, which is a meaningful caveat given the company's ongoing acquisition pace. Regulatory and pipeline news was prominent: the FDA approved Foundayo (orforglipron), an oral GLP-1 for obesity, and several Phase 3 readouts were positive, including retatrutide in type 2 diabetes. Lilly also announced four acquisitions (Orna Therapeutics, Centessa Pharmaceuticals, Kelonia Therapeutics, and Ajax Therapeutics) and scheduled an Investment Community Meeting for December 7, 2026. Investors should note that the U.S. price declines and China NRDL pricing pressure are growing headwinds, even as volume growth dominates the top line.
  5. 8-KELI LILLY & Co 8-K Report, Financial Results (Feb 4, 2026)Eli Lilly reported fourth-quarter 2025 revenue of $19.3 billion, up 43% year over year, driven by a 46% increase in volume partially offset by a 5% decline in realized prices. Growth was led by Mounjaro (Q4 revenue of $7.4 billion, up 110%) and Zepbound (U.S. revenue of $4.2 billion, up 123%). Reported EPS rose 51% to $7.39 and non-GAAP EPS rose 42% to $7.54, both including a $0.52 acquired IPR&D charge. For full-year 2025, revenue reached $65.2 billion (up 45%) and reported EPS was $22.95 (up 96%), with non-GAAP EPS of $24.21. Gross margin held at roughly 82.5% on a reported basis, while R&D rose 26% to $3.8 billion and marketing, selling and administrative expenses rose 29% to $3.1 billion. The reported effective tax rate increased to 19.7% from 12.5%, partly reflecting unfavorable jurisdictional mix and U.S. tax law changes. Lilly guided 2026 revenue to $80 to $83 billion and non-GAAP EPS to $33.50 to $35.00, which implies substantial further growth relative to 2025. The guidance excludes acquired IPR&D incurred after December 31, 2025, and assumes about 894 million shares outstanding. Management also guided to a performance margin of 46.0% to 47.5% and a tax rate of 18% to 19%. The release highlights a broad pipeline and regulatory agenda, including FDA approval of Kwikpen for tirzepatide, an expanded Jaypirca indication, regulatory submissions for orforglipron for obesity, and positive Phase 3 retatrutide results in knee osteoarthritis, along with a U.S. government agreement to expand access to obesity medicines. Investors should weigh the strong top-line momentum against several risks noted in the filing: continued pricing pressure, the effect of the U.S. government pricing agreement, competition in obesity, dependence on a small number of products, and rising R&D and commercial spending. The 2026 guidance is a non-GAAP estimate, and the company explicitly states that it cannot reconcile forward-looking non-GAAP measures to GAAP.
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04—See also

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