Eli Lilly and Company (LLY) Q4 2025 earnings summary

Executive summary

• Achieved 45% year-over-year revenue growth in 2025, reaching $65.2 billion, with strong contributions from key products and new launches, including Mounjaro and Zepbound.

• Expanded manufacturing capacity, completed major international rollouts, and helped over 70 million patients globally.

• Advanced R&D pipeline with over 25 positive phase III trials, 14 new phase III programs initiated, and multiple regulatory milestones including FDA approvals and expanded indications.

• Executed 39 business development transactions, including acquisitions of Ventyx Biosciences and Adverum, and expanded AI collaborations with NVIDIA.

• Distributed $1.3 billion in dividends and $1.5 billion in share repurchases.

Financial highlights

• Full-year revenue grew 45% to $65.2 billion; Q4 revenue up 43% year-over-year to $19.3 billion.

• Earnings per share increased 86% to $24.21 for the year; Q4 EPS was $7.54 (non-GAAP), up 42% year-over-year.

• Gross margin was 83.2% in Q4, consistent with prior year.

• Non-GAAP performance margin rose to 47.2% in Q4, up 4.2 percentage points.

• Net income for Q4 was $6.8 billion, up 41% year-over-year.

Outlook and guidance

• 2026 revenue guidance set at $80–$83 billion, a 25% increase at midpoint.

• Non-GAAP performance margin expected between 46% and 47.5%.

• EPS guidance for 2026 is $33.50–$35.00.

• Anticipates industry-leading volume growth, offset by low to mid-teens price erosion.

• Orforglipron U.S. launch expected in Q2 2026; international launches mainly in 2027.