⚡What does Eli Lilly do, in 30 seconds?
Eli Lilly invents, makes and sells medicines, led by Mounjaro and Zepbound for diabetes and weight loss 2. It sold $65.2bn ✓ in FY2025, up 44.7% ✓ on the year before. Those two brands of one medicine made up 56% of 2025 revenue 2.
📱What does Eli Lilly sell?
Lilly reports two kinds of revenue, and medicines it sells itself bring in almost all of it, 94% ✓ in FY2025. Here is what each one is and who pays for it.
Medicines sold
Lilly's own medicines, counted after rebates and discounts, which brought in $61.0bn ✓ in FY2025 2. The biggest are Mounjaro for diabetes and Zepbound for weight loss, which are the same medicine, tirzepatide 2. Others include Verzenio for breast cancer, Trulicity for diabetes, Taltz for skin and joint disease and Kisunla for early Alzheimer's 2. Foundayo, a daily weight-loss pill, went on sale in April 2026 3.
👥 Wholesalers buy the medicines, while insurers, drug-benefit managers and governments decide who is covered 2. Patients can also order some medicines through LillyDirect, Lilly's own online service 2.
Collaboration and other revenue
Mostly Lilly's share of sales of Jardiance and related diabetes medicines, which it shares with Boehringer Ingelheim 2. It also includes royalties, milestone payments and sales of product rights 2. Jardiance alone was about $3.4bn of the $4.2bn ✓ in FY2025 2.
👥 Partner companies, not patients, pay Lilly this money 2.
How the mix has shifted
Where the customers are
The United States brings in most of Lilly's sales, with $43.5bn ✓ or 67% ✓ in FY2025. Other countries added $21.7bn ✓, or 33% ✓. In the second quarter of 2026, more than half of Mounjaro sales came from outside the US 3.
💸How does Eli Lilly make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Lilly took in $65.2bn ✓ from medicines and partners in FY2025. Making those medicines cost $11.1bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $54.1bn ✓.
Next come the costs of running the company. Research and development took $13.3bn ✓, and marketing, selling and admin took $11.1bn ✓. Other operating costs added $3.4bn ✓. Taking all of those away leaves operating profit, the profit from the main business, of $26.3bn ✓ by our count. Lilly's own results show no operating-profit line 2, so we work it out as pretax income plus net non-operating costs. After tax of $5.1bn ✓ and a small other expense, net income was $20.6bn ✓. Put simply, out of every hundred dollars of sales, Lilly kept about $32 ✓ as profit and spent $20 ✓ on research.
Out of every $100 customers paid in FY2025…
⏱️ Eli Lilly by the clock
Spread the FY2025 totals evenly over its 365 days and you get this. Source: Eli Lilly and Company 10-K [4].
📈How is Eli Lilly doing?
Lilly is growing very fast, thanks to its weight-loss and diabetes medicines. From FY2017 to FY2025, sales grew 15.9% ✓ a year on average. Sales rose in each of the 8 ✓ years after FY2017. Lilly also kept more of each sale, as gross margin rose from 77.7% ✓ to 83.0% ✓. Operating margin jumped from 10.0% ✓ to 40.4% ✓.
The latest four quarters, to 30 June 2026, look even stronger. Sales reached $79.7bn ✓, up 49.6% ✓ on the four quarters before. Operating margin climbed to 42.2% ✓. In the second quarter of 2026, Lilly sold 60% more doses, but at prices 13% lower on average 3. Milestone payments and changes in rebate estimates also helped the first half of 2026 16. Lilly expects 2026 sales of $85bn to $87bn 16. Third-quarter results are due on 29 October 2026 and are not in these figures 21.
📝 The report card
Lilly earns top marks for growth and profit, but weaker marks for cash, debt and steadiness. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Eli Lilly (orange) and its 5 peers land; further right is better.
