Eli Lilly and Company 8-K

PositiveEarningsNew guidance

Mounjaro and Zepbound volume growth drove sales higher, partly offset by lower realized prices.

Filed 2026-02-04 07:05 ET

Summary

Q4 and FY2025 results with FY2026 guidance. Q4 revenue rose 43%, driven by higher volume from Mounjaro and Zepbound, partly offset by lower realized prices. Lilly also reported regulatory and clinical pipeline progress and an agreement with the U.S. government to expand access to obesity medicines.

Key Figures

Metric Q4 2025 Q4 2024 Y/Y
Revenue $19.3B $13.5B 43%
Operating income $8.37B $5.15B 63%
Net income, reported $6.64B $4.41B 50%
Net income, non-GAAP $6.77B $4.81B 41%
Diluted EPS, reported $7.39 $4.88 51%
Diluted EPS, non-GAAP $7.54 $5.32 42%
  • FY2025 revenue was $65.2B, up 45%; reported net income was $20.6B, up 95%, and diluted EPS was $22.95, up 96%.
  • Q4 worldwide volume increased 46%, partly offset by a 5% decline from lower realized prices. Mounjaro revenue rose 110% to $7.4B and Zepbound revenue rose 123% to $4.26B.
  • Reported gross margin was 82.5% of revenue, up 0.3 percentage points, as favorable product mix and improved production costs partly offset lower realized prices.

Guidance

Metric Period Guidance Prior Direction
Revenue, GAAP FY2026 $80B-$83B — —
Performance margin, non-GAAP FY2026 46.0%-47.5% — —
Tax rate, non-GAAP FY2026 18%-19% — —
Diluted EPS, non-GAAP FY2026 $33.50-$35.00 — —

Non-revenue guidance excludes intangible asset amortization and acquired in-process research and development after 12/31/2025; EPS guidance assumes ≈894M shares outstanding.

Investor Takeaways

  • Track whether Mounjaro and Zepbound volume growth can offset lower realized prices while Lilly delivers within its FY2026 revenue and performance-margin ranges.
  • Watch regulatory reviews of orforglipron following submissions for obesity in the U.S. and Japan and for obesity and type 2 diabetes in the EU.

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