# ELI LILLY & Co (LLY)

Informational only - not investment advice.

CIK: 0000059478
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-02-12
SEC page: https://www.sec.gov/edgar/browse/?CIK=59478
Filing source: https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-12 · accession 0000059478-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059478.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 65,179,000,000 USD | 2025 | verified |
| Net income | 20,640,000,000 USD | 2025 | verified |
| Assets | 112,476,000,000 USD | 2025 | verified |
| Net margin | 31.67% | 2025 | computed |
| Revenue YoY | +44.70% | 2025 | computed |
| ROE | 77.78% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Large-cap biopharma](/compare/pharma/) · SIC 2834 Pharmaceutical Preparations

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including LLY

- Large-cap biopharma: [peer review](/compare/pharma/) · [market-risk page](/compare/pharma/risk/)

### Peer percentile fingerprint

| Ratio | LLY | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 31.7% | 1.0% | 83 | 107 |
| Revenue growth | 44.7% | 14.7% | 68 | 127 |
| ROE | 77.8% | -30.7% | 98 | 171 |
| ROA | 18.4% | -21.8% | 94 | 187 |
| Liabilities / equity | 3.24 | 0.38 | 84 | 173 |
| Current ratio | 1.58 | 4.89 | 9 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 65179000000 | USD | 2025 | 2026-02-12 |
| Net income | 20640000000 | USD | 2025 | 2026-02-12 |
| Assets | 112476000000 | USD | 2025 | 2026-02-12 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059478.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 21,222,100,000 | 19,973,800,000 | 21,493,300,000 | 22,319,500,000 | 24,539,800,000 | 28,318,400,000 | 28,541,400,000 | 34,124,000,000 | 45,043,000,000 | 65,179,000,000 |
| Net income | 2,737,600,000 | -204,100,000 | 3,232,000,000 | 8,318,400,000 | 6,193,700,000 | 5,581,700,000 | 6,244,800,000 | 5,240,000,000 | 10,590,000,000 | 20,640,000,000 |
| Diluted EPS | 2.58 | -0.19 | 3.13 | 8.89 | 6.79 | 6.12 | 6.90 | 5.80 | 11.71 | 22.95 |
| Operating cash flow | 4,851,000,000 | 5,615,600,000 | 5,524,500,000 | 4,836,600,000 | 6,499,600,000 | 7,365,900,000 | 7,585,700,000 | 4,240,000,000 | 8,818,000,000 | 16,813,000,000 |
| Dividends paid | 2,158,500,000 | 2,192,100,000 | 2,311,800,000 | 2,409,800,000 | 2,687,100,000 | 3,086,800,000 | 3,535,800,000 | 4,069,000,000 | 4,680,000,000 | 5,384,000,000 |
| Share buybacks | 600,100,000 | 299,800,000 | 4,150,700,000 | 4,400,000,000 | 500,000,000 | 1,250,000,000 | 1,500,000,000 | 750,000,000 | 2,500,000,000 | 4,108,000,000 |
| Assets | 38,805,900,000 | 44,981,000,000 | 43,908,400,000 | 39,286,100,000 | 46,633,100,000 | 48,806,000,000 | 49,489,800,000 | 64,006,300,000 | 78,715,000,000 | 112,476,000,000 |
| Stockholders' equity | 14,007,700,000 | 11,592,200,000 | 9,828,700,000 | 2,606,900,000 | 5,641,600,000 | 8,979,200,000 | 10,649,800,000 | 10,771,900,000 | 14,272,000,000 | 26,535,000,000 |
| Cash and cash equivalents | 4,582,100,000 | 6,536,200,000 | 7,320,700,000 | 2,337,500,000 | 3,657,100,000 | 3,818,500,000 | 2,067,000,000 | 2,818,600,000 | 3,268,000,000 | 7,268,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 12.90% | -1.02% | 15.04% | 37.27% | 25.24% | 19.71% | 21.88% | 15.36% | 23.51% | 31.67% |
| Return on equity | 19.54% | -1.76% | 32.88% | 319.09% | 109.79% | 62.16% | 58.64% | 48.65% | 74.20% | 77.78% |
| Return on assets | 7.05% | -0.45% | 7.36% | 21.17% | 13.28% | 11.44% | 12.62% | 8.19% | 13.45% | 18.35% |
| Liabilities / equity | 1.77 | 2.88 | 3.47 | 14.07 | 7.27 | 4.44 | 3.65 | 4.94 | 4.52 | 3.24 |
| Current ratio | 1.37 | 1.32 | 1.73 | 1.16 | 1.40 | 1.23 | 1.05 | 0.94 | 1.15 | 1.58 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/LLY/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000059478.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.61 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.49 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.95 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 9,498,600,000 | -57,400,000 | -0.06 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 9,353,400,000 | 2,189,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 8,768,000,000 | 2,242,900,000 | 2.48 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 11,302,800,000 | 2,967,000,000 | 3.28 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 11,439,100,000 | 970,300,000 | 1.07 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 13,532,800,000 | 4,409,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 12,728,500,000 | 2,759,300,000 | 3.06 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 15,557,700,000 | 5,660,500,000 | 6.29 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 17,600,800,000 | 5,582,500,000 | 6.21 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 19,292,000,000 | 6,637,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 19,799,000,000 | 7,396,000,000 | 8.26 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 22,974,000,000 | 7,095,000,000 | 7.94 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from LLY's latest 10-K: [/company/LLY/business/](/company/LLY/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from LLY's latest 10-K: [/company/LLY/risk-factors/](/company/LLY/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/59478/000005947826000081/lly-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

