Detailed Narrative
2025 Performance Highlights
Eli Lilly achieved robust revenue growth of 45% in 2025, reaching $65.2 billion, with EPS growing 86% to $24.21. The company launched new medicines, secured new indications for Omvoh and Jaypirca, and completed international rollouts for Mounjaro and Kisunla, significantly expanding its global footprint and patient reach. Q4 2025 revenue grew 43% year-over-year, driven by key products, contributing to strong financial performance.
Pipeline and R&D Advancements
The company generated positive clinical data in over 25 Phase III trials, including registrational trials for orforglipron and retatrutide, and initiated 14 new Phase III programs. Lilly also executed 39 business development transactions, adding multiple clinical-stage assets through acquisitions like Scorpion, Verve, and SiteOne. Investments in AI, including a new collaboration with NVIDIA, aim to accelerate drug discovery and development.
Manufacturing Expansion and Supply
Lilly committed over $55 billion since 2020 to manufacturing build-out, the largest in company history, increasing capacity and starting production at new sites in Wisconsin and North Carolina. The company exceeded its goal to produce 1.8x the number of incretin doses in the second half of 2025 compared to the second half of 2024, addressing supply needs for its growing portfolio.
Incretin Portfolio Strategy and Market Access
Lilly is focused on expanding the addressable market for its incretin therapies, with orforglipron expected to launch in the U.S. in Q2 2026. The company anticipates new Medicare access for obesity medicines by July 1, 2026, and is actively working to increase commercial coverage through employer engagement and alternative access channels. LillyDirect engagement increased to over 1 million patients in 2025, with Zepbound self-pay vials representing a significant portion of new patient starts.
Combination Therapies in Immunology
Lilly is exploring the potential of incretins in combination with immunology treatments, with positive Phase IIIb data for ixekizumab plus tirzepatide in psoriatic arthritis showing a 64% relative increase in PsA symptom reduction. Ongoing trials are investigating similar combinations in psoriasis, Crohn's disease, and ulcerative colitis, aiming for improved outcomes in patients with comorbid conditions. Brenipatide is also being advanced into Phase II for asthma.
Oncology Pipeline Progress
The FDA granted full approval for pirtobrutinib with an expanded indication for relapsed or refractory CLL/SLL, and positive Phase III data supports its use in earlier lines of therapy. Lilly is also advancing new oncology molecules like Sofetabart Mipitecan, an antibody drug conjugate for ovarian cancer that received breakthrough therapy designation, and initiating Phase III programs for tersolisib and vepugratinib, targeting unmet needs in various cancers.
Neuroscience and Cardiometabolic Health Updates
The company initiated trials exploring incretins for substance use disorders and psychiatric conditions, including brenipatide for alcohol use disorder, tobacco use disorder, and bipolar disorder. In Alzheimer's, the TRAILBLAZER-ALZ 3 study for donanemab is progressing. In cardiometabolic health, positive top-line results from the ATTAIN-MAINTAIN trial for orforglipron showed efficacy in weight maintenance, and retatrutide's TRIUMPH-4 trial demonstrated significant weight loss and pain reduction in obesity with knee osteoarthritis.