Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q1 2025 Earnings Presentation
53 slides from Eli Lilly And's earnings presentation, May 1, 2025
Slide 1: A Medicine Company
A MEDICINE COMPANY
Slide 2: Eli Lilly and Company Q1 2025 Earnings Call
ELI LILLY AND COMPANY Q1 2025 EARNINGS CALL
Slide 3: Agenda
Agenda Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q1 2025 Financial Results Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific Officer Closing Remarks Dave Ricks, Chair and Chief Executive Officer Question & Answer Session
Slide 4: Safe Harbor Provision and Other Information
Safe Harbor Provision and Other Information This presentation contains forward-looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. The company's results may be affected by factors including, but not limited to, the
Slide 5: Q1 2025 Summary
Q1 2025 Summary Deliver Revenue Growth Invest in Future Innovation Speed Life-Changing Medicines Delivered robust revenue growth Announced plans to double U.S. Disclosed first positive Phase 3 of 45% driven by Key Products1 manufacturing investments to a trial for oral GLP-1, orforglipron total of $
Slide 6: Strategic Deliverables
Strategic Deliverables Deliver Revenue Growth Invest in Future Innovation Invest in Current Portfolio TOTAL REVENUE $12.7B 45% RESEARCH & DEVELOPMENT CAPITAL INVESTMENTS MARKETING, SELLING & ADMINISTRATIVE $2.5B 26% $2.7B $50B KEY PRODUCT REVENUE $7.5B 119% 8% Committed U.S. manufacturing investment
Slide 7: Q1 Key Income Statement Measures (unaudited)
Q1 Key Income Statement Measures (unaudited) Dollars in millions; except per share data Q1 2025 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $12,729 $– $12,729 45% GROSS MARGIN 82.5% 1.0pp 83.5% 1.0pp TOTAL OPERATING EXPENSE $6,809 $(35) $6,774 48% OPERATING
Slide 8: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in millions Q1 2025 Amount Price FX Rate Volume Total CER U.S. $8,489 (7)% - 57% 49% 49% EUROPE $2,389 (7)% (6)% 79% 66% 71% JAPAN $402 (1)% (5)% 16% 11% 15% CHINA $451 2% (1)% 19% 20% 21% REST OF WORLD $997 1% (5)% 16% 12% 17% TOTAL REVENUE $12,729 (6)% (
Slide 9: Q1 2025 Update on Key Products
Q1 2025 Update on Key Products Key Product Highlights: Millions MOUNJARO $8,000 U.S. type 2 diabetes incretin analogs TRx SOM 39% and NBRx SOM 46% at end of Q1 2025 $7,000 Increased TRx and NBRx share by 4pp each vs. end of Q4 2024 ZEPBOUND $6,000 U.S. branded anti-obesity TRx SOM over 60% and NBRx
Slide 10: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market 2,000 100.0% TOTAL Incretin Analogs Market Key PRESCRIPTIONS 90.0% Highlights: +46% in Q1 vs. PY 80.0% Total prescriptions grew 46% in Q1 Total Prescriptions 4 Week Rolling Average 1,500 vs. prior year and 5% vs. Q4 2024 70.0% 60.0% Lilly share of market increased to LIL
Slide 11: Capital Allocation
Capital Allocation $ in billions Q1 2025 Capital Allocation R&D* Growth Capital Investments Business Development** Dividend Return Share Repurchase * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2025 Q1 EARNINGS Not for promot
Slide 12: 2025 Guidance
2025 Guidance Prior Updated Comments REVENUE $58.0 – $61.0 billion Unchanged PERFORMANCE MARGIN1 (GAAP) 40.5% – 42.5% Unchanged (NON-GAAP) 41.5% – 43.5% Unchanged OTHER INCOME/(EXPENSE) (GAAP) $(700) – $(600) million $(850) – $(750) million Driven by net losses on investments in equity securities (N
Slide 13: Orforglipron ACHIEVE-1 Topline Results
Orforglipron ACHIEVE-1 Topline Results HbA1c and Body Weight Change at 40 Weeks Key Highlights: HbA1c Change Body Weight Change First small molecule GLP-1 to successfully complete a Phase 3 trial, lowering A1C by an average of 1.3% -1.6% to 1.6% -0.1% -1.3 kg -4.7% More than 65% of participants taki
Slide 14: Orforglipron ACHIEVE-1 Safety & Tolerability
Orforglipron ACHIEVE-1 Safety & Tolerability Discontinuation Rates due to Adverse Events Tolerability Data 8% 6% Orforglipron Orforglipron Orforglipron Placebo 4% 3 mg 12 mg 36 mg Nausea (%) 2% 13% 18% 16% Vomiting (%) 1% 5% 7% 14% Diarrhea (%) 9% 19% 21% 26% 3 mg 12 mg 36 mg The overall safety prof
