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Eli Lilly
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Latest analysis
Updated Aug 5, 2026
Lilly raises 2026 guidance to $85–$87B on 48% Q2 revenue growth; retatrutide obesity data complete, aggressive BD underway.
Eli Lilly reported Q2 2026 revenue of $23.0 billion, up 48% year-over-year, driven by Mounjaro (+91% to $9.9B) and Zepbound (+46% to $4.9B) volume momentum. The company raised full-year 2026 revenue guidance to $85.0–$87.0 billion (from $82–$85B), reflecting continued GLP-1 dominance and a complete clinical data package for retatrutide across obesity, obstructive sleep apnea, and knee osteoarthritis—positioning a BLA submission for Q1 2027. Lilly completed four acquisitions in Q2 (Orna, Ajax, Centessa, Kelonia) and announced three additional infectious disease acquisitions post-quarter, incurring $2.8 billion in acquired IPR&D charges. The company committed an additional $4.5 billion to Indiana manufacturing, signaling confidence in sustained GLP-1 and next-generation demand.
Tone: bullishRevenue
$65.2B
LLY 10-K · FY 2025
Employees
50,000
Revenue growth YoY
+45%
Founded
1876
Profile
LLY 10-K Item 1 · Feb 12, 2026Eli Lilly and Company is an Indiana-incorporated global pharmaceutical company that discovers, develops, manufactures, and markets human pharmaceutical products across cardiometabolic health, oncology, immunology, and neuroscience. Founded in 1876 and incorporated in 1901, Lilly sells its products in approximately 90 countries through its own sales organizations and third-party arrangements. Its fastest-growing products are the incretin-based therapies Mounjaro and Zepbound, which drove the majority of 2025 revenue growth.
Read filing description ↓ Collapse description ↑
Eli Lilly and Company was incorporated in 1901 in Indiana to succeed to the drug manufacturing business founded in Indianapolis, Indiana, in 1876 by Colonel Eli Lilly. We discover, develop, manufacture, and market products in a single business segment—human pharmaceutical products. Our purpose is to unite caring with discovery to create medicines that make life better for people around the world. Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. We manufacture and distribute our products through facilities in the United States (U.S.), including Puerto Rico, and in Europe and Asia. Our products are sold in approximately 90 countries. Our internal pharmaceutical research focuses primarily on the areas of cardiometabolic health, immunology, neuroscience, and oncology. In addition to discovering and developing new medicines, we seek to expand the value of existing products through new uses, formulations, and therapeutic approaches, including complementary delivery devices or diagnostic tools, that can provide additional value to patients. To supplement our internal efforts, we collaborate with others, including academic institutions and research-based pharmaceutical and biotechnology companies. We use the services of physicians, hospitals, medical schools, and other organizations worldwide to conduct clinical trials to establish the safety and effectiveness of our medicines. We also invest in external research and technologies that we believe complement and strengthen our own efforts. These investments can take many forms, including, among others, licensing arrangements, co-development agreements, co-promotion arrangements, joint ventures, acquisitions, and equity investments.
Primary products
- Basaglar
- Humalog
- Humulin
- Jardiance
- Mounjaro
- Trulicity
Business segments
End markets
Geographies
Named customers
In 2025, 2024, and 2023, three wholesale distributors in the U.S.—McKesson Corporation, Cencora, Inc., and Cardinal Health, Inc.—each accounted for a significant percentage of our consolidated revenue. No other customer accounted for more than 10 percent of our consolidated revenue in any of these years.
Named competitors
“We believe our long-term competitive success depends on discovering and developing or acquiring and further developing innovative, cost-effective products that provide improved outcomes for patients and deliver value to payers, and continuously improving the productivity of our operations in a highly competitive and global environment.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased 45 percent in 2025, driven primarily by increased volume from Mounjaro and Zepbound, partially offset by lower realized prices.
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