Eli Lilly And Company · NYSE:LLY
Eli Lilly And — Q4 2025 Earnings Presentation
60 slides from Eli Lilly And's earnings presentation, Feb 4, 2026
Slide 1: Not for promotional use
Not for promotional use
Slide 2: Eli Lilly and Company Q4 2025 Earnings Call
ELI LILLY AND COMPANY Q4 2025 EARNINGS CALL
Slide 3: Agenda
Agenda Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q4 2025 Financial Results & 2026 Financial Guidance Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific and Product Officer Question & Answer Session 2025 Q4 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: Q4 2025 Summary
Q4 2025 Summary Deliver Revenue Growth Invest in Future Innovation Speed Life-Changing Medicines Robust revenue growth of 43% New manufacturing investments in Full U.S. FDA approval and expanded driven by Key Products1 Huntsville, AL, Lehigh Valley, PA indication for Jaypirca and the Netherlands U.S
Slide 6: Strategic Deliverables
Strategic Deliverables Deliver Revenue Growth Invest in Future Innovation Invest in Current Portfolio TOTAL REVENUE $19.3B 43% RESEARCH & DEVELOPMENT CAPITAL INVESTMENTS (YTD) MARKETING, SELLING & ADMINISTRATIVE $3.1B 29% $3.8B $7.8B KEY PRODUCT REVENUE $13.8B 91% 26% 55% NON-GAAP EARNINGS PER SHARE
Slide 7: Q4 2025 Key Income Statement Measures (unaudited)
Q4 2025 Key Income Statement Measures (unaudited) Dollars in millions; except per share data Q4 2025 YoY Non-GAAP GAAP Reported Adjustments Non-GAAP Adjusted Adjusted Change TOTAL REVENUE $19,292 $- $19,292 43% GROSS MARGIN 82.5% 0.7 pp 83.2% 0.0pp TOTAL OPERATING EXPENSE $7,547 $ (84) $7,463 32% OP
Slide 8: Price/Rate/Volume Effect on Revenue
Price/Rate/Volume Effect on Revenue Dollars in millions Q4 2025 Amount Price FX Rate Volume Total CER U.S. $12,877 (7)% - 50% 43% 43% EUROPE $3,096 1% 6% 19% 26% 20% JAPAN $654 (1)% (2)% 20% 17% 19% CHINA $474 (1)% 0% 11% 10% 10% REST OF WORLD $2,190 1% 2% 102% 106% 104% TOTAL REVENUE $19,292 (5)% 1
Slide 9: Q4 2025 Update on Key Products
Q4 2025 Update on Key Products Key Product Highlights: MOUNJARO U.S. type 2 diabetes incretin analogs SOM leader with TRx Millions SOM 48% and NBRx SOM 55% at end of Q4 2025 $16,000 International revenue grew 10% vs. Q3 2025 ZEPBOUND $14,000 U.S. branded anti-obesity SOM leader with TRx SOM 64% and
Slide 10: U.S. Incretin Analogs Market
U.S. Incretin Analogs Market 2,400 100.0% TOTAL Incretin Analogs Market Key PRESCRIPTIONS 90.0% Highlights: 2,100 +33% in Q4 vs. PY 80.0% U.S. market grew 33% in Q4 vs. prior Total Prescriptions 4 Week Rolling Average 1,800 year and 6% vs. Q3 2025 70.0% 1,500 LILLY SOM Lilly share of market increase
Slide 11: Growth Capital Allocation
Capital Allocation $ in billions FY 2025 Capital Allocation R&D* $10.9 Growth Capital Investments $7.8 Business Development** $4.1 Dividend $5.4 Return Share $4.1 Repurchase * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments 2025
Slide 12: Select Factors Influencing 2026 Financial Outlook
Select Factors Influencing 2026 Financial Outlook Favorable Unfavorable Continued momentum from Mounjaro and Zepbound Global pricing decline in low- to mid-teens driven by: worldwide o Access agreement with the U.S. government o New Zepbound direct-to-patient pricing Expanded obesity medicine access
Slide 13: 2026 Guidance (Non-GAAP)
