Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q2 2025 Earnings Presentation
54 slides from Eli Lilly And's earnings presentation, Aug 7, 2025
Slide 1: A Medicine Company
A MEDICINE COMPANY
Slide 2: Eli Lilly and Company Q2 2025 Earnings Call
ELI LILLY AND COMPANY Q2 2025 EARNINGS CALL
Slide 3: Agenda
Agenda Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q2 2025 Financial Results Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific Officer Question & Answer Session 2025 Q2 EARNINGS 3
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: Q2 2025 Summary
Q2 2025 Summary Deliver Revenue Growth Invest in Future Innovation Speed Life-Changing Medicines Delivered robust revenue growth of Produced 1.6x more saleable Orforglipron delivered weight loss 38% driven by Key Products1 incretin doses in 1H 2025 of more than 27 lbs in ATTAIN-1 compared to 1H 2024
Slide 6: Strategic Deliverables
Strategic Deliverables Deliver Revenue Growth Invest in Future Innovation Invest in Current Portfolio TOTAL REVENUE $15.6B 38% RESEARCH & DEVELOPMENT INCRETIN SUPPLY MARKETING, SELLING & ADMINISTRATIVE $2.8B 30% $3.3B +1.6x $10.4B $6.31 61% KEY PRODUCT REVENUE 80% 23% Saleable doses produced in 1H 2
Slide 7: Q2 Key Income Statement Measures (unaudited)
Q2 Key Income Statement Measures (unaudited) Dollars in millions; except per share data Q2 2025 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $15,558 $- $15,558 38% GROSS MARGIN 84.3% 0.7 pp 85.0% 3.0pp TOTAL OPERATING EXPENSE $6,243 $- $6,243 25% OPERATING I
Slide 8: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in millions Q2 2025 Amount Price FX Rate Volume Total CER U.S. $10,814 (8)% - 46% 38% 38% EUROPE $2,574 (2)% 6% 79% 83% 77% JAPAN $521 (0)% 5% 7% 13% 7% CHINA $466 3% (1)% 16% 18% 19% REST OF WORLD $1,182 (0)% (1)% (0)% (2)% (1)% TOTAL REVENUE $15,558 (6)%
Slide 9: Q2 2025 Update on Key Products
Q2 2025 Update on Key Products Millions Key Product Highlights: $12,000 MOUNJARO U.S. type 2 diabetes incretin analogs TRx SOM 42% and NBRx SOM 50% at end of Q2 2025 Increased TRx and NBRx SOM by 3pp and 5pp, respectively, vs. end of Q1 2025 $10,000 International markets becoming a meaningful growth
Slide 10: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market 2,100 100.0% TOTAL Incretin Analogs Market Key PRESCRIPTIONS +41% in Q2 vs. PY 90.0% Highlights: 1,800 80.0% U.S. market grew 41% in Q2 vs. prior Total Prescriptions 4 Week Rolling Average year and 13% vs. Q1 2025 1,500 70.0% Lilly share of market increased to 60.0% LILL
Slide 11: Capital Allocation
Capital Allocation $ in billions 1H 2025 Capital Allocation R&D* $5.1 Growth Capital Investments $3.2 Business $2.0 Development** Dividend $2.7 Return Share $1.9 Repurchase * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2025 Q
Slide 12: 2025 Guidance
2025 Guidance Prior Updated Comments Strength of underlying business and updated foreign exchange rate REVENUE $58.0 – $61.0 billion $60.0 – $62.0 billion expectations PERFORMANCE MARGIN1 (GAAP) 40.5% – 42.5% 42.0% – 43.5% Increased to reflect updated revenue growth expectations (NON-GAAP) 41.5% – 4
Slide 13: SURPASS-CVOT Topline Results
SURPASS-CVOT Topline Results Cardiovascular Protection HbA1c Control (Primary Outcome) • Tirzepatide demonstrated non-inferiority vs. • Tirzepatide delivered a 0.83%3,6 greater reduction in dulaglutide with an 8%1 lower rate of MACE-3 events A1C from mean baseline vs. dulaglutide at 36 months and a
Slide 14: Orforglipron ATTAIN-1 Topline Results
Orforglipron ATTAIN-1 Topline Results Key Highlights: Body Weight Change at 72 Weeks Once-daily oral pill reduced weight by -0.9% an average of 27.3 lbs (12.4%) at the -1.0 kg highest dose -7.8% -9.3% Approximately 60% of participants -12.4% taking the highest dose of orforglipron achieved body weig
Slide 15: Orforglipron ATTAIN-1 Safety & Tolerability
Orforglipron ATTAIN-1 Safety & Tolerability Discontinuation Rates due to Adverse Events Tolerability Data 10.3% 7.7% Orforglipron Orforglipron Orforglipron Placebo 6 mg 12 mg 36 mg 5.1% Nausea (%) 10.4% 28.9% 35.9% 33.7% Constipation (%) 9.3% 21.7% 29.8% 25.4% Diarrhea (%) 9.6% 21.0% 22.8% 23.1% Vom
Slide 16: Lilly Select NME and NILEX Pipeline
Lilly Select NME and NILEX Pipeline NME UPDATES SINCE APRIL 29, 2025 REMOVAL ADDITION OR MILESTONE August 5, 2025 ACHIEVED NILEX PTK7 ADC Cancer NAV 1.8 INH (STC-004) PCSK9 EDITOR RETATRUTIDE TIRZEPATIDE Pain (VERVE-102) ASCVD CLBP Type 1 Diabetes GGG TRI-AGONIST III GS INSULIN RECEPTOR OLOMORASIB A
Slide 17: Potential Key Events 2025
Potential Key Events 2025 NEW SINCE LAST UPDATE PHASE 3 INITIATIONS REGULATORY SUBMISSIONS + Orforglipron for hypertension and overweight or obesity Insulin efsitora alfa for type 2 diabetes [US / EU + / J] + Olomorasib for resected adjuvant NSCLC1 Orforglipron for obesity [US/EU/J] Muvalaplin fo
Slide 18: Supplemental Slides
Supplemental Slides 2025 Q2 EARNINGS Not for promotional use 18
Slide 19: 2025 Income Statement – Reported
2025 Income Statement – Reported Dollars in millions; except per share data Q2 2025 Change TOTAL REVENUE $15,558 38% GROSS MARGIN 84.3% 3.5pp TOTAL OPERATING EXPENSE* $6,243 15% OPERATING INCOME $6,867 85% OPERATING MARGIN 44.1% 11.2pp OTHER INCOME (EXPENSE) $(91) (54%) EFFECTIVE TAX RATE 16.5% 0.9p
Slide 20: EPS Reconciliation
EPS Reconciliation Q2 2025 Q2 2024 % Change EARNINGS PER SHARE (REPORTED) $6.29 $3.28 92% ASSET IMPAIRMENT, RESTRUCTURING AND OTHER SPECIAL CHARGES – 0.38 NM NET LOSSES (GAINS) ON INVESTMENTS IN EQUITY SECURITIES (0.09) 0.14 (164%) AMORTIZATION OF INTANGIBLE ASSETS 0.11 0.12 (8%) EARNINGS PER SHARE
Slide 21: Q2 Non-GAAP Adjustments
Q2 Non-GAAP Adjustments Q2 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 $121.8 million (pre-tax), or $0.11 per share (after-tax) • net gains
Slide 22: Q2 2025 Mounjaro Sales Increased $2.1B
Q2 2025 Mounjaro Sales Increased $2.1B $ in Millions U.S. sales were $3.3 billion U.S. TRx SOM and Market Volume International sales were $1.9 billion 70% 1400 Market 13 Wk RA TRx Market Volume (000s) 60% 1200 $5,199 50% 1000 13 Wk RA TRx SOM $3,842 $3,530 40% 800 $3,091 $3,113 30% Mounjaro 600 $1,8
Slide 23: Q2 2025 Zepbound Sales Increased $2.1B
Q2 2025 Zepbound Sales Increased $2.1B $ in Millions U.S. sales were $3.4 billion U.S. TRx SOM and Market Volume International sales were $1.5 million1 80% 700 13 Wk RA TRx Market Volume (000s) 70% 600 $3,381 60% Zepbound 500 13 Wk RA TRx SOM 50% $2,312 400 $1,907 40% Market 300 30% $1,243 $1,258 20
Slide 24: Q2 2025 Verzenio Sales Increased 12%
Q2 2025 Verzenio Sales Increased 12% $ in Millions U.S. sales increased 8% U.S. TRx SOM and Market Volume International sales increased 19% 60% 11 13 Wk RA TRx Market Volume (000s) 50% Verzenio $1,555 10 $1,489 $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 Q
Slide 25: Select Trials – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, July 28, 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 2
Slide 26: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Imlunestrant, Investigator's Choice of Endocrine Investigator-assessed Progression Free Survival (PFS) NCT04975308 Breast Neoplasms
Slide 27: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Lebrikizumab (LY3650150) in Participants 6 Percentage of Participants with an Investigator Global NCT05559359 Atopic Dermatitis Mon
Slide 28: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, July 28, 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 Cardiovascular NCT0629
Slide 29: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Long-term Extension Study of Mirikizumab (LY3074828) Percentage of Participants Achieving Endoscopic NCT04232553 Crohn's Disease in Participa
Slide 30: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of First-Line Olomorasib (LY3537982) and Dose Optimization and Safety Lead-In Part B: Number of Carcinoma, Non- Pembrolizumab With or Wi
Slide 31: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Participants With Type 2 Diabetes and Inadequate Glycemic Control With Orforglipron Dose 1, 2: Change f
Slide 32: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Adult Participants NCT05869903 Obesity With Obesity or Overweight With Weight-Related 3 3000 Me
Slide 33: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Master Protocol for Orforglipron in Participants With NCT06649045 OSA Obstructive Sleep Apnea and Obesity or Overweight 3 600 Change
Slide 34: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Study of LOXO-305 (Pirtobrutinib) Versus Investigator's Chronic Choice (Idelalisib Plus Rituximab or Bendamustine Plus Progression-free Survi
Slide 35: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, July 28, 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 With NCT05463731 3 1667 Clea
Slide 36: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, July 28, 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 2026
Slide 37: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) Compared to NCT06662383 Obesity Tirzepatide (LY3298176) in Adults Who Have Obesity 3 800 Percent Cha
Slide 38: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Retatrutide (LY3437943) in Participants Who Percent Change from Baseline in Body Weight | Change NCT07035093 Obesity 3 586 S
Slide 39: Select Trials – Retevmo
Select Trials – Retevmo Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Selpercatinib (LY3527723) in Participants With Medullary Progression Free Survival (PFS) by Blinded Independent NCT04211337 RET-Mutant M
Slide 40: Select Trials – Taltz
Select Trials – Taltz Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Ixekizumab Concomitantly Administered With Tirzepatide Percentage of Participants Who Simultaneously Achieved NCT06588283 Psoriasis in Adults With Mo
Slide 41: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of LY3298176 (Tirzepatide) For the Maintenance of Body Weight Reduction in Participants Who Have Obesity Percent Maintenance of Body We
Slide 42: Select Trials – Tirzepatide (Cont.)
Select Trials – Tirzepatide (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Investigational Tirzepatide (LY3298176) Doses in NCT06037252 Type 2 Diabetes 2 350 Percent Change From Baseline in Body Weig
Slide 43: Select Trials – Verzenio
Select Trials – Verzenio Source: clinicaltrials.gov, July 28, 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 Breast 3 5637 Invasive
Slide 44: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate Weight Management With Bimagrumab (LY3985863) and Tirzepatide Percent Change from Baseli
Slide 45: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Source: clinicaltrials.gov, July 28, 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 46: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of LY3457263 Compared With Placebo in Change from Baseline in Hemoglobin A1c Nisotirostide NCT06897475
Slide 47: Select Trials – Early Phase Immunology
Select Trials – Early Phase Immunology Source: clinicaltrials.gov, July 28, 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 Gadolinium- CD19 Antibody NCT06220669
Slide 48: Select Trials – Early Phase Immunology (Cont.)
Select Trials – Early Phase Immunology (Cont.) Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Proportion of participants in clinical Ulcerative A Study to Evaluate MORF-057 in Adults with MORF-057 NCT05611671
Slide 49: Select Trials – Early Phase Neurodegeneration
Select Trials – Early Phase Neurodegeneration Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion AEs with relationship to the investigational Anti-VEGF Gene Vestibular Anti-VEGF Gene Therapy Trial for Vestibular m
Slide 50: Select Trials – Early Phase Neurodegeneration (Cont.)
Select Trials – Early Phase Neurodegeneration (Cont.) Source: clinicaltrials.gov, July 28, 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), Treatment Alzheimer’s A First-In-Hu
Slide 51: Select Trials – Early Phase Oncology
Select Trials – Early Phase Oncology Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion [Ac-225]-PSMA-62 Trial in Oligometastatic Maximum tolerated dose (MTD), Phase 1a: 225Ac-PSMA-62 NCT06229366 Prostate Cancer H
Slide 52: Select Trials – Early Phase Oncology (Cont.)
Select Trials – Early Phase Oncology (Cont.) Source: clinicaltrials.gov, July 28, 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 N
Slide 53: Select Trials – Early Phase Pain
Select Trials – Early Phase Pain Source: clinicaltrials.gov, July 28, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Part 1: Percentage of Total Radioactive Dose AT2R Antagonist NCT07039045 Healthy A Study of [14C]-LY4065967 in Healthy Participan
Slide 54: 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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