Growth
Lilly's sales grew 31.7% ✓ a year over its last three fiscal years, which earns an A ✓ on the fixed scale. The peer median was just 3.1% ✓. Pfizer's figure was -14.8% ✓, an F ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Lilly kept 31.6% ✓ of sales as operating profit, just above the bar for an A ✓. The peer median was 24.4% ✓. The three-year figure is held down by FY2023, when its operating margin was only 18.9% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Lilly turned only 9.4% ✓ of sales into free cash flow, which earns a D ✓. That is the lowest in its peer group, where the median is 21.5% ✓. Heavy spending on new factories, $7.8bn ✓ in FY2025, is a big reason. In the latest four quarters, the figure improved to 22.8% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Lilly owes more than it holds in cash and investments, so its net cash (cash and investments minus borrowings, leases not counted) was -54.1% ✓ of a year's sales, an F ✓. Merck gets an F ✓ too, at -52.0% ✓. The peer median is even lower, at -87.0% ✓.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Lilly's yearly growth swings a lot, with a standard deviation of 15.0% ✓, which earns a D ✓. Sales rose in each of the 8 ✓ years after FY2017, but growth ranged from 0.8% ✓ in FY2022 to 44.7% ✓ in FY2025. So the swings come from booms, not falls. Johnson & Johnson is the steadiest peer at 3.9% ✓, an A ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Eli Lilly compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
9 years at a glance
Where the cash goes
Over the 9 fiscal years from FY2017 to FY2025, Lilly paid out more cash than its free cash flow. It spent $49.8bn ✓ on dividends and buybacks, against $43.1bn ✓ of free cash flow. In FY2025, payouts equalled 106% ✓ of free cash flow, and dividends alone were $5.4bn ✓.
🧮Ratios 101: what are Eli Lilly's key financial ratios?
Ratios shrink Lilly's big numbers into easy comparisons, and they show both rich profits and heavy spending on stock and factories. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Eli Lilly's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 83.0% ✓, up from 78.2% ✓ in FY2018, Lilly is well above the 70.2% ✓ peer median. Lilly says lower production costs and a richer mix lifted it again in the second quarter of 2026 3.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Lilly's 40.4% ✓ beats the 26.1% ✓ peer median and is up from 16.4% ✓ in FY2018, as sales grew faster than costs.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Lilly keeps 31.7% ✓ of sales as final profit, up from 15.0% ✓ in FY2018 and above the 21.0% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 77.8% ✓ is far above the 33.8% ✓ peer median, partly because shareholders' equity is small at $26.5bn ✓ next to Lilly's borrowing.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 18.4% ✓, up from 7.4% ✓ in FY2018 and above the 8.5% ✓ peer median, is a cleaner sign of strength than ROE.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Lilly's sales are 0.6x ✓ the value of everything it owns, up from 0.5x ✓ in FY2018 and just above the 0.5x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Lilly holds 454 ✓ days of stock, up from 242 ✓ in FY2018 and far above the peer median of 171 ✓. That is more than a year of stock, which ties up cash.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.6x ✓, Lilly's short-term assets comfortably cover its bills due within a year, above the 1.1x ✓ peer median.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Lilly's 1.6x ✓ is up from 1.1x ✓ in FY2018 and double the 0.8x ✓ peer median, with debt of $42.5bn ✓ at the end of FY2025.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covers interest 29.4x ✓, up from 14.6x ✓ in FY2018 and far above the 6.1x ✓ peer median, so the debt is easy to service today.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Lilly turned profit into free cash at only 0.4x ✓, below the 1.1x ✓ peer median and down from 1.3x ✓ in FY2018. Spending on new factories reached $7.8bn ✓ in FY2025, and that comes out of free cash flow.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Lilly spends 20.5% ✓ of sales on R&D, above the 16.7% ✓ peer median but down from 23.5% ✓ in FY2018, because sales grew even faster than research.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 1.0% ✓ of sales, a little below the 1.3% ✓ peer median and down from 1.3% ✓ in FY2018.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Lilly returned 46.0% ✓ of FY2025 profit to shareholders, below the 72.6% ✓ peer median and well down from 200.0% ✓ in FY2018.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Eli Lilly's competitors?
