Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q3 2025 Earnings Presentation
54 slides from Eli Lilly And's earnings presentation, Oct 30, 2025
Slide 1: A Medicine Company
A MEDICINE COMPANY
Slide 2: Eli Lilly and Company Q3 2025 Earnings Call
ELI LILLY AND COMPANY Q3 2025 EARNINGS CALL
Slide 3: Agenda
Agenda Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q3 2025 Financial Results Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific Officer Question & Answer Session 2025 Q3 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: Q3 2025 Summary
Q3 2025 Summary Deliver Revenue Growth Invest in Future Innovation Speed Life-Changing Medicines Delivered robust revenue growth of Announced significant investments U.S. FDA approved Inluriyo 54% driven by Key Products1 in manufacturing, including new (imlunestrant) in ER+, HER2-, ESR1 facilities i
Slide 6: Strategic Deliverables
Strategic Deliverables Deliver Revenue Growth Invest in Future Innovation Invest in Current Portfolio TOTAL REVENUE $17.6B 54% RESEARCH & DEVELOPMENT CAPITAL INVESTMENTS (YTD) MARKETING, SELLING & ADMINISTRATIVE $2.7B 31% $3.5B $5.3B KEY PRODUCT REVENUE $12.0B 104% 27% 49% NON-GAAP EARNINGS PER SHAR
Slide 7: Q3 Key Income Statement Measures (unaudited)
Q3 Key Income Statement Measures (unaudited) Dollars in millions; except per share data Q3 2025 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $17,601 $- $17,601 54% GROSS MARGIN 82.9% 0.7 pp 83.6% 1.4pp TOTAL OPERATING EXPENSE $7,227 $ (365) $6,862 (10)% OPER
Slide 8: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in millions Q3 2025 Amount Price FX Rate Volume Total CER U.S. $11,300 (15)% - 60% 45% 45% EUROPE $3,498 6% 10% 98% 115% 104% JAPAN $555 0% 5% 24% 29% 24% CHINA $560 0% 0% 21% 22% 22% REST OF WORLD $1,688 (1)% 1% 53% 52% 51% TOTAL REVENUE $17,601 (10)% 2%
Slide 9: Q3 2025 Update on Key Products
Q3 2025 Update on Key Products Key Product Highlights: Millions MOUNJARO Gained U.S. type 2 diabetes incretin analogs SOM leadership $12,000 with TRx SOM 45% and NBRx SOM 54% at end of Q3 2025 Increased U.S. TRx and NBRx share by 4pp each vs. end of Q2 2025 International revenue grew 56% vs. Q2 2025
Slide 10: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market 2,100 TOTAL Incretin Analogs Market Key PRESCRIPTIONS Highlights: +36% in Q3 vs. PY 1,800 U.S. market grew 36% in Q3 vs. prior Total Prescriptions 4 Week Rolling Average year and 7% vs. Q2 2025 1,500 LILLY SOM Lilly share of market increased to (thousands) 1,200 57.9% 57
Slide 11: Capital Allocation
Capital Allocation $ in billions YTD 2025 Capital Allocation R&D* $7.9 Growth Capital Investments $5.3 Business $3.5 Development** Dividend $4.0 Return Share $2.6 Repurchase * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2025
Slide 12: 2025 Guidance
2025 Guidance Prior Updated Comments Strong underlying business performance and updated foreign REVENUE $60.0 – $62.0 billion $63.0 – $63.5 billion exchange rate expectations PERFORMANCE MARGIN1 (GAAP) 42.0% – 43.5% 43.5% – 44.5% Increased to reflect updated revenue expectations (NON-GAAP) 43.0% – 4
Slide 13: Orforglipron ATTAIN-2 Topline Results
Orforglipron ATTAIN-2 Topline Results People with type 2 diabetes and obesity Key Highlights: Body Weight Change at 52 Weeks A1C Change at 52 Weeks Orforglipron met the primary and all key secondary endpoints, demonstrating compelling efficacy -2.2% -0.1% -2.3 kg -5.5% -7.8% The safety and tolerabil
Slide 14: Orforglipron ACHIEVE-3 Topline Results
Orforglipron ACHIEVE-3 Topline Results People with type 2 diabetes Key Highlights: Orforglipron was superior to oral Body Weight Change at 52 Weeks A1C Change at 52 Weeks semaglutide in a H2H trial in adults with type 2 diabetes -3.7% Orforglipron 36 mg helped nearly -5.3% three times as many partic
Slide 15: Upcoming Key Events in Cardiometabolic Health
Upcoming Key Events in Cardiometabolic Health Orforglipron Retatrutide ACHIEVE-1 ✓ ACHIEVE-4 TRANSCEND-1 Completion: Q1 2026 ACHIEVE-2 ✓ ACHIEVE-5 ✓ TRANSCEND-2 Completion: 2027 Submission: 1H 2026 ACHIEVE-3 ✓ TRANSCEND-3 TRIUMPH-1 TRIUMPH-3 ATTAIN-1 ✓ ATTAIN-2 ✓ Completion: Q3 2025 Completion: 2026