2026 Guidance (Non-GAAP) 2025 Non-GAAP Adjusted 2026 Guidance 2026 Comments REVENUE1 $65.2 billion $80.0 – $83.0 billion Midpoint represents 25% growth Gross Margin will be stable to slightly down, with favorable product mix and productivity offset by price and new facilities 46.3% 46.0% – 47.5% PER
Slide 14: TOGETHER-PsA Topline Phase 3b Results
TOGETHER-PsA Topline Phase 3b Results Key Highlights: ACR50 and ≥10% Weight Reduction at 36 Weeks ACR50 at 36 Weeks Concomitant use of Taltz and Zepbound delivered superior results to Taltz monotherapy 33.5% 31.7% * Proportion of Patients Proportion of Patients ** Regimen delivered 64% relative 20.4
Slide 15: Pirtobrutinib Progression Free Survival in Treatment-Naïve CLL
Pirtobrutinib Progression Free Survival in Treatment-Naïve CLL BRUIN CLL-313 ITT1 BRUIN CLL-314 TN Subgroup2 80% reduction in risk of progression or death vs BendaR 76% reduction in risk of progression or death vs ibrutinib Pirtobrutinib Pirtobrutinib 100 100 Progression-Free Survival Probability (%
Slide 16: Orforglipron ATTAIN-MAINTAIN Topline Results
Orforglipron ATTAIN-MAINTAIN Topline Results Key Highlights: Semaglutide1 to Orforglipron Tirzepatide1 to Orforglipron Orforglipron met primary and all key secondary endpoints 115.8 kg 113.5 kg Patients switching from semaglutide to Average Body Weight Average Body Weight orforglipron lost weight at
Slide 17: Retatrutide TRIUMPH-4 Topline Results
Retatrutide TRIUMPH-4 Topline Results Co-Primary Endpoint Change at 68 Weeks Key Highlights: Participants taking retatrutide 12 mg Body Weight Change WOMAC Pain Subscale Score Change lost an average of 71 pounds -2.1% -2.1 kg Retatrutide reduced WOMAC pain -40.3% scores by up to an average of 75.8%
Slide 18: Lilly Select Pipeline
RETATRUTIDE TIRZEPATIDE UPDATES SINCE October 28, 2025 Lilly Select Pipeline MASLD MASLD NME REMOVAL ORFORGLIPRON ORFORGLIPRON CV Outcomes PAD ADDITION OR MILESTONE February 3, 2026 TIRZEPATIDE TIRZEPATIDE NILEX / Other ACHIEVED MMO Type 1 Diabetes RETATRUTIDE SELPERCATINIB Diabetes Adjuvant RET+ NS
Slide 19: Key Events 2025
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 ✓
Slide 20: Potential Key Events 2026
Potential Key Events 2026 NEW SINCE LAST UPDATE PHASE 3 INITIATIONS REGULATORY SUBMISSIONS ✓+ Eloralintide for overweight or obesity Orforglipron for T2D [US / EU ✓+/ J] ✓+ Orforglipron for peripheral artery disease Orforglipron for obstructive sleep apnea and overweight or obesity Vepugratinib for
Slide 21: Supplemental Slides
Supplemental Slides 2025 Q4 EARNINGS Not for promotional use 21
Slide 22: 2025 Income Statement – Reported
2025 Income Statement – Reported Dollars in millions; except per share data Q4 2025 Change TOTAL REVENUE $19,292 43% GROSS MARGIN 82.5% 0.3pp TOTAL OPERATING EXPENSE* $7,547 26% OPERATING INCOME $8,373 63% OPERATING MARGIN 43.4% 5.4pp OTHER INCOME (EXPENSE) $(108) (2)% EFFECTIVE TAX RATE 19.7% 7.2pp
Slide 23: EPS Reconciliation
EPS Reconciliation Q4 2025 Q4 2024 % Change EARNINGS PER SHARE (REPORTED) $7.39 $4.88 51% AMORTIZATION OF INTANGIBLE ASSETS 0.11 0.12 (8)% ASSET IMPAIRMENT, RESTRUCTURING AND OTHER SPECIAL CHARGES 0.07 0.30 (77)% NET LOSSES (GAINS) ON INVESTMENTS IN EQUITY SECURITIES (0.03) 0.02 NM EARNINGS PER SHAR
Slide 24: Q4 Non-GAAP Adjustments
Q4 Non-GAAP Adjustments Q4 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 $124 million (pre-tax), or $0.11 per share (after-tax) • asset impair
