Eli Lilly (LLY) FY2025 results: revenue $65.2 billion, up 44.7% on the year

Eli Lilly discovers, develops, manufactures and markets human pharmaceutical products, and reports as a single business segment. It was incorporated in Indiana in 1901, succeeding the drug manufacturing business founded in Indianapolis in 1876 by Colonel Eli Lilly. It manufactures and distributes through facilities in the United States, including Puerto Rico, and in Europe and Asia, and its products are sold in approximately 90 countries.

What it sells

Four therapeutic areas. Cardiometabolic health holds the insulins: Humalog and the insulin lispro family, Humulin, and Basaglar, a long-acting human insulin analog sold with Boehringer Ingelheim. Alongside them sit Jardiance, also with Boehringer Ingelheim, for type 2 diabetes and for reducing the risk of cardiovascular death, heart failure hospitalisation and decline in kidney function; Trulicity for type 2 diabetes in adults and children aged 10 and over; Mounjaro, a glucose-dependent insulinotropic polypeptide and glucagon-like peptide-1 receptor agonist for type 2 diabetes; and Zepbound, for adults with obesity or overweight with at least one weight-related condition and for moderate to severe obstructive sleep apnea in adults with obesity, sold under the Mounjaro name for those indications in various markets outside the United States.

Oncology covers Verzenio, used alone or with endocrine therapy for HR+, HER2- breast cancer; Jaypirca for relapsed or refractory chronic lymphocytic leukemia, small lymphocytic lymphoma and mantle cell lymphoma; Retevmo for cancers carrying a RET gene fusion or mutation; Cyramza and Erbitux, used alone or with other agents across gastric, lung, colorectal, liver and head and neck cancers; Inluriyo for ESR1-mutated advanced breast cancer; and Tyvyt, sold in China with Innovent Biologics.

Immunology covers Taltz for plaque psoriasis, psoriatic arthritis and spondyloarthritis; Omvoh for ulcerative colitis and Crohn's disease; Ebglyss for atopic dermatitis, sold in Europe with Almirall; and Olumiant, with Incyte, for rheumatoid arthritis, atopic dermatitis, severe alopecia areata and hospitalised COVID-19 patients needing respiratory support. Neuroscience covers Emgality for migraine prevention and episodic cluster headache, and Kisunla for adults with early symptomatic Alzheimer's disease with confirmed amyloid pathology.

How it reaches the patient

Healthcare providers are reached through online and other promotion, information and samples, medical meetings, and sales representatives who are employees or contractors. In the United States the company also advertises certain products directly to consumers. Its account managers deal with wholesalers, pharmacy benefit managers, insurers, plan sponsors, employers, managed care organisations, group purchasing organisations, government and long-term care institutions, hospitals and certain retail pharmacies, and those arrangements often carry discounts or rebates.

Most United States products are distributed through wholesalers serving pharmacies, physicians and hospitals, and in 2025, 2024 and 2023 the filing names three of them, McKesson, Cencora and Cardinal Health, as each accounting for a large part of consolidated revenue. No other customer accounted for more than 10 percent in any of those years. In certain jurisdictions the company also runs LillyDirect, a direct-to-patient digital health care platform through which selected Lilly medicines are dispensed by third-party pharmacies and delivered to patients, and which also carries tools for reaching independent healthcare providers and programmes for treatment adherence. Outside the United States it promotes through its own sales organisations in many countries and through third parties engaged under distribution and promotion arrangements.

Research, and where the medicines are made

At the end of 2025 approximately 12,000 people worked in pharmaceutical research and development, including physicians, scientists with graduate or postgraduate degrees and technical staff. Internal research focuses on the same four areas the products sit in, and the company supplements it by collaborating with academic institutions and other pharmaceutical and biotechnology companies.

Active ingredient manufacturing and finishing, which covers formulation, filling, assembly, delivery device manufacturing and packaging, is done at sites in the United States including Puerto Rico, in Ireland and at a number of other sites worldwide. To meet expected demand the company has undertaken manufacturing expansion, with new sites in North Carolina, Wisconsin, Indiana, Virginia, Texas, Alabama, Pennsylvania, Ireland, Germany and the Netherlands. Third parties handle some active ingredient manufacturing, filling and finishing and some device and component production. Most principal materials are available from more than one source, though certain materials come from a single source, and the filing notes that the company and the industry generally depend on China-based suppliers for portions of the supply chain.

From Eli Lilly's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.