Slide 16: Lilly Select Pipeline
UPDATES SINCE AUGUST 5, 2025 Lilly Select Pipeline NME REMOVAL ADDITION OR MILESTONE October 28, 2025 ORFORGLIPRON ORFORGLIPRON NILEX / Other ACHIEVED Osteoarthritis Pain Stress Urinary Incontinence TARGETS UNDISCLOSED UNC13A SSO (QRL-204) MIRIKIZUMAB + MIRIKIZUMAB + Twelve Additional NMEs ALS TIRZE
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] ✓+ Muvala
Slide 18: Supplemental Slides
Supplemental Slides 2025 Q3 EARNINGS Not for promotional use 18
Slide 19: 2025 Income Statement – Reported
2025 Income Statement – Reported Dollars in millions; except per share data Q3 2025 Change TOTAL REVENUE $17,601 54% GROSS MARGIN 82.9% 1.9pp TOTAL OPERATING EXPENSE* $7,227 (7)% OPERATING INCOME $7,365 NM OPERATING MARGIN 41.8% 28.5pp OTHER INCOME (EXPENSE) $(133) NM EFFECTIVE TAX RATE 22.8% (16.1)
Slide 20: EPS Reconciliation
EPS Reconciliation Q3 2025 Q3 2024 % Change EARNINGS PER SHARE (REPORTED) $6.21 $1.07 NM U.S. TAX LAW CHANGE 0.39 - NM ASSET IMPAIRMENT, RESTRUCTURING AND OTHER SPECIAL CHARGES 0.36 0.07 NM AMORTIZATION OF INTANGIBLE ASSETS 0.11 0.12 (8)% NET LOSSES (GAINS) ON INVESTMENTS IN EQUITY SECURITIES (0.04)
Slide 21: Q3 Non-GAAP Adjustments
Q3 Non-GAAP Adjustments Q3 2025 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • income taxes related to US tax law changes effective July 4, 2025, totaling $350.3 million, or $0.39 per share • asset impairment, restructuring and other special charges totaling $364.9 million (pre-tax), or $0.36
Slide 22: Q3 2025 Mounjaro Sales Increased $3.4B
Q3 2025 Mounjaro Sales Increased $3.4B $ in Millions U.S. sales were $3.6 billion U.S. TRx SOM and Market Volume 70% Market 1400 International sales were $3.0 billion 60% 1200 $6,515 50% 1000 13 Wk RA TRx Market Size 13 Wk RA TRx SOM $5,199 40% 800 $3,842 Mounjaro $3,530 30% 600 $3,091 $3,113 20% 40
Slide 23: Q3 2025 Zepbound Sales Increased $2.3B
Q3 2025 Zepbound Sales Increased $2.3B $ in Millions U.S. sales were $3.6 billion U.S. TRx SOM and Market Volume 80% International sales were $20 million1 Market 700 70% 600 $3,588 60% $3,381 Zepbound 13 Wk RA TRx Market Size 500 13 Wk RA TRx SOM 50% 400 $2,312 40% $1,907 300 30% $1,243 $1,258 20% 2
Slide 24: Q3 2025 Verzenio Sales Increased 7%
Q3 2025 Verzenio Sales Increased 7% $ in Millions U.S. sales were $880 million U.S. TRx SOM and Market Volume International sales were $590 million 60% 11 Market 50% 10 $1,555 13 Wk RA TRx Market Volume $1,489 $1,470 $1,369 40% $1,332 13 Wk RA TRx SOM $1,159 Verzenio 9 $1,050 30% 8 20% 7 10% 0% 6 Q1
Slide 25: Select Trials – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, October 17, 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 No
Slide 26: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, October 17, 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 Neopla
Slide 27: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, October 17, 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
Slide 28: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, October 17, 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 NCT0
Slide 29: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, October 17, 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 Partic
Slide 30: Select Trials – Muvalaplin
Select Trials – Muvalaplin Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Assessing the Impact of Muvalaplin on Major Time to First Occurrence of Any Component of the Major NCT07157774 Elevated Lp(a) Cardiovascular
Slide 31: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, October 17, 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 NCT06119581 Carcinoma, Non- Pembroliz
Slide 32: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Daily Oral Orforglipron (LY3502970) Compared Time to First Occurrence of Any Major Adverse With Insulin Glargine in Participants