EXECUTIVE OVERVIEW

This section provides an overview of our financial results, updates to our clinical development pipeline, and other matters affecting our company and industry.

Financial Results

The following table summarizes certain financial information:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Percent Change","Six Months Ended June 30,","","Percent Change"],["","2026","","2025","","2026","","2025"],["Revenue","$","22,974","","","$","15,558","","","48","$","42,773","","","$","28,286","","","51"],["Net income","7,095","","","5,661","","","25","14,491","","","8,420","","","72"],["Earnings per share - diluted","7.94","","","6.29","","","26","16.19","","","9.35","","","73"]]
[[/GREPCENT_TABLE]]

Revenue increased for the three and six months ended June 30, 2026, driven primarily by increased volume, partially offset by lower realized prices. The increased volume and the lower realized prices during the three and six months ended June 30, 2026 were primarily driven by Mounjaro and Zepbound.

Net income and earnings per share for the three months ended June 30, 2026 increased primarily due to higher gross margin, partially offset by higher acquired IPR&D charges, asset impairment, restructuring, and other special charges, and marketing, selling, and administrative expenses. Net income and earnings per share for the six months ended June 30, 2026 increased primarily due to higher gross margin, partially offset by higher acquired IPR&D charges, research and development expenses, and marketing, selling, and administrative expenses.

See "Results of Operations" for additional information.

24

Clinical Development Pipeline Updates

Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition—Executive Overview—Clinical Development Pipeline” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for select new molecular entities (NMEs) and new indication line extension (NILEX) products in clinical trials or that were submitted for regulatory review or received regulatory approval in the U.S., European Union (EU), or Japan. The following reflects certain developments since our Annual Report on Form 10-K for the year ended December 31, 2025:

[[GREPCENT_TABLE]]
[["Compound","Development"],["Orforglipron (Foundayo)","The FDA approved orforglipron for treatment of obesity."],["Submitted orforglipron for type 2 diabetes in the U.S., the EU, and Japan."],["Insulin efsitora alfa","The Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion recommending insulin efsitora alfa for the treatment of type 2 diabetes in the EU."],["Baricitinib","A Phase 3 trial was initiated for baricitinib for type 1 diabetes."],["Eloralintide","A Phase 3 trial was initiated for eloralintide incretin add-on for obesity."],["A Phase 3 trial was initiated for eloralintide for obstructive sleep apnea (OSA)."],["A Phase 3 trial was initiated for eloralintide for osteoarthritis (OA) pain."],["Retatrutide","Announced that Phase 3 trials for retatrutide for obesity met their primary endpoints."],["Announced that a Phase 3 trial for retatrutide for type 2 diabetes met the primary endpoint."],["Brenipatide","A Phase 3 trial was initiated for brenipatide for major depressive disorder."],["Sofetabart mipitecan(1)","A Phase 3 trial was initiated for sofetabart mipitecan for platinum-sensitive ovarian cancer."]]
[[/GREPCENT_TABLE]]