Lilly competes with other big drug makers in diabetes and weight loss, cancer, immunology and brain diseases. Lilly's annual report names no rivals, so the arenas below are our own judgement from each company's medicines 2.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Eli Lilly (LLY, FY2025) | Diabetes and weight loss, cancer, immunology and brain diseases 2 | $65.2bn | 31.7% | 40.4% | 13.8% |
| Merck (MRK, FY2025) | Cancer (Keytruda against Verzenio) and diabetes (Januvia against Mounjaro and Trulicity) 11 2 | $65.0bn | 3.1% | 34.2% | 19.0% |
| Johnson & Johnson (JNJ, FY2025) | Immunology, where Tremfya and Stelara compete with Taltz and Omvoh 12 2 | $94.2bn | 5.6% | 26.8% | 20.9% |
| AbbVie (ABBV, FY2025) | Immunology, where Skyrizi and Rinvoq compete with Taltz, Omvoh and Ebglyss 13 2 | $61.2bn | 1.8% | 24.6% | 29.1% |
| Pfizer (PFE, FY2025) | Breast cancer (Ibrance against Verzenio), migraine, and weight loss since buying Metsera 14 | $62.6bn | -14.8% | 26.1% | 14.5% |
| Amgen (AMGN, FY2025) | Weight loss (MariTide in late-stage trials), heart medicines and immunology (Otezla against Taltz) 15 | $36.8bn | 11.8% | 24.7% | 22.0% |
Novo Nordisk, based in Denmark, is Lilly's main rival in weight loss and diabetes, with Ozempic and Wegovy 17 2. Its Wegovy pill won US approval on 22 December 2025, about three months before Foundayo 17 18. Lilly says mass-made copies from compounding pharmacies, and fakes, still take sales 2. It also says competition from fast-growing drug research in China is getting stronger 2.
🧭Eli Lilly SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Lilly's two tirzepatide brands are booming: Mounjaro grew 91% and Zepbound 46% in the second quarter of 2026 3.
- Lilly now sells both a weekly shot and, since April 2026, a daily weight-loss pill called Foundayo 18 3.
- It kept 83.0% ✓ of FY2025 sales as gross profit, above the 70.2% ✓ peer median.
- Lilly expects the main tirzepatide patent to last until 2036 in the US 2.
🩹 Weaknesses
- Mounjaro and Zepbound made 65% of revenue in the first half of 2026, so one medicine drives results 3.
- Average prices fell 13% in the second quarter of 2026, while the number of doses sold rose 60% 3.
- Debt reached $54.9bn ✓ at 30 June 2026, up from $42.5bn ✓ at the end of FY2025.
- Over the last three years combined, free cash flow was only 9.4% ✓ of sales, a D ✓ on our report card.
🚀 Opportunities
- A Medicare program opened access to discounted Lilly weight-loss medicines from 1 July 2026 3.
- Mounjaro sales outside the US grew 172% in the second quarter of 2026 16, though prices fell after Mounjaro joined China's national drug list 3.
- Retatrutide, a newer weight-loss shot, succeeded in more late-stage trials, with an FDA filing planned for early 2027 16.
- Zepbound is also approved for sleep apnea in adults with obesity, opening a new use 2.
⚠️ Threats
- Rivals are piling into weight loss: Novo Nordisk's Wegovy pill, Pfizer's Metsera deal and Amgen's MariTide 17 14 15.
- Medicare will set prices for Trulicity and Verzenio from 2028 3.
- Generic makers have challenged patents on Mounjaro, Zepbound and Verzenio 3.
- Lawsuits claim Mounjaro, Trulicity and Zepbound caused stomach and eye problems 3.
🏰Does Eli Lilly have a moat?
Why 1?
One patient taking a medicine does not make it work better for anyone else. LillyDirect is a way to sell, not a network 2.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Eli Lilly; grey dots are peers, scored on the same rubric: see why).
How the peers were scored
- Merck: Patents protect Keytruda, a cancer drug that made 49% of Merck's 2025 sales, though its key US patent is expected to end in 2028 11.
- Johnson & Johnson: One of the best-known health names, with about 138,200 staff across medicines and medical devices 12. Copies of Stelara cut its 2025 sales growth by about 6.2 points, showing its patents run out too 12.
- AbbVie: Skyrizi and Rinvoq made about 42% of 2025 revenue, and AbbVie expects no US generic Rinvoq before April 2037 13. Humira sales fell 49% in 2025 once copies arrived 13.
- Pfizer: Pfizer expects large sales losses as patents end from 2026 to 2030, so buyers will move to cheaper copies 14. It is rebuilding through deals such as Metsera in weight loss 14.
- Amgen: Amgen's skill in making complex biologic medicines lets it copy rivals' drugs, with eight copies launched since 2018 15. But copies of its own Prolia and Xgeva arrived in 2025 15.
🔭What should you watch next?
Third-quarter 2026 results
Lilly set the date and a call at 10 a.m. Eastern 21. Figures on this page run to FY2025 and the four quarters to 30 June 2026.
Retatrutide filing
Lilly plans to ask the FDA to approve this newer weight-loss shot in the first quarter of 2027 16.
Foundayo for type 2 diabetes
Lilly has asked US, EU and Japanese regulators to approve the pill for diabetes too 3.