Slide 33: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Orforglipron (LY3502970) in Participants With NCT06972459 Obesity Obesity or Overweight and at Least One Weight-Related
Slide 34: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, October 17, 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 Su
Slide 35: Select Trials – Pirtobrutinib (Cont.)
Select Trials – Pirtobrutinib (Cont.) Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Non-Hodgkin Long-Term Safety of Pirtobrutinib in Participants With Percentage of Participants with Grade 3 or Higher NCT07162181 L
Slide 36: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion Percentage of Participants Who Reach Amyloid Plaque NCT05463731 Alzheimer's A Study of Remternetug (LY3372993) in Participants With 3 1667 C
Slide 37: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, October 17, 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 2
Slide 38: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, October 17, 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
Slide 39: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, October 17, 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 Have
Slide 40: Select Trials – Retevmo
Select Trials – Retevmo Source: clinicaltrials.gov, October 17, 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-Mutan
Slide 41: Select Trials – Taltz
Select Trials – Taltz Source: clinicaltrials.gov, October 17, 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
Slide 42: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, October 17, 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
Slide 43: Select Trials – Tirzepatide (Cont.)
Select Trials – Tirzepatide (Cont.) Source: clinicaltrials.gov, October 17, 2025 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Long-Term Study of Tirzepatide (LY3298176) in Adults NCT06962280 Type 1 Diabetes 3 465 Change from Baseline in Hemoglobin A1c (HbA
Slide 44: Select Trials – Verzenio
Select Trials – Verzenio Source: clinicaltrials.gov, October 17, 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 Invas
Slide 45: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, October 17, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Number of Participants with One or More Treatment Emergent Adverse Events Brenipatide A Study of LY3537031 i
Slide 46: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, October 17, 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), and Serious GS Insulin Receptor A S
Slide 47: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, October 17, 2025 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Incidence of treatment-emergent adverse ANGPTL3 EDITOR Hypercholester Phase 1b Study of VERVE-201 in Patient
Slide 48: Select Trials – Early Phase Immunology
Select Trials – Early Phase Immunology Source: clinicaltrials.gov, October 17, 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 NCT062206
Slide 49: Select Trials – Early Phase Immunology (Cont.)
Select Trials – Early Phase Immunology (Cont.) Source: clinicaltrials.gov, October 17, 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 NCT056116
Slide 50: Select Trials – Early Phase Neuroscience
Select Trials – Early Phase Neuroscience Source: clinicaltrials.gov, October 17, 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 med
Slide 51: Select Trials – Early Phase Neuroscience (Cont.)
Select Trials – Early Phase Neuroscience (Cont.) Source: clinicaltrials.gov, October 17, 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-Huma
Slide 52: Select Trials – Early Phase Oncology
Select Trials – Early Phase Oncology Source: clinicaltrials.gov, October 17, 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 Cance
Slide 53: Select Trials – Early Phase Oncology (Cont.)
Select Trials – Early Phase Oncology (Cont.) Source: clinicaltrials.gov, October 17, 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 KRA
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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