Slide 25: Q4 2025 Mounjaro Sales Increased $3.9B
Q4 2025 Mounjaro Sales Increased $3.9B $ in Millions U.S. sales were $4.1 billion U.S. TRx SOM and Market Volume International sales were $3.3 billion 60% 1,600 Market 1,400 $7,409 50% $6,515 1,200 13 Wk RA TRX Market Size 40% 13 wk RA TRx SOM $5,199 Mounjaro 1,000 30% 800 $3,842 $3,530 $3,091 $3,11
Slide 26: Q4 2025 Zepbound Sales Increased $2.4B
Q4 2025 Zepbound Sales Increased $2.4B $ in Millions U.S. sales were $4.2 billion U.S. TRx SOM and Market Volume International sales were $31 million1 80% 800 Market 70% 700 $4,261 $3,588 60% 600 Zepbound 13 Wk RA TRX Market Size $3,381 13 wk RA TRx SOM 50% 500 $2,312 40% 400 $1,907 30% 300 $1,243 $
Slide 27: Q4 2025 Verzenio Sales Increased 3%
Q4 2025 Verzenio Sales Increased 3% $ in Millions U.S. sales were $997 million U.S. TRx SOM and Market Volume International sales were $608 million 50% 12 Market 45% 10 $1,604 40% $1,470 $1,555 13 Wk RA TRX Market Size $1,489 35% Verzenio $1,369 8 13 wk RA TRx SOM $1,332 $1,159 30% $1,050 25% 6 20%
Slide 28: Select Trials – Brenipatide
Select Trials – Brenipatide Source: clinicaltrials.gov, January 23, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Brenipatide in Participants With Moderate- Change in Drinking Patterns in Alcohol Use Disorder Alcohol Use NCT07219966 to-Severe
Slide 29: Select Trials – Donanemab
Select Trials – Donanemab Source: clinicaltrials.gov, January 23, 2026 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 30: Select Trials – Eloralintide
Select Trials – Eloralintide Source: clinicaltrials.gov, January 23, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Eloralintide (LY3841136) in Participants NCT07282600 Obesity With Obesity or Overweight, and Type 2 Diabetes 3 1035 Percent Chan
Slide 31: Select Trials – Imlunestrant
Select Trials – Imlunestrant Source: clinicaltrials.gov, January 23, 2026 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 32: Select Trials – Lebrikizumab
Select Trials – Lebrikizumab Source: clinicaltrials.gov, January 23, 2026 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 33: Select Trials – Lepodisiran
Select Trials – Lepodisiran Source: clinicaltrials.gov, January 23, 2026 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 34: Select Trials – Mirikizumab
Select Trials – Mirikizumab Source: clinicaltrials.gov, January 23, 2026 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 35: Select Trials – Muvalaplin
Select Trials – Muvalaplin Source: clinicaltrials.gov, January 23, 2026 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 36: Select Trials – Olomorasib
Select Trials – Olomorasib Source: clinicaltrials.gov, January 23, 2026 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
Slide 37: Select Trials – Orforglipron
Select Trials – Orforglipron Source: clinicaltrials.gov, January 23, 2026 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 38: Select Trials – Orforglipron (Cont.)
Select Trials – Orforglipron (Cont.) Source: clinicaltrials.gov, January 23, 2026 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 Cha
Slide 39: Select Trials – Pirtobrutinib
Select Trials – Pirtobrutinib Source: clinicaltrials.gov, January 23, 2026 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 40: Select Trials – Pirtobrutinib (Cont.)
