Lilly(Eli) & Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.15%.
Did LLY Beat Earnings? Q4 2025 Results
Eli Lilly closed out fiscal 2025 with a blowout fourth quarter, posting revenue of $19.29 billion, up 42.6% year-over-year and well ahead of the $17.97 billion consensus, while non-GAAP EPS of $7.54 beat the $7.17 estimate by 5.16%, reflecting the relentless commercial momentum of its incretin franchise. The story behind the numbers is straightforward: Mounjaro revenue more than doubled to $7.41 billion and Zepbound surged 123% to $4.26 billion, together cementing Lilly's position as <a href="https://247wallst.com/investing/2026/01/10/the-glp-1-blockbuster-maker-widens-its-lead-as-the-diversified-healthcare-giant-posts-steady-growth/">the GLP-1 category leader</a> by a widening margin. Analysts and commentators have taken note, with price target upgrades following the print as confidence grows in the durability of the obesity and diabetes franchises. Looking ahead, Lilly guided 2026 revenue to a range of $80 billion to $83 billion, with non-GAAP EPS of $33.50 to $35.00, a forecast underpinned by the regulatory submission of oral GLP-1 candidate orforglipron across the U.S., Japan, and the EU, a potential catalyst that could meaningfully expand the company's addressable market beyond injectable therapies.
- 46% volume growth driving worldwide revenue increase
- Strong demand for Mounjaro and Zepbound
- Mounjaro international revenue growth driven by volume expansion
- Favorable product mix and improved cost of production supporting gross margins
- Lower realized prices partially offsetting volume gains
“2025 was an important year for Lilly. We reached millions more patients—launching Inluriyo, expanding Mounjaro and Kisunla globally, and submitting orforglipron for approval. We expanded our manufacturing capacity, and through our U.S. government agreement, opened new access to obesity medicines. Entering our 150th year with a deep pipeline and platforms like LillyDirect, we're positioned to reach more patients than ever and expand our global health impact.”
Eli Lilly CEO, on the earnings call
Forward Guidance & Outlook
Lilly issued 2026 financial guidance with revenue in the range of $80 billion to $83 billion, non-GAAP performance margin of 46.0% to 47.5%, a non-GAAP tax rate of 18% to 19%, and non-GAAP EPS in the range of $33.50 to $35.00. The 2026 guidance assumes approximately 894 million shares outstanding and excludes the impact of intangible asset amortization and any acquired IPR&D charges incurred or expected after December 31, 2025.
LLY YoY Financials
LLY Revenue by Segment
LLY Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.