(1) The FDA granted Breakthrough Therapy designation for sofetabart mipitecan for the treatment of certain patients with platinum-resistant ovarian cancer. Breakthrough Therapy designation is designed to expedite the development and review of potential medicines that are intended to treat a serious condition when preliminary clinical evidence indicates that the treatment may demonstrate substantial improvement on a clinically significant endpoint(s) over already available therapies.

Other Matters

Trends Affecting Pharmaceutical Pricing, Reimbursement, and Access and Certain Other Regulatory Developments

Global concern over access to, and affordability of, pharmaceutical products continues to drive debate and action, as well as cost containment efforts by governmental authorities and scrutiny of pricing and access disparities. Cost containment measures include the use of mandated discounts, price reporting requirements, mandated reference prices, restrictive formularies, changes to available intellectual property protections, as well as other efforts.

Reforms, initiatives, and other actions, including those that may stem from political initiatives, periods of uneven economic growth or downturns, or as a result of inflation or deflation, trade and other global disputes and interruptions including related to tariffs, trade protection measures, and similar restrictions, the emergence or escalation of, and responses to, international tension and conflicts, or government budgeting priorities, are expected to continue to result in added pressure on cost, pricing, reimbursement, and access for our products.

We have entered into voluntary agreements with the U.S. government in which, among other arrangements, we agreed to lower Medicaid and certain other drug prices for U.S. patients and to launch new medicines with a more balanced pricing approach across developed nations. Under the Medicare GLP-1 Bridge program (Bridge Program), Medicare beneficiaries obtained access to discounted Lilly obesity medicines effective July 1, 2026 through December 31, 2027, and individual state Medicaid programs separately have the option to expand access to these medicines. We continue to engage with the Centers for Medicare & Medicaid Services on long-term Medicare access to obesity medicines. The uptake from this expanded access is unknown. Moreover, the outcome of these arrangements and broader U.S. policy efforts to align domestic pharmaceutical pricing with international benchmarks from countries with competing healthcare cost containment priorities is uncertain and could negatively impact our pricing strategies, product demand or access, or competitive positioning across global markets, and may result in reduced revenue in certain markets.

25

Other policies, regulations, legislation, or enforcement, including those proposed or pursued by lawmakers, regulators, and other authorities in the U.S. and worldwide, have and may continue to adversely impact our business and consolidated results of operations.

The Inflation Reduction Act of 2022 (IRA) requires HHS to effectively set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D. Currently, these government prices generally apply beginning at nine years (for medicines approved under a New Drug Application) or thirteen years (for medicines approved under a Biologics License Application) following FDA approval or licensure for the molecule. HHS selected Jardiance, which is part of our collaboration with Boehringer Ingelheim, in August 2023 (effective 2026), and selected Trulicity and Verzenio in January 2026 (to be effective 2028), as medicines subject to government-set prices. Given our product portfolio, we expect other significant products will be selected in future years. The IRA has, and will continue to, meaningfully influence our business strategies and those of our competitors and could significantly impact our business and consolidated results of operations.

The U.S. and other countries have imposed or reached alignment on tariffs. In some cases, imposed tariffs have been paused but may come into effect quickly and unpredictably. While Lilly and pharmaceuticals are exempt from certain of these tariffs, such exemptions may expire, be terminated or may not apply to any future tariffs. The precise impact of tariffs, trade protection measures, and other restrictions depends on their ultimate scope, timing, and other factors. If enacted, additional restrictions could result in supply disruptions or delays, further increase costs, or otherwise have a negative impact on our business.

Private payers and pharmacy benefit managers in the U.S. continue to significantly impact the market for pharmaceuticals through negotiation of access, manufacturer price or rebate concessions and pharmacy reimbursement rates. Restrictive or unfavorable pricing, coverage, or reimbursement determinations for our medicines or product candidates by governments, regulatory agencies, courts, or private actors have and may continue to adversely impact our business and consolidated results of operations. In addition, we are engaged in litigation, investigations, and discussions with government entities related to government programs (including the 340B program), access to medicine, pricing, product safety, and other matters that could negatively impact our business and consolidated results of operations. It is not currently possible to predict the overall potential adverse impact to us or the general pharmaceutical industry of continued cost containment efforts worldwide.

In addition, regulatory issues concerning compliance with current Good Manufacturing Practices, quality assurance, safety signals, evolving standards, and increased scrutiny around excipients and potential impurities such as nitrosamines, and similar regulations and standards (and comparable foreign regulations and standards) for our products in some cases lead to regulatory and legal actions, product recalls and seizures, fines and penalties, interruption of production leading to product shortages, import bans or denials of import certifications, inability to realize the benefit of capital expenditures, or delays or denials in new product approvals, line extensions or supplemental approvals of current products pending resolution of the issues, or other negative impacts, any of which result in reputational harm or adversely affect our business.

Incretin Medicines

Mounjaro and Zepbound accounted for 65 percent of our total revenue for the six months ended June 30, 2026, and we expect cardiometabolic health products will continue to represent a significant and growing portion of our business, revenue, and prospects. In the first quarter of 2026, we finalized drug pricing agreements with the U.S. government, including Medicare access to discounted Lilly obesity medicines under the Bridge Program.

In the second quarter of 2026, we launched Foundayo (orforglipron) in the U.S. for the treatment of obesity and submitted orforglipron to the FDA for type 2 diabetes. Internationally, we have launched Mounjaro and submitted orforglipron for the treatment of obesity and/or type 2 diabetes in all major markets. To support anticipated demand for our current and prospective products, we have undertaken significant manufacturing expansion initiatives. Additional capacity is expected to become operational over the next several years.

We expect our near-term financial performance will be impacted by, among other factors, the timing of additional potential regulatory approvals for orforglipron, as well as the demand and pace of uptake in new incretin channels and markets, including in U.S. Medicare for Zepbound and Foundayo. More generally, incretin volume fluctuations due to channel dynamics or demand can have a disproportionate impact on our results of operations in any given period. Longer term, the durability of our cardiometabolic health product offerings and sustainability of our growth and prospects will depend on our ability to maintain or strengthen our competitive position as the therapeutic landscape evolves and to deliver further innovations that provide sufficient value to sustain our growth momentum.

26

We continue to see the production, marketing, and sale of counterfeit, misbranded, adulterated, and mass-compounded incretins. These

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm
Complete FY 2025 MD&A: /company/LLY/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-12
Report date: 2025-12-31

Item 7.Management's Discussion and Analysis of Results of Operations and Financial Condition

(Tables present dollars in millions, except per-share data, and numbers may not add due to rounding)

General

Management's discussion and analysis of results of operations and financial condition is intended to assist the reader in understanding and assessing significant changes and trends related to our results of operations and financial position. This discussion and analysis should be read in conjunction with Item 8, "Financial Statements and Supplementary Data." Certain statements in this Item 7 constitute forward-looking statements. Various risks and uncertainties, including those discussed in "Forward-Looking Statements" and Item 1A, "Risk Factors," may cause our actual results, financial position, and cash generated from operations to differ from these forward-looking statements.

EXECUTIVE OVERVIEW

This section provides an overview of our financial results, our clinical development pipeline, and other matters affecting our company and industry.

Financial Results

The following table summarizes certain financial information:

[[GREPCENT_TABLE]]
[["","Year Ended December 31,","","Percent Change"],["","2025","","2024"],["Revenue","$","65,179","","","$","45,043","","","45"],["Net income","20,640","","","10,590","","","95"],["Earnings per share - diluted","22.95","","","11.71","","","96"]]
[[/GREPCENT_TABLE]]

Revenue increased in 2025 driven primarily by increased volume, partially offset by lower realized prices. The increased volume and lower realized prices in 2025 were primarily driven by Mounjaro and Zepbound.

Net income and earnings per share increased in 2025, primarily due to higher gross margin, partially offset by increased marketing, selling, and administrative expenses and research and development expenses.

See "Results of Operations" for additional information.