Slide 15: Orforglipron Global Development Program
Orforglipron Global Development Program ACHIEVE Type 2 Diabetes Program and ATTAIN Obesity Program ACHIEVE-1: vs. placebo, monotherapy Expected Submissions ACHIEVE-2: vs. dapagliflozin, combination with metformin Obesity: Q4 2025 T2D: 1H 2026 ACHIEVE-3: vs. oral semaglutide, combination with metform
Slide 16: Lilly Select NME and NILEX Pipeline
Lilly Select NME and NILEX Pipeline NME UPDATES SINCE FEBRUARY 4, 2025 REMOVAL ADDITION OR MILESTONE April 29, 2025 ACHIEVED NILEX PI3Kα INH (STX-478) TARGETS UNDISCLOSED CD19 ANTIBODY OLOMORASIB Adj KRAS Cancer Six Additional NMEs Rheumatoid Arthritis G12C+ NSCLC (resected) FXR AG (FXR314) INTEGRIN
Slide 17: Potential Key Events 2025
Potential Key Events 2025 NEW SINCE LAST UPDATE PHASE 3 INITIATIONS REGULATORY SUBMISSIONS Orforglipron for hypertension Insulin efsitora alfa for type 2 diabetes [US/EU/J] ✓+ Olomorasib for resected adjuvant NSCLC1 Orforglipron for obesity [US/EU/J] Muvalaplin for ASCVD2 Tirzepatide for cardiovascu
Slide 18: Supplemental Slides
Supplemental Slides 2025 Q1 EARNINGS Not for promotional use 18
Slide 19: 2025 Income Statement – Reported
2025 Income Statement – Reported Dollars in millions; except per share data Q1 2025 Change TOTAL REVENUE $12,729 45% GROSS MARGIN 82.5% 1.6pp TOTAL OPERATING EXPENSE* $6,809 48% OPERATING INCOME $3,695 47% OPERATING MARGIN 29.0% 0.4pp OTHER INCOME (EXPENSE) $(239) NM EFFECTIVE TAX RATE 20.2% 8.6pp N
Slide 20: EPS Reconciliation
EPS Reconciliation Q1 2025 Q1 2024 % Change EARNINGS PER SHARE (REPORTED) $3.06 $2.48 23% ASSET IMPAIRMENT, RESTRUCTURING AND OTHER SPECIAL CHARGES 0.03 – NM NET LOSSES (GAINS) ON INVESTMENTS IN EQUITY SECURITIES 0.13 (0.02) NM AMORTIZATION OF INTANGIBLE ASSETS 0.11 0.12 (8%) EARNINGS PER SHARE (NON
Slide 21: Q1 Non-GAAP Adjustments
Q1 Non-GAAP Adjustments Q1 2025 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • amortization of intangibles (cost of sales) primarily associated with costs of marketed products acquired or licensed from third parties totaling $123 million (pre-tax), or $0.11 per share (after-tax) • net losses o
Slide 22: Q1 2025 Mounjaro Sales Increased $2.0B
Q1 2025 Mounjaro Sales Increased $2.0B $ in Millions U.S. sales were $2.7 billion U.S. TRx SOM and Market Volume International sales were $1.2 billion 70% 1400 13 Wk RA TRx Market Volume (000s) 60% 1200 $3,842 Market 13 Wk RA TRx SOM $3,530 50% 1000 $3,091 $3,113 40% 800 30% 600 $1,807 Mounjaro 20%
Slide 23: Q1 2025 Zepbound Sales Increased $1.8B
Q1 2025 Zepbound Sales Increased $1.8B $ in Millions U.S. sales were $2.3 billion U.S. TRx SOM and Market Volume International sales were $6 million1 80% 600 13 Wk RA TRx Market Volume (000s) $2,312 70% Market 500 $1,907 60% 13 Wk RA TRx SOM 400 50% $1,243 $1,258 40% Zepbound 300 30% 200 $517 20% 10
Slide 24: Q1 2025 Verzenio Sales Increased 10%
Q1 2025 Verzenio Sales Increased 10% $ in Millions U.S. sales increased 3% U.S. TRx SOM and Market Volume International sales increased 22% 60% 11 13 Wk RA TRx Market Volume (000s) $1,555 50% Verzenio 10 $1,369 13 Wk RA TRx SOM $1,332 40% $1,159 $1,050 9 30% Market 8 20% 7 10% 0% 6 Q1 Q2 Q3 Q4 Mar J
Slide 25: Select Trials – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Alzheimer’s A Study of Donanemab (LY3002813) in Participants Change from Baseline on the integrated Alzheimer's NCT04437511 3 1736 Apr 2023 Aug
Slide 26: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Imlunestrant, Investigator's Choice of Breast Endocrine Therapy, and Imlunestrant Plus Abemaciclib Progression Free Survival (PFS)
Slide 27: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of (LY3650150) Lebrikizumab to Assess the Percentage of Participants Achieving Eczema Area and Atopic Safety and Efficacy of Adult an
Slide 28: Select Trials – Lebrikizumab (Cont.)
