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Eli Lilly and Company (LLY) is a global pharmaceutical company involved in the discovery, development, manufacturing, and marketing of products across various therapeutic areas. The company boasts a diverse product portfolio, with significant contributions from its incretin medicines, including Mounjaro and Zepbound, which have demonstrated strong sales growth . In addition to these, Eli Lilly's Growth Products category, featuring Verzenio, Taltz, and Jardiance, plays a crucial role in its revenue generation . The company actively engages in business development activities, such as acquisitions and collaborations, to enhance its product pipeline and expand capabilities in fields like radiopharmaceuticals and immunology .
- Incretin Medicines - Focuses on incretin-based therapies, with Mounjaro and Zepbound driving significant revenue growth.
- Growth Products - Includes Verzenio, Taltz, and Jardiance, which are key contributors to the company's revenue.
- Business Development - Engages in acquisitions and collaborations to expand capabilities in radiopharmaceuticals and immunology.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
David A. Ricks ExecutiveBoard | Chair, President, and Chief Executive Officer | Director on the Board of Adobe Inc.; Member of IFPMA CEO Steering Committee | David Ricks has been with Eli Lilly for 27 years and has led the company as CEO since 2017, overseeing significant revenue growth and strategic advancements. | View Report → |
Alonzo Weems Executive | Executive Vice President of Enterprise Risk Management and Chief Ethics and Compliance Officer | N/A | Alonzo Weems has been with Lilly since 1997, enhancing digital capabilities and ethics programs. | |
Anat Hakim Executive | Executive Vice President, General Counsel, and Secretary | N/A | Anat Hakim joined Eli Lilly in 2020 and has served as General Counsel since then, previously holding similar roles at WellCare Health Plans, Inc. | |
Anne White Executive | Executive Vice President and President of Lilly Neuroscience | N/A | Anne White joined Lilly in 1991, contributing to advancements in neuroscience and oncology portfolios. | |
Daniel Skovronsky Executive | Executive Vice President, Chief Scientific Officer, and President of Lilly Research Laboratories and Lilly Immunology | N/A | Dr. Skovronsky has been with Lilly since 2010, advancing innovative medicines and leading significant pipeline developments. | |
Diogo Rau Executive | Executive Vice President and Chief Information and Digital Officer | N/A | Diogo Rau joined Lilly in 2021, previously serving as Senior Director of Information Systems and Technology at Apple Inc. | |
Edgardo Hernandez Executive | Executive Vice President and President of Manufacturing Operations | N/A | Edgardo Hernandez has been with Lilly for 19 years, leading significant manufacturing expansions and technological advancements. | |
Eric Dozier Executive | Executive Vice President, Human Resources and Diversity | N/A | Eric Dozier has been with Lilly for 26 years, holding various leadership roles, including Senior Vice President, Chief Commercial Officer for Loxo@Lilly. | |
Ilya Yuffa Executive | Executive Vice President and President of Lilly International | N/A | Ilya Yuffa has been with Lilly since 1997, leading operations in diabetes, bio-medicines, and international markets. | |
Jacob Van Naarden Executive | Executive Vice President and President of Loxo@Lilly | N/A | Jacob Van Naarden joined Lilly in 2019, playing a key role in advancing oncology therapies and strategic acquisitions. | |
Lucas Montarce Executive | Executive Vice President and Chief Financial Officer | N/A | Lucas Montarce joined Lilly in 2001, holding various finance leadership roles and contributing to global expansion. | |
Patrik Jonsson Executive | Executive Vice President, President of Lilly Cardiometabolic Health, and President of Lilly USA | N/A | Patrik Jonsson has been with Lilly for over three decades, leading various business operations and contributing to the launch of new medicines. | |
Gabrielle Sulzberger Board | Board Member | Board Member of Mastercard Incorporated, Cerevel Therapeutics Holdings, Inc., Warby Parker Inc.; Chair of Global ESG Advisory at Teneo; Senior Advisor at Centerbridge Partners | Gabrielle Sulzberger joined Lilly's board in 2021, bringing over 30 years of experience in corporate governance and private equity. | |
Jamere Jackson Board | Board Member | CFO of AutoZone, Inc.; Former CFO of Hertz Global Holdings, Inc. and Nielsen Holdings plc | Jamere Jackson has been a director at Lilly since 2016, serving as Chair of the Audit Committee and contributing financial expertise. | |
Jon Moeller Board | Board Member | Chairman of the Board, President, and CEO of Procter & Gamble; Board Member of Business Roundtable, Consumer Goods Forum, and Catalyst | Jon Moeller joined Lilly's board in 2024, bringing extensive leadership experience from Procter & Gamble. |
- With the approval of Novartis's competitor in early breast cancer, how does Lilly plan to protect Verzenio's market share in the high-risk patient segment and mitigate potential erosion due to new entrants?
- Given some employers are opting out of coverage for Mounjaro and Zepbound, what strategies does Lilly have to address payer restrictions and improve access, especially as you ramp up demand generation activities?
- How do you anticipate the Inflation Reduction Act will impact key brands like Verzenio, and what preparations are you making for potential inclusion on the drug negotiation list in 2027?
- After terminating the Phase IIb study of parasolimab in rheumatoid arthritis due to benefit-risk concerns, how will this affect your immunology pipeline, and what lessons have been learned for future development efforts?
- Considering the issues with compounding pharmacies and the upcoming introduction of oral GLP-1 therapies like orforglipron, how is Lilly addressing the compounding crisis, and what are your expectations for FDA actions to resolve this on a product-by-product basis?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
McKesson Corporation | Major U.S. wholesale distributor | All | Accounted for 16%-24% of consolidated revenue for 2022-2024 , