Lilly(Eli) & Company
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +0.25%.
Did LLY Beat Earnings? Q3 2025 Results
Eli Lilly delivered a <a href="https://247wallst.com/investing/2025/10/30/eli-lilly-blows-away-q3-earnings-expectations/">standout third quarter</a>, posting revenue of $17.60 billion, a 53.9% year-over-year jump that cleared the $16.07 billion consensus estimate by 9.53%, as relentless demand for incretin medicines Mounjaro and Zepbound powered the bulk of the gain. Non-GAAP EPS of $7.02 topped the $5.89 consensus by 19.15%, a figure made more striking given the year-ago quarter had been weighed down by nearly $2.83 billion in acquired IPR&D charges. Mounjaro revenue more than doubled to $6.52 billion while Zepbound generated $3.59 billion domestically, up 184% year-over-year, together cementing Lilly's dominance in the obesity and diabetes space at a moment when the company is reportedly nearing a $1 trillion market capitalization. Management raised full-year 2025 revenue guidance to $63.00 to $63.50 billion, from a prior range of $60.00 to $62.00 billion, and lifted non-GAAP EPS guidance to $23.00 to $23.70, reflecting confidence in sustained volume-driven growth across its GLP-1 franchise.
- 62% volume increase drove worldwide revenue growth, partially offset by 10% lower realized prices
- Mounjaro and Zepbound demand drove Key Products revenue to $11.98 billion
- Favorable product mix improved gross margin percentage by 1.9 percentage points
- U.S. revenue grew 45% with 60% volume increase offset by 15% price decline
- International revenue grew 74% driven by 66% volume increase and 6% favorable FX
“Lilly delivered another strong quarter, with 54% revenue growth year-over-year driven by continued demand for our incretin portfolio. We advanced orforglipron through four additional Phase 3 trials, enabling global obesity submissions by year-end, and we achieved U.S. FDA approval of Inluriyo (imlunestrant)—marking key progress across our pipeline. We continue to increase manufacturing capacity, announcing new facilities in Virginia and Texas and an expansion of our site in Puerto Rico.”
Eli Lilly CEO, on the earnings call
Forward Guidance & Outlook
Lilly raised its full-year 2025 revenue guidance to $63.0–$63.5 billion (from $60.0–$62.0 billion), driven by strong underlying business performance and favorable foreign exchange. Reported EPS guidance was raised to $21.80–$22.50 (from $20.85–$22.10) and non-GAAP EPS guidance to $23.00–$23.70 (from $21.75–$23.00). Performance margin is now expected at 43.5%–44.5% on a reported basis and 45.0%–46.0% on a non-GAAP basis. Other income/expense on a reported basis improved to ($700M)–($600M). Tax rates remain approximately 19% reported and 17% non-GAAP. Guidance is based on the existing tariff and trade environment as of October 30, 2025, and does not reflect potential pharmaceutical sector tariffs.
LLY YoY Financials
LLY Revenue by Segment
LLY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.