Select Trials – Lebrikizumab (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate the Efficacy and Safety of Percentage of Participants Achieving a Hand and Foot Atopic Hand and NCT06921759 Le
Slide 29: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Atherosclerotic A Study to Investigate the Effect of Lepodisiran on the Time to First Occurrence of Any Component of the NCT06292013 Cardiovas
Slide 30: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Long-term Extension Study of Mirikizumab Percentage of Participants Achieving Endoscopic NCT04232553 Crohn's Disease (LY3074828) in Particip
Slide 31: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, April 23, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of olomorasib (LY3537982) Plus Immunotherapy Dose Optimization and Safety Lead-In Part B: Number Carcinoma, Non- With or Without Chemot
Slide 32: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Long-term Safety Study of Orforglipron (LY3502970) in Number of Participants with Treatment Emergent NCT06010004 Type 2 Diabetes 3 399 Jun
Slide 33: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Adult NCT05869903 Obesity Participants With Obesity or Overweight With Weight- 3 3000 Mean Per
Slide 34: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Study of LOXO-305 Versus Investigator's Choice (IdelaR To evaluate progression-free survival (PFS) of LOXO- Chronic or BR) in Patients With
Slide 35: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Percentage of Participants Who Reach Amyloid Plaque Alzheimer's A Study of Remternetug (LY3372993) in Participants NCT05463731 3 1667 Clearanc
Slide 36: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) in Participants Who NCT05929066 Obesity 3 2300 Percent Change From Baseline in Body Weight Apr 2026 May 202
Slide 37: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, April 24, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) Compared to Percent Change from Baseline in Body Weight, NCT06662383 Obesity Tirzepatide (LY3298176
Slide 38: Select Trials – Retevmo
Select Trials – Retevmo Source: clinicaltrials.gov, April 24, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Selpercatinib (LY3527723) in Participants Medullary Progression Free Survival (PFS) by Blinded NCT04211337 With RET-Mutant Medullary Th
Slide 39: Select Trials – Taltz
Select Trials – Taltz Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Ixekizumab Concomitantly Administered With Percentage of Participants Who Simultaneously NCT06588283 Psoriasis Tirzepatide in Adults With Moderate-t
Slide 40: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) For the Maintenance of Body Weight Reduction in Participants Who Have Percent Maintenance of Body Weight (B
Slide 41: Select Trials – Tirzepatide (Cont.)
Select Trials – Tirzepatide (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) Compared With Time to First Occurrence of Death from Cardiovascular NCT04255433 Type 2 Diabetes Dul
Slide 42: Select Trials – Verzenio
Select Trials – Verzenio Source: clinicaltrials.gov, April 22, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Endocrine Therapy With or Without Abemaciclib NCT031559971 Breast Cancer (LY2835219) Following Surgery in Participants With 3 5637 Invasive Disea
Slide 43: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Safety and Efficacy of Bimagrumab and Change from baseline in body weight at 48 Bimagrumab NCT05616013 Obesity
Slide 44: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Source: clinicaltrials.gov, April 24,2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Number of Participants with One or More Treatment Emergent Adverse Events GIP/GLP-1 A Study of LY353703
Slide 45: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Source: clinicaltrials.gov, April 22,2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Part A: Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Serious A
Slide 46: Select Trials – Early Phase Immunology
Select Trials – Early Phase Immunology Source: clinicaltrials.gov, April 25, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Multiple A Study of LY3541860 in Adult Participants With Cumulative Number of New T1 CD19 Antibody NCT06220669 2 200 Aug 2
Slide 47: Select Trials – Early Phase Immunology (Cont.)
Select Trials – Early Phase Immunology (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Plaque A Study of LY3972406 in Adult Participants With Percentage of Participants Achieving KV1.3 Antagonist NCT06
Slide 48: Select Trials – Early Phase Neurodegeneration
Select Trials – Early Phase Neurodegeneration Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion AEs with relationship to the A Phase 1/2 Trial of AAVAnc80-antiVEGF Gene Anti-VEGF Gene Vestibular investigational
Slide 49: Select Trials – Early Phase Neurodegeneration (Cont.)
Select Trials – Early Phase Neurodegeneration (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Part A: Number of participants with one or more Adverse Event (s) (AEs), A First-In-Human Study of LY395406
Slide 50: Select Trials – Early Phase Oncology
Select Trials – Early Phase Oncology Source: clinicaltrials.gov, April 23, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Maximum tolerated dose (MTD), Phase [Ac-225]-PSMA-62 Trial in Oligometastatic Prostate 1a: Incidence of dose limiting toxici
Slide 51: Select Trials – Early Phase Oncology (Cont.)
Select Trials – Early Phase Oncology (Cont.) Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Pancreatic Ductal A Study of the Pan-KRAS Inhibitor LY4066434 in Number of Participants with Dose-limiting PAN KRAS
Slide 52: Select Trials – Early Phase Pain
Select Trials – Early Phase Pain Source: clinicaltrials.gov, April 22, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Effects of LY3848575 Versus Placebo in Mean Change from Baseline in Average Neuropathic Epiregulin Ab NCT06568042 Participants W
Slide 53: Trademarks
Trademarks All trademarks and trade names referred to in this earnings update are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this earnings update, the property of their respective owners. Solely for convenience, the tradema
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