Patent fights over Mounjaro and Zepbound
Several generic makers filed to copy these medicines early, and Lilly said it will sue 3.
Medicare weight-loss program ends
Lilly is talking with Medicare about long-term access to its weight-loss medicines after the program ends 3.
Jardiance partnership ends
The alliance with Boehringer Ingelheim ends in the most important markets, which affects collaboration revenue 2.
📚Learn the words
❓Frequently asked questions about Eli Lilly
How does Eli Lilly make money?
Lilly makes almost all its money selling medicines, led by Mounjaro and Zepbound. Medicine sales brought in $61.0bn ✓ in FY2025. Partner deals, mostly its share of Jardiance, added $4.2bn ✓ 2.
Are Mounjaro and Zepbound the same medicine?
Yes, both contain tirzepatide. Zepbound is the weight-loss brand in the US, Canada and Japan, and Mounjaro is the diabetes brand 2. In other countries, Mounjaro also covers weight loss 2.
What is Foundayo?
Foundayo is Lilly's daily weight-loss pill, also called orforglipron. The FDA approved it on 1 April 2026 18. Lilly licensed it from Chugai and pays Chugai royalties on sales 3.
If sales are booming, why are Lilly's prices falling?
Lilly sells far more doses at lower average prices. In the second quarter of 2026, doses sold rose 60% while prices fell 13% 3. Cash-price cuts, government deals and China's national drug list all pushed prices down 3 16.
When can generic copies of Mounjaro and Zepbound arrive?
Lilly expects the main US patent on tirzepatide to last until 2036, and later in Europe and Japan 2. Generic makers challenged the patents in July 2026, and Lilly said it will sue 3.
Who are Eli Lilly's biggest competitors?
Novo Nordisk, maker of Ozempic and Wegovy, is Lilly's main rival in weight loss and diabetes 17 2. Merck, Johnson & Johnson, AbbVie, Pfizer and Amgen compete with Lilly in cancer, immunology and other areas 11 12 13 14 15.
How much does Lilly spend on research?
Lilly spent $13.3bn ✓ on research and development in FY2025. That was 20.5% ✓ of sales, or about $37m ✓ a day. About 12,000 of its staff work in research 2.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [4] [5] [6] [7] [8] [9].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. Which medicine is inside both Mounjaro and Zepbound?
2. About how much of Lilly's 2025 revenue came from Mounjaro and Zepbound?
3. Where does most of Lilly's partner revenue come from?
4. Why did Lilly's sales boom even though its prices fell?
5. What did Lilly start making in the early 1920s with University of Toronto scientists?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Eli Lilly (LLY) Form 10-K for fiscal year 2025, filed 2026-02-12 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Eli Lilly Form 10-K FY2025 (FYE 2025-12-31), filed 2026-02-12 — Founded 1876, incorporated 1901; one segment; product list; ~90 countries; ~50,000 employees (27,000 non-US, 12,000 R&D); executive officers; wholesalers (McKesson, Cencora, Cardinal each 16-24% of revenue); LillyDirect; advertising $2.9bn; competition factors; China competition; compounding; patent/data-protection table (tirzepatide 2036/2037/2040, Trulicity 2027, Jardiance 2029); Note 2 net product vs collaboration revenue; product revenue by US/non-US 2023-2025; Note 3 Jardiance $3,432m and milestones; Mounjaro+Zepbound 56% of 2025 revenue; six products 82%; volume/price; US government agreements; manufacturing sites; risk factors (accessed 2026-10-29)
- Eli Lilly Form 10-Q Q2 2026 (period 2026-06-30), filed 2026-08-05 — Q2/H1 2026 product revenue tables; collaboration revenue $1,571m/$2,917m; Jardiance milestones; Chugai/Roche/Almirall royalty terms; acquisitions (Ventyx 2026-03-04, Centessa, Kelonia, Orna, Ajax), $13.3bn deals; July 2026 infectious-disease deals ~$2.0bn and AtaiBeckley ~$2.8bn; pipeline updates (Foundayo approval, efsitora CHMP, retatrutide); Medicare Bridge 2026-07-01 to 2027-12-31; IRA selections; Mounjaro+Zepbound 65% of H1 revenue; volume/price; NRDL; debt $54.9bn; litigation (Verzenio/Cipla, tirzepatide ANDAs, Emgality, incretin MDLs) (accessed 2026-10-29)
