Early Access

10-KPeriod: FY2025

ELI LILLY & Co Annual Report, Year Ended Dec 31, 2025

Filed February 12, 2026For Securities:LLY

Summary

Eli Lilly and Company reported robust financial performance for the fiscal year 2025, driven by significant revenue growth, primarily from its cardiometabolic products, Mounjaro and Zepbound. Total revenue reached $65.18 billion, a 45% increase year-over-year, with net income soaring by 95% to $20.64 billion. This strong performance underscores the market's demand for Lilly's innovative treatments, particularly in the areas of diabetes and obesity. The company continues to invest heavily in research and development, with a substantial pipeline including promising candidates in neuroscience and oncology. However, investors should note the increasing impact of governmental pricing regulations, such as the Inflation Reduction Act, which will influence future revenue streams for key products like Jardiance, Trulicity, and Verzenio. While the company is expanding its manufacturing capacity to meet demand, potential supply chain disruptions and evolving international trade policies remain areas to monitor.

Financial Statements
Beta

Key Highlights

  • 1Total revenue increased by 45% to $65.18 billion in 2025, driven by strong sales of Mounjaro and Zepbound.
  • 2Net income grew by 95% to $20.64 billion, with diluted earnings per share reaching $22.95.
  • 3Mounjaro and Zepbound combined accounted for 56% of total revenues in 2025, demonstrating their critical role in the company's financial performance.
  • 4Research and development expenses increased by 21% to $13.34 billion, reflecting continued investment in the company's pipeline.
  • 5Marketing, selling, and administrative expenses increased by 29% to $11.09 billion, primarily due to promotional efforts for new product launches.
  • 6The company is expanding manufacturing capacity with significant capital expenditures, including new sites in the U.S. and internationally, to meet projected demand.
  • 7Key products such as Jardiance, Trulicity, and Verzenio have been selected for government-set prices under the Inflation Reduction Act, which will take effect in 2026 and 2028 respectively, impacting future revenue.

Frequently Asked Questions