ELI LILLY & CoLLY
ELI LILLY & Co Financial Overview 2021–2025
Eli Lilly delivered a staggering 95% surge in net income to $20.64 billion in FY2025, proving that its aggressive pivot toward cardiometabolic therapies has fundamentally reshaped its financial profile. This performance confirms the company’s transition from a diversified drugmaker into a dominant leader in the obesity and diabetes market, where demand for incretin medicines continues to outstrip supply. Revenue has accelerated dramatically over the last cycle, climbing from $28.3 billion in FY2021 to $65.18 billion by the end of FY2025.
The incretin portfolio is the undeniable engine, with Mounjaro and Zepbound combined accounting for 56% of total sales in FY2025. This volume leverage expanded gross margins to 82.9% in Q3 2025, providing ample capital to hike research and development spending by 21% to $13.34 billion for the full fiscal year. Despite these heavy reinvestments and significant capital expenditures for new manufacturing sites, the company maintained robust liquidity, supporting a $15 billion share repurchase authorization. Wall Street has priced this hyper-growth trajectory with high expectations, valuing shares at $1,074.68—representing a multiple of 46.8x earnings—at the close of FY2025.
Recent Developments (Q3 and Q4 2025)
In Q3 2025, revenue surged 54% year-over-year to $17.6 billion, outpacing costs to drive a 473% explosion in net income to $5.6 billion. Diluted EPS hit $6.21, compared to just $1.07 in the prior year, as commercial leverage took hold. This operational efficiency swelled cash reserves to $9.79 billion by September 30, 2025, up from $3.27 billion at the start of the year. To strengthen scientific oversight, the company appointed Dr. Carolyn R. Bertozzi to the board in December 2025, leveraging her expertise in chemical biology.
Bulls point to the tripling of cash holdings as dry powder for pipeline expansion, while bears warn that government pricing mandates under the Inflation Reduction Act will begin capping revenue for legacy drivers like Jardiance and Trulicity in 2026. The stock traded at 45.2x earnings as of February 11, 2026, sustaining a premium valuation despite these policy headwinds.
What to watch: Revenue impact from government price-setting on Jardiance; strategic contributions from new scientific board leadership.
Rev
$65.18B
FY2025
NI
$20.64B
FY2025
EPS
$23.00
FY2025
OCF
$16.81B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
ELI LILLY & Co 8-K Report, Financial Results (Feb 4, 2026)
Eli Lilly and Company (LLY) filed a 8-K Current Report on February 4, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The report primarily incorporates by reference a press release (Exhibit 99.1) containing these detailed financial outcomes. While the filing itself is brief, the associated press release is the critical document for investors seeking to understand the company's recent performance, including key revenue drivers, profitability, and any forward-looking statements or guidance provided by management.
ELI LILLY & Co 8-K Report, Executive Changes (Nov 21, 2025)
Eli Lilly & Company (LLY) announced a significant addition to its Board of Directors, electing Dr. Carolyn R. Bertozzi, a distinguished professor from Stanford University and Howard Hughes Medical Institute investigator, effective December 8, 2025. Dr. Bertozzi brings a wealth of expertise in Chemistry, Chemical & Systems Biology, and Radiology, positions that will be highly relevant to Lilly's ongoing innovation and development in the pharmaceutical sector. Her appointment is intended to bolster the Board's strategic direction, particularly through her service on the Science and Technology Committee and the Ethics and Compliance Committee. Dr. Bertozzi's independence has been confirmed, and she will participate in the company's standard director compensation. This move signals Lilly's commitment to leveraging cutting-edge scientific knowledge at the highest governance level.
ELI LILLY & Co 8-K Report, Financial Results (Oct 30, 2025)
Eli Lilly & Company (LLY) filed a Form 8-K on October 29, 2025, to announce its financial results for the third quarter ended September 30, 2025. The filing incorporates by reference a press release, dated October 30, 2025, which contains the detailed financial performance for the period. While the 8-K itself is brief, the attached press release (Exhibit 99.1) is expected to provide investors with crucial insights into the company's revenue, earnings per share, product sales performance, and potentially guidance for the remainder of the fiscal year.
ELI LILLY & Co 8-K Report, Corporate Update (Aug 20, 2025)
Eli Lilly and Company (LLY) has announced the successful completion of a significant debt offering, raising approximately $6.71 billion in net proceeds after underwriting discounts and before expenses. This capital raise involves the issuance of multiple tranches of notes, including $750 million in Floating Rate Notes due 2028 and various fixed-rate notes with maturities ranging from 2028 to 2065. The fixed-rate notes carry coupon rates from 4.000% to 5.650% per annum, while the floating-rate notes are tied to Compounded SOFR plus a spread. This substantial debt issuance is likely intended to support Eli Lilly's ongoing research and development efforts, potential acquisitions, or to strengthen its balance sheet. The diversity in note maturities and the inclusion of floating-rate notes suggest a strategic approach to managing interest rate risk and financing its long-term growth initiatives. Investors should monitor how these proceeds are deployed and their impact on the company's financial leverage and future profitability.
ELI LILLY & Co 8-K Report, Financial Results (Aug 7, 2025)
Eli Lilly & Company (LLY) has filed an 8-K report on August 7, 2025, to announce its financial results for the quarter ended June 30, 2025. The report primarily references a press release, filed as Exhibit 99.1, which contains the detailed financial outcomes for the period. Investors should refer to this press release for specifics regarding revenue, earnings, and other key financial metrics. While the 8-K itself does not provide the detailed financial figures, it serves as the official notification mechanism for the release of this information. The filing indicates that the company's financial performance for the second quarter of 2025 has been disclosed. Investors are advised to review the accompanying press release for a comprehensive understanding of Lilly's operational and financial condition as of June 30, 2025, which will inform their investment decisions.
View all 8-K filings →