43

Clinical Development Pipeline

Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines.

The following select new molecular entities (NMEs) and new indication line extension (NILEX) products are currently in clinical trials or have been submitted for regulatory review or have recently received regulatory approval in the U.S., European Union (EU), or Japan. The table reflects the status of these NMEs and NILEX products, up to the time of the filing of this Annual Report on Form 10-K:

[[GREPCENT_TABLE]]
[["Compound","Indication/Study","Status","Developments"],["Cardiometabolic Health"],["Tirzepatide (Mounjaro, Zepbound)","Heart failure with preserved ejection fraction","Approved","Approved in the EU."],["Pediatric and adolescent type 2 diabetes","Approved","Approved in the U.S. and the EU."],["Cardiovascular outcomes in type 2 diabetes","Submitted","Submitted in the U.S."],["Metabolic dysfunction-associated steatotic liver disease","Phase 3","Phase 3 trial was initiated."],["Morbidity and mortality in obesity","Phase 3","Phase 3 trial is ongoing."],["Type 1 diabetes","Phase 3","Phase 3 trials were initiated."],["Insulin efsitora alfa","Type 2 diabetes","Submitted","Submitted in the U.S., the EU, and Japan."],["Orforglipron","Obesity(1)","Submitted","Submitted in the U.S., the EU, and Japan."],["Type 2 diabetes","Submitted","Submitted in the EU. Phase 3 trials are ongoing."],["Cardiovascular outcomes","Phase 3","Phase 3 trial was initiated."],["Hypertension","Phase 3","Phase 3 trial was initiated."],["Obstructive Sleep Apnea (OSA)","Phase 3","Phase 3 trials are ongoing."],["Osteoarthritis pain","Phase 3","Phase 3 trial was initiated."],["Peripheral artery disease","Phase 3","Phase 3 trial was initiated."],["Stress urinary incontinence","Phase 3","Phase 3 trial was initiated."],["Eloralintide","Obesity","Phase 3","Phase 3 trial was initiated."],["Lepodisiran","Atherosclerotic cardiovascular disease","Phase 3","Phase 3 trial is ongoing."],["Muvalaplin","Atherosclerotic cardiovascular disease","Phase 3","Phase 3 trial was initiated."],["Retatrutide","Cardiovascular / renal outcomes","Phase 3","Phase 3 trials are ongoing."],["Chronic low back pain","Phase 3","Phase 3 trial was initiated."],["Metabolic dysfunction-associated steatotic liver disease","Phase 3","Phase 3 trial was initiated."],["Obesity, osteoarthritis, OSA","Phase 3","Phase 3 trial met all primary and key secondary endpoints. Phase 3 trials are ongoing."],["Type 2 diabetes","Phase 3","Phase 3 trials are ongoing."]]
[[/GREPCENT_TABLE]]

44

[[GREPCENT_TABLE]]
[["Compound","Indication/Study","Status","Developments"],["Immunology"],["Mirikizumab (Omvoh)","Crohn's disease","Approved","Approved in the U.S., the EU, and Japan."],["Lebrikizumab(2)","AR (perennial allergens)","Phase 3","Phase 3 trial is ongoing."],["CRSwNP","Phase 3","Phase 3 trial is ongoing."],["Neuroscience"],["Donanemab (Kisunla)","Early Alzheimer's disease","Approved","Approved in the U.S., the EU, and Japan."],["Pre-clinical Alzheimer's disease","Phase 3","Phase 3 trial is ongoing."],["Brenipatide","Alcohol use disorder","Phase 3","Phase 3 trial was initiated."],["Ixo-vec","Wet age\u2011related macular degeneration","Phase 3","Acquired in the acquisition of Adverum Biotechnologies, Inc. Phase 3 trial is ongoing."],["Remternetug","Pre-clinical/MCI Alzheimer's disease","Phase 3","Phase 3 trials are ongoing."],["Oncology"],["Imlunestrant (Inluriyo)","ER+, HER2-, ESR1-mutated advanced or metastatic breast cancer","Approved","Approved in the U.S., the EU, and Japan."],["Adjuvant breast cancer","Phase 3","Phase 3 trial is ongoing."],["Pirtobrutinib(Jaypirca)","Chronic lymphocytic leukemia","Approved","Full approval in the U.S., the EU, and Japan."],["Olomorasib(3)","1L KRAS G12C+ NSCLC","Phase 3","Phase 3 trial is ongoing."],["Resected adjuvant NSCLC","Phase 3","Phase 3 trial was initiated."],["Unresected adjuvant NSCLC","Phase 3","Phase 3 trial was initiated."],["Sofetabart mipitecan (FR\u03b1 ADC)(3)","Platinum-resistant ovarian cancer","Phase 3","Phase 3 trial was initiated."]]
[[/GREPCENT_TABLE]]

