Eli Lilly reported a strong Q4 2025 with full-year revenue up 45% to $65.2B, driven by its incretin portfolio. Management provided bullish 2026 guidance, expecting revenue of $80-83B driven by the launch of oral orforglipron, expansion into Medicare, and continued volume growth, despite significant price headwinds. Key pipeline data highlighted the potential of incretins in immunology and the versatility of its portfolio. FY2025 revenue grew 45% to $65.2B, with EPS of $24.21, both ahead of expectations.
Eli Lilly reported a strong Q4 2025 with full-year revenue up 45% to $65.2B, driven by its incretin portfolio. Management provided bullish 2026 guidance, expecting revenue of $80-83B driven by the launch of oral orforglipron, expansion into Medicare, and continued volume growth, despite significant price headwinds. Key pipeline data highlighted the potential of incretins in immunology and the versatility of its portfolio. FY2025 revenue grew 45% to $65.2B, with EPS of $24.21, both ahead of expectations.
Eli Lilly reported a strong Q4 2025 with full-year revenue up 45% to $65.2B, driven by its incretin portfolio. Management provided bullish 2026 guidance, expecting revenue of $80-83B driven by the launch of oral orforglipron, expansion into Medicare, and continued volume…
FY2025 revenue grew 45% to $65.2B, with EPS of $24.21, both ahead of expectations.
2026 revenue guidance of $80-83B (+25% YoY at midpoint) incorporates $50 Medicare co-pay and new launches, offset by low-to-mid teens price drag.
Orforglipron (oral GLP-1) submitted in 40 countries; US approval and launch expected in Q2 2026.
Management says Lilly continues investing in AI to discover and develop new medicines, including a new NVIDIA co-innovation AI lab paired with Lilly's supercomputer, with the goal of accelerating drug discovery. AI is framed as an R&D enabler, not a monetized product line.
Management's tone is bullish, with strong top-line growth guidance driven by the launch of orforglipron, Medicare expansion, and continued strength in its incretin portfolio, despite anticipated price headwinds.
Capital expenditure remains heavily expansionary, with over $55 billion committed since 2020 to the largest manufacturing buildout in company history. Multiple new U.S. and European sites are planned, new Wisconsin and North Carolina plants are already producing, and incretin capacity output was increased beyond target.
Management struck a confident, upbeat tone, framing 2025 as strong execution and emphasizing continued growth in 2026 despite acknowledged price and margin headwinds.
“showed a 64% relative increase in the proportion of patients achieving a 50% reduction in the psoriatic arthritis symptoms compared to ixekizumab alone. An important finding from the study was the potential effect of truzepatide when added…”
“People who switched from semaglutide to orforglupron maintained their previously achieved weight loss with an average difference of just 0.9 kilograms. This suggests that as an oral GLP-1 therapy, or for glipron, we provide similar weight…”
“There is a bolus of patients that we have nowadays in the direct business that we believe are also Medicare patients. expect that bolus, I think it's between 10 to 20%, will actually move into the Medicare space. I think that will happen r…”
“As shown on slide 17, patients with a baseline BMI of 35 or higher, which represented 84% of the trial population, had discontinuation rates due to adverse events consistent with those observed in clinical trials of other injectable anchor…”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $33.50–$35.00 | $34.25 | INITIATED |
| Revenue | FY2026 | $80B–$83B | $81.5B | INITIATED |
Lilly is deepening its AI partnership with NVIDIA, potentially expanding NVIDIA's presence in the life sciences sector beyond its core data center business.
“we recently announced a new collaboration with NVIDIA to open a co-innovation AI lab. This project will combine Lilly's scientific expertise with NVIDIA's leading technology to accelerate drug discovery.”
… largest clinical stage pipelines in our company's history. We executed 39 business development transactions across all our therapeutic areas and added multiple clinical stage assets through transactions, including Scorpion, Verve, SiteOne, Advarum, and the upcoming acquisition of Ventex. We continue investing in artificial intelligence to discover and develop new medicines. In addition to our new supercomputer, we recently announced a new collaboration with NVIDIA to open a co-innovation AI lab. This project will combine Lilly's scientific expertise with NVIDIA's leading technology to accelerate drug discovery. We progressed our manufacturing expansion efforts and announced plans to build multiple new manufacturing sites in the US and Europe. We increased our manufacturing capacity and began making medicine at our new sites in Wisconsin and North Carolina. We exceeded our goal to produce 1.8 times the number of incretin doses in the second half of 25 compared to the second half of 24. Since 2020, we've committed over $55 billion, the largest manufacturing buildout in company history. We announced an agreement with the U.S. government to provide access to obesity medicines to …
Orforglipron's 'Maintain' trial showed patients who switched from semaglutide to orforglipron maintained weight loss effectively (0.9 kg difference vs placebo), potentially positioning Lilly's oral to steal patients from Novo Nordisk's injectable. — This provides clinically robust evidence for patient switching from injectable GLP-1s to oral options, which could accelerate market cannibalization and derail Novo's growth expectations for its injectable franchise.
“showed a 64% relative increase in the proportion of patients achieving a 50% reduction in the psoriatic arthritis symptoms compared to ixekizumab alone. An important finding from the study was the potential effect of truzepatide when added”
… to ixekizumab alone, in people with psoriatic arthritis and obesity. This first-of-its-kind study assessed whether a concomitant treatment with an incretin could deliver additional efficacy when added to an existing immunology treatment. As shown on slide 14, the combination not only achieved its primary end at least 50% reduction in psoriatic arthritis activity plus 10% weight reduction, but also showed a 64% relative increase in the proportion of patients achieving a 50% reduction in the psoriatic arthritis symptoms compared to ixekizumab alone. An important finding from the study was the potential effect of truzepatide when added to ixekizumab on psoriatic arthritis symptoms via both weight-dependent and also weight-independent mechanisms. These results further support existing treatment guidelines for psoriatic arthritis that recommend treatment of comorbid obesity and shed further light on how incretins may have a positive effect on other diseases independent from weight loss. We look forward to publishing these data in more detail in a peer-reviewed journal and presenting them at an upcoming medical meeting. With this important result in hand, we are encouraged about our …
Lilly's new 'Together' trial results show a 64% relative increase in patients achieving psoriatic arthritis symptom reduction when adding tirzepatide to ixekizumab, suggesting incretins may have weight-independent anti-inflammatory effects.
… arthritis and obesity. This first-of-its-kind study assessed whether a concomitant treatment with an incretin could deliver additional efficacy when added to an existing immunology treatment. As shown on slide 14, the combination not only achieved its primary end at least 50% reduction in psoriatic arthritis activity plus 10% weight reduction, but also showed a 64% relative increase in the proportion of patients achieving a 50% reduction in the psoriatic arthritis symptoms compared to ixekizumab alone. An important finding from the study was the potential effect of truzepatide when added to ixekizumab on psoriatic arthritis symptoms via both weight-dependent and also weight-independent mechanisms. These results further support existing treatment guidelines for psoriatic arthritis that recommend treatment of comorbid obesity and shed further light on how incretins may have a positive effect on other diseases independent from weight loss. We look forward to publishing these data in more detail in a peer-reviewed journal and presenting them at an upcoming medical meeting. With this important result in hand, we are encouraged about our ongoing trial studying exekizumab, …