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Revenue in Q4 2025 increased 43% to $19.3 billion driven by volume growth from Mounjaro and Zepbound.
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Q4 2025 EPS increased by 51% to $7.39 on a reported basis and increased by 42% to $7.54 on a non-GAAP basis, both inclusive of $0.52 of acquired IPR&D charges.
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Regulatory progress included FDA approval of Kwikpen for tirzepatide and an expanded indication for Jaypirca, and submissions for orforglipron for obesity to regulatory authorities in the U.S. and Japan and for obesity and type 2 diabetes in the EU.
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Pipeline progress included positive Phase 3 results from Taltz and Zepbound used together for adults with active psoriatic arthritis and obesity, orforglipron for people who switched from injectable incretins to oral GLP-1 therapy, and retatrutide for people with obesity and knee osteoarthritis.
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Announced an agreement with the U.S. government to expand access to obesity medicines for millions of Americans.
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2026 guidance issued with revenue in the range of $80 billion to $83 billion and non-GAAP EPS in the range of $33.50 to $35.00.
INDIANAPOLIS, Feb. 4, 2026 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced its financial results for the fourth-quarter of 2025 and provided 2026 financial guidance.
"2025 was an important year for Lilly," said David A. Ricks, Lilly's chair and CEO. "We reached millions more patients—launching Inluriyo, expanding Mounjaro and Kisunla globally, and submitting orforglipron for approval. We expanded our manufacturing capacity, and through our U.S. government agreement, opened new access to obesity medicines. Entering our 150th year with a deep pipeline and platforms like LillyDirect, we're positioned to reach more patients than ever and expand our global health impact."
Financial Results
A discussion of the non-GAAP financial measures is included below under "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)."
Fourth-Quarter Reported Results
In Q4 2025, worldwide revenue was $19.3 billion, an increase of 43% compared with Q4 2024, driven by a 46% increase in volume, partially offset by a 5% decrease due to lower realized prices. Key Products[1] revenue grew to $13.8 billion in Q4 2025, led by Mounjaro and Zepbound.
Revenue in the U.S. increased 43% to $12.9 billion, driven by a 50% increase in volume, partially offset by a 7% decrease due to lower realized prices. The increase in U.S. volume and decline in realized prices were driven by Zepbound and Mounjaro.
Revenue outside the U.S. increased 43% to $6.4 billion, driven by a 38% increase in volume and to a lesser extent a 4% favorable impact on foreign exchange rates. The volume increase outside the U.S. was driven primarily by Mounjaro, partially offset by Jardiance. Volume growth was negatively impacted by a one-time benefit of $300 million related to Jardiance, associated with an amendment to the company's collaboration with Boehringer Ingelheim, in Q4 2024.
1 The Company defines Key Products as Ebglyss, Inluriyo (effective Q4 2025), Jaypirca, Kisunla, Mounjaro, Omvoh, Verzenio and Zepbound.
Gross margin increased 43% to $15.9 billion in Q4 2025. Gross margin as a percent of revenue was 82.5%, an increase of 0.3 percentage points. The increase in gross margin percent was primarily driven by favorable product mix and improved cost of production, partially offset by lower realized prices.
In Q4 2025, research and development expenses increased 26% to $3.8 billion, or 20% of revenue, driven by continued investments in the company's early and late-stage portfolio.
Marketing, selling and administrative expenses increased 29% to $3.1 billion in Q4 2025, primarily driven by promotional efforts supporting ongoing and planned launches.
The effective tax rate was 19.7% in Q4 2025 compared with 12.5% in Q4 2024 primarily driven by a less favorable jurisdictional mix of earnings in Q4 2025 relative to Q4 2024. Additionally, the effective tax rate for Q4 2025 was unfavorably impacted by U.S. tax law changes enacted earlier in 2025.
In Q4 2025, net income and earnings per share (EPS) were $6.6 billion and $7.39, respectively, compared with net income of $4.4 billion and EPS of $4.88 in Q4 2024. EPS in Q4 2025 and Q4 2024 included acquired IPR&D charges of $0.52 and $0.19, respectively.
About Lilly
Lilly is a medicine company turning science into healing to make life better for people around the world. We've been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world's most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable.
1.Excludes amortization of intangibles primarily associated with costs of marketed products acquired or licensed from third parties.
2.For the three months ended December 31, 2025, excluded charges primarily related to an intangible asset impairment acquired through POINT BioPharma Global Inc.. For the twelve months ended December 31, 2025, also excluded charges primarily related to litigation, as well as acquisition and integration costs associated with Verve Therapeutics, Inc. For the three months ended December 31, 2024, excluded charges related to intangible asset impairment for Vitrakvi. For the twelve months ended December 31, 2024, also excluded charges related to litigation.
3. Relates to adjusting our income tax provision for prior periods and remeasuring our deferred tax assets and liabilities.
4.Non-GAAP tax rate reflects the tax effects of the adjustments presented above.