(1) Granted a Commissioner's National Priority Voucher from the FDA.

(2) In collaboration with Almirall, S.A. in Europe.

(3) The FDA granted Breakthrough Therapy designation for olomorasib for the treatment of certain newly diagnosed metastatic KRAS G12C-mutant lung cancers and for sofetabart mipitecan for the treatment of certain patients with platinum-resistant ovarian cancer. Breakthrough Therapy designation is designed to expedite the development and review of potential medicines that are intended to treat a serious condition when preliminary clinical evidence indicates that the treatment may demonstrate substantial improvement on a clinically significant endpoint(s) over already available therapies.

There are many difficulties and uncertainties inherent in pharmaceutical research and development, the introduction of new products and indications, business development activities to enhance or refine our product pipeline, and commercialization of our products. There is a high rate of failure inherent in drug discovery and development. To bring a product from the discovery phase to market takes considerable time and entails significant cost. See Item 1A, "Risk Factors—Risks Related to Our Business and Industry—Pharmaceutical research and development is very costly and highly uncertain; we may not succeed in developing, licensing, or acquiring commercially successful products sufficient in number or value to replace revenues of products that have lost or will lose intellectual property protection or are displaced by competing products or therapies," for additional information.

45

We manage research and development spending across our portfolio of potential new medicines and indications. A delay in, or termination of, any one project will not necessarily cause a significant change in our total research and development spending. Due to the risks and uncertainties involved in the research and development process, we cannot reliably estimate the nature, timing, and costs of the efforts necessary to complete the development of our research and development projects, nor can we reliably estimate the future potential revenue that will be generated from any successful research and development project. Each project represents only a portion of the overall pipeline, and none is individually material to our consolidated research and development expense. While we do accumulate certain research and development costs on a project level for internal reporting purposes, we must make significant cost estimations and allocations, some of which rely on data that are neither reproducible nor validated through accepted control mechanisms. Therefore, we do not have sufficiently reliable data to report on total research and development costs by project, by pre-clinical versus clinical spend, or by therapeutic category.

Other Matters

Trends Affecting Pharmaceutical Pricing, Reimbursement, and Access and Certain Other Regulatory Developments

Global concern over access to, and affordability of, pharmaceutical products continues to drive debate and action, as well as cost containment efforts by governmental authorities and scrutiny of pricing and access disparities. Cost containment measures include the use of mandated discounts, price reporting requirements, mandated reference prices, restrictive formularies, changes to available intellectual property protections, as well as other efforts.

Reforms, initiatives, and other actions, including those that may stem from political initiatives, periods of uneven economic growth or downturns, or as a result of inflation or deflation, trade and other global disputes and interruptions including related to tariffs, trade protection measures, and similar restrictions, the emergence or escalation of, and responses to, international tension and conflicts, or government budgeting priorities, are expected to continue to result in added pressure on cost, pricing, reimbursement, and access for our products.

In November 2025, we announced preliminary voluntary agreements with the U.S. government in which, among other arrangements, we agreed to lower Medicaid and certain other drug prices for U.S. patients and to launch new medicines with a more balanced pricing approach across developed nations. We face risks and uncertainty associated with these arrangements and negotiating the definitive agreements, including potential delays and the possibility of unfavorable terms related to pricing, access, and other key objectives. Among other risks, we may fail to adequately capitalize on the additional U.S. access to our obesity medicines resulting from these agreements, particularly if the revenues generated from such expanded access are insufficient to offset pricing concessions. Moreover, the outcome of these arrangements and broader U.S. policy efforts to align domestic pharmaceutical pricing with international benchmarks from countries with competing healthcare cost containment priorities is uncertain and could negatively impact our pricing strategies, product demand or access, or competitive positioning across global markets, and may result in reduced revenue in certain markets.

