Company file · LLY
Eli Lilly
Mounjaro and Zepbound now make up more than half of Eli Lilly's revenue
The two tirzepatide medicines brought in $23.0B and $13.5B in 2025, out of $65.2B in total revenue. Revenue rose 44.7% and net income nearly doubled to $20.6B.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Eli Lilly (NYSE: LLY) took in $65.2B of revenue (up 44.7% on fiscal 2024); net income was $20.6B (up 94.9%). The most recent quarter, ended Jun 30, 2026, brought revenue of $23.0B, up 47.7% year over year, with net income of $7.1B. Cardiometabolic health was the biggest single line by therapeutic area: 74% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
How it makes money
Cardiometabolic health was 74% of 2025 revenue, up from 58% in 2023. Oncology was 14% and immunology 8%. About 67% of revenue came from the United States.
Source: 10-K FY2025
Largest products, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
The bull case and the bear case
The bull case
- Revenue grew 44.7% in 2025 to $65.2B, after rising 32.0% the year before. 10-K, FY2025
- Mounjaro sales rose 99.0% in 2025 to $23.0B; Zepbound rose 174.9% to $13.5B. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $23.0B, up 47.7% on a year earlier, and net income rose 25.3% to $7.1B. 10-Q, quarter ended Jun 30, 2026
- Operating cash flow was $16.0B in the first 6 months of 2026, against $4.8B a year earlier. 10-Q, quarter ended Jun 30, 2026
The bear case
- Two medicines with the same active ingredient account for 35% and 21% of revenue, so a lot depends on them. The 10-K lists reliance on a small number of products among its risks. 10-K, Item 1A
- Trulicity sales fell 18.6% in 2025 to $4.3B, the second yearly drop in a row. 10-K, FY2025
- Total debt was $54.9B at Jun 30, 2026, up from $42.5B at the end of 2025 and $25.2B at the end of 2023. 10-Q, quarter ended Jun 30, 2026
- The 10-K warns that government pricing rules, including US Medicare price negotiation, and pressure from payers could cut what it earns per prescription. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Eli Lilly discovers, makes and sells prescription medicines, led by treatments for diabetes and obesity, plus cancer, immunology and neuroscience drugs.
Lilly runs a single business: human pharmaceutical products. It groups its medicines into therapeutic areas. Cardiometabolic health includes Mounjaro and Trulicity for type 2 diabetes, Zepbound for obesity, and Jardiance, sold with Boehringer Ingelheim. Oncology is led by Verzenio for breast cancer, immunology by Taltz, and neuroscience includes Alzheimer's treatments.
It sells mostly to wholesalers, which distribute to pharmacies and hospitals. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Eli Lilly's latest 10-K. Read the original for the full list.
- Drug developmentResearch is long, costly and uncertain; many candidates fail in trials or don't get approved.
- Few big productsA large share of revenue comes from a handful of medicines, and their supply chains are concentrated.
- Pricing pressureGovernment price controls, Medicare negotiation, rebates and payer pushback can lower prices.
- Competition and patentsRivals, compounded copies and generics or biosimilars after patents expire can take sales.
- Safety and manufacturingSafety issues with a product, or problems at its plants or suppliers, could halt sales or supply.
- Technology and cyberCyberattacks, IT failures and the use of AI bring operational and legal risk.
- International, litigation and taxCurrency moves, foreign rules, lawsuits and tax changes can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $34.1B | $45.0B | $65.2B |
| Net income | $5.2B | $10.6B | $20.6B |
| Operating cash flow | $4.2B | $8.8B | $16.8B |
| Cash & equivalents (year end) | $2.8B | $3.3B | $7.3B |
| Total debt (year end) | $25.2B | $33.6B | $42.5B |
| Diluted shares | 0.90B | 0.90B | 0.90B |
- Revenue: Net product sales plus collaboration and other revenue.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and current maturities plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Lilly tags sales of each therapeutic area and product separately for the US and outside the US; the figures here add the two together.
- The product chart shows only the six largest medicines, so it doesn't cover all revenue.
Recent filings
Latest filings
- Oct 204:36 PM ET
Form 4
Eli Lilly director Gabrielle Sulzberger reports an award of about 4 shares
The filing reports about 4 shares in a grant or award (code A).
- Oct 204:35 PM ET
Form 4
Eli Lilly director Juan R. Luciano reports an award of about 13 shares
The filing reports about 13 shares in a grant or award (code A).
- Oct 204:34 PM ET
Form 4
Eli Lilly director J. Erik Fyrwald reports an award of about 8 shares
The filing reports about 8 shares in a grant or award (code A).
- Oct 204:32 PM ET
Form 4
Eli Lilly director Ralph Alvarez reports an award of about 10 shares
The filing reports about 10 shares in a grant or award (code A).
- Oct 193:09 PM ET
Schedule 13G/A
LILLY ENDOWMENT, INC. files an amended Schedule 13G on Eli Lilly, reporting 9.6%
The filing cites Rule 13d-1(d).
Common questions about Eli Lilly
How does Eli Lilly make money?
In fiscal 2025, revenue totaled $65.2B. Cardiometabolic health was 74% of 2025 revenue, up from 58% in 2023. Oncology was 14% and immunology 8%. About 67% of revenue came from the United States. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Eli Lilly's revenue in fiscal 2025?
Revenue came to $65.2B in the year ended Dec 31, 2025. Going back two years, it was $34.1B in fiscal 2023 and $45.0B in fiscal 2024, so the latest year was up 44.7%. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Eli Lilly profitable?
Yes, by US accounting rules (GAAP): net income was $20.6B in fiscal 2025, up 94.9% from $10.6B a year earlier. For the quarter ended Jun 30, 2026, net income was $7.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Eli Lilly report in its latest quarterly filing?
The 10-Q for the quarter ended Jun 30, 2026 shows revenue of $23.0B, against $15.6B in the same quarter a year before (up 47.7%), and net income of $7.1B, against $5.7B (up 25.3%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.
How much cash and debt does Eli Lilly have?
On Jun 30, 2026, cash and cash equivalents stood at $8.9B and total debt at $54.9B. Total debt here is short-term borrowings and current maturities plus long-term debt, at carrying value. Source: 10-Q filed Aug 5, 2026.
What are the main risks Eli Lilly lists?
Item 1A of the fiscal 2025 10-K (filed Feb 12, 2026) sets out the risks. Grouped, they fall into 7 areas: Drug development; few big products; pricing pressure; competition and patents; safety and manufacturing; technology and cyber; international, litigation and tax. To start with the first: Research is long, costly and uncertain; many candidates fail in trials or don't get approved. Source: 10-K, Item 1A Risk Factors.
Where do these Eli Lilly numbers come from?
Two filings Eli Lilly made with the SEC: its fiscal 2025 10-K, filed Feb 12, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in LLY
- The editor holds no position in Eli Lilly (LLY). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell LLY from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LLY, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Eli LillyLLY | FY2025 | $65.2B | +44.7% | $20.6B |
| Johnson & JohnsonJNJ | FY2025 | $94.2B | +6.0% | $26.8B |
| AbbVieABBV | FY2025 | $61.2B | +8.6% | $4.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.