Select Trials – Pirtobrutinib (Cont.) Source: clinicaltrials.gov, January 23, 2026 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 41: Select Trials – Remternetug
Select Trials – Remternetug Source: clinicaltrials.gov, January 23, 2026 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 42: Select Trials – Retatrutide
Select Trials – Retatrutide Source: clinicaltrials.gov, January 23, 2026 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 43: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, January 23, 2026 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 44: Select Trials – Retatrutide (Cont.)
Select Trials – Retatrutide (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Investigate the Response of Participants With Time-to-Event of Recovery of Plasma Glucose (PG) Type 2 Diabetes NCT0698284
Slide 45: Select Trials – Retevmo
Select Trials – Retevmo Source: clinicaltrials.gov, January 23, 2026 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 46: Select Trials – Sofetabart Mipitecan (FRa ADC)
Select Trials – Sofetabart Mipitecan (FRa ADC) Source: clinicaltrials.gov, January 23, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Two-Part Phase 3 Study of Sofetabart Mipitecan Progression-free Survival (PFS), PFS per Response Ovarian (LY4170156) in
Slide 47: Select Trials – Taltz
Select Trials – Taltz Source: clinicaltrials.gov, January 23, 2026 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 48: Select Trials – Tirzepatide
Select Trials – Tirzepatide Source: clinicaltrials.gov, January 23, 2026 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 49: Select Trials – Tirzepatide (Cont.)
Select Trials – Tirzepatide (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Tirzepatide (LY3298176) Compared With NCT069148951 Type 1 Diabetes Placebo in Adults With Type 1 Diabetes and Obesity or
Slide 50: Select Trials – Verzenio
Select Trials – Verzenio Source: clinicaltrials.gov, January 23, 2026 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 51: Select Trials – Early Phase Cardiometabolic Health
Select Trials – Early Phase Cardiometabolic Health Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Number of Participants with One or More Treatment Emergent Adverse Events Bimagrumab NCT07030127 Healthy A S
Slide 52: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Part A and F: Number of Participants with One or More Treatment Emergent Adverse LA-ANP NCT06148272
Slide 53: Select Trials – Early Phase Cardiometabolic Health (Cont.)
Select Trials – Early Phase Cardiometabolic Health (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Phase 2, Randomized, Double-Blind, Placebo- Severe Controlled Study to Investigate the Efficacy an
Slide 54: Select Trials – Early Phase Immunology
Select Trials – Early Phase Immunology Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study of Eltrekibart (LY3041658) in Adult Percentage of Participant Achieving Hidradenitis Eltrekibart NCT06046729 Par
Slide 55: Select Trials – Early Phase Immunology (Cont.)
Select Trials – Early Phase Immunology (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Phase 2a: Change from Baseline in Disease Rheumatoid An Adaptive Phase 2a/2b Study of LY3871801 in Ocadusertib1
Slide 56: Select Trials – Early Phase Neuroscience
Select Trials – Early Phase Neuroscience Source: clinicaltrials.gov, January 23, 2026 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 57: Select Trials – Early Phase Neuroscience (Cont.)
Select Trials – Early Phase Neuroscience (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Behaviors Associated with Alcohol Use Alcohol Use A Study to Evaluate Mazdutide Compared With Mazdutide NCT068
Slide 58: Select Trials – Early Phase Oncology
Select Trials – Early Phase Oncology Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion A Study to Evaluate LY3537021 for the Treatment Proportion of Participants with a Complete GIPR Agonist LA NCT07169851 Nau
Slide 59: Select Trials – Early Phase Oncology (Cont.)
Select Trials – Early Phase Oncology (Cont.) Source: clinicaltrials.gov, January 23, 2026 Primary Molecule Study Indication* Title Phase Patients Primary Outcome** Completion Completion Phase 1a: Number of Participants with One Metastatic Solid A Study of LY4050784 in Participants With or More Treat
Slide 60: 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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