Other policies, regulations, legislation, or enforcement, including those proposed or pursued by lawmakers, regulators, and other authorities in the U.S. and worldwide, have and may continue to adversely impact our business and consolidated results of operations.

The IRA requires HHS to effectively set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D. Currently, these government prices generally apply beginning at nine years (for medicines approved under a New Drug Application) or thirteen years (for medicines approved under a Biologics License Application) following FDA approval or licensure for the molecule. In August 2023, HHS selected Jardiance, which is part of our coll

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/LLY/mda/fy2025/
All MD&A years: /company/LLY/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/LLY/mda/fy2024/): filed 2025-02-19; accession 0000059478-25-000067 (https://www.sec.gov/Archives/edgar/data/59478/000005947825000067/lly-20241231.htm)
- [FY 2023 MD&A](/company/LLY/mda/fy2023/): filed 2024-02-21; accession 0000059478-24-000065 (https://www.sec.gov/Archives/edgar/data/59478/000005947824000065/lly-20231231.htm)
- [FY 2022 MD&A](/company/LLY/mda/fy2022/): filed 2023-02-22; accession 0000059478-23-000082 (https://www.sec.gov/Archives/edgar/data/59478/000005947823000082/lly-20221231.htm)
- [FY 2021 MD&A](/company/LLY/mda/fy2021/): filed 2022-02-23; accession 0000059478-22-000068 (https://www.sec.gov/Archives/edgar/data/59478/000005947822000068/lly-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

| FDA-listed trade name | Active ingredient | Application | Original approval |
| --- | --- | --- | --- |
| FOUNDAYO | ORFORGLIPRON CALCIUM | [NDA220934](/drug/nda-220934/) | 2026-04-01 |
| INLURIYO | IMLUNESTRANT TOSYLATE | [NDA218881](/drug/nda-218881/) | 2025-09-25 |
| EBGLYSS | LEBRIKIZUMAB-LBKZ | [BLA761306](/drug/bla-761306/) | 2024-09-13 |
| KISUNLA | DONANEMAB-AZBT | [BLA761248](/drug/bla-761248/) | 2024-07-02 |
| RETEVMO | SELPERCATINIB | [NDA218160](/drug/nda-218160/) | 2024-04-10 |
| ZEPBOUND, ZEPBOUND (AUTOINJECTOR), ZEPBOUND KWIKPEN | TIRZEPATIDE | [NDA217806](/drug/nda-217806/) | 2023-11-08 |
| OMVOH | MIRIKIZUMAB-MRKZ | [BLA761279](/drug/bla-761279/) | 2023-10-26 |
| MOUNJARO, MOUNJARO (AUTOINJECTOR), MOUNJARO KWIKPEN | TIRZEPATIDE | [NDA215866](/drug/nda-215866/) | 2022-05-13 |
| LYUMJEV | INSULIN LISPRO-AABC | [BLA761109](/drug/bla-761109/) | 2020-06-15 |
| RETEVMO | SELPERCATINIB | [NDA213246](/drug/nda-213246/) | 2020-05-08 |
| REYVOW | LASMIDITAN SUCCINATE | [NDA211280](/drug/nda-211280/) | 2019-10-11 |
| EMGALITY | GALCANEZUMAB-GNLM | [BLA761063](/drug/bla-761063/) | 2018-09-27 |
| OLUMIANT | BARICITINIB | [NDA207924](/drug/nda-207924/) | 2018-05-31 |
| VERZENIO | ABEMACICLIB | [NDA208855](/drug/nda-208855/) | 2018-02-26 |
| VERZENIO | ABEMACICLIB | [NDA208716](/drug/nda-208716/) | 2017-09-28 |

All 25 approved applications for LLY: /drug/#LLY

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/LLY.md · JSON record: /company/LLY.json · verified financials: /company/LLY/financials.json / /company/LLY/financials.csv · machine TOC for the whole site: /llms.txt