- SEC EDGAR companyfacts: Eli Lilly (LLY) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Merck & Co., Inc. (MRK) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: JOHNSON & JOHNSON (JNJ) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: AbbVie Inc. (ABBV) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: PFIZER INC (PFE) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: AMGEN INC (AMGN) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Eli Lilly (LLY) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Merck & Co. Form 10-K FY2025, filed 2026-02-24 — Keytruda 49% of 2025 sales; Keytruda US patent 2028; Keytruda Qlex; lower Gardasil demand in China; ~75,000 employees, ~24,700 in research; Hansoh oral GLP-1 licence (MK-4082); Januvia; animal health (accessed 2026-10-29)
- Johnson & Johnson Form 10-K FY2025, filed 2026-02-11 — ~138,200 employees; Innovative Medicine and MedTech segments; Stelara biosimilar drag ~6.2 pts on 2025 sales growth; Tremfya growth; oncology +22.1%; Darzalex US patents 2029; Orthopaedics separation announced Oct 2025 (accessed 2026-10-29)
- AbbVie Form 10-K FY2025, filed 2026-02-20 — Skyrizi and Rinvoq ~42% of 2025 revenue; Humira -49% in 2025 on biosimilars; no US generic Rinvoq expected before April 2037; Botox Therapeutic +15%; ~57,000 employees in 70+ countries (accessed 2026-10-29)
- Pfizer Form 10-K FY2025, filed 2026-02-26 — Metsera acquired 2025-11-13 (obesity); significant revenue loss from exclusivity expiries 2026-2030, ~$1.5bn in 2026; Eliquis 13% of revenue; IRA prices Eliquis 2026, Ibrance and Xtandi 2027; Ibrance US patent 2027; Nurtec; ~75,000 employees; cost-realignment programme (accessed 2026-10-29)
- Amgen Form 10-K FY2025, filed 2026-02-13 — MariTide Phase 3 started March 2025; ~31,500 staff in 50+ countries; Prolia/Xgeva US patents expired Feb 2025, biosimilars launched; eight Amgen biosimilars since 2018 incl. Wezlana (Stelara) 2025; buyers value reputation and supply reliability; Repatha label broadened 2025; Otezla (accessed 2026-10-29)
- Eli Lilly 8-K Ex.99.1, Q2 2026 earnings release, filed 2026-08-05 — Q2 2026 headline growth; Key Products definition and $15.7bn; selected product sales incl. Foundayo $98m, Ebglyss, Jaypirca, Kisunla, Omvoh, Inluriyo; US price ex-adjustments ~-9%; non-US Mounjaro +172%; 2026 revenue guidance $85-87bn; retatrutide BLA planned Q1 2027; $4.5bn Indiana investment; 150 years; weight-maintenance switch trials (accessed 2026-10-29)
- Novo Nordisk company announcement: Wegovy pill approved in the US as first oral GLP-1 for weight management, 2025-12-22 (BioSpace copy) — Wegovy pill (oral semaglutide 25 mg) FDA approval 2025-12-22; first oral GLP-1 for weight management; US launch early January 2026 (accessed 2026-10-29)
- Lilly press release: FDA approves Foundayo (orforglipron), 2026-04-01 (PR Newswire copy) — Foundayo FDA approval 2026-04-01 for obesity/overweight; ATTAIN-1 12.4% vs 0.9% placebo (highest dose, efficacy estimand); shipping from 2026-04-06 via LillyDirect; submitted in 40+ countries; no food or water restrictions claim (accessed 2026-10-29)
- SEC EDGAR companyfacts: Eli Lilly (LLY) — balance sheet at 2026-06-30 (accessed 2026-10-28)
- Encyclopedia of Indianapolis: Eli Lilly and Company — Founded 1876-05-10 by Civil War veteran Col. Eli Lilly; four founding staff incl. 14-year-old Josiah K. Lilly Sr.; Succus Alterans; Iletin 1923 first commercial insulin; Salk polio vaccine mid-1950s; Humulin 1982 (accessed 2026-10-29)
- Lilly press release: Lilly confirms date and conference call for Q3 2026 results, 2026-10-15 — Q3 2026 results on 2026-10-29; call 10 a.m. Eastern (accessed 2026-10-29)
- SEC EDGAR filing index for Eli Lilly (CIK 59478) — Q4 2025 earnings 8-K (Item 2.02) filed 2026-02-04; no Q3 2026 8-K on EDGAR at time of research (2026-10-29 early morning) (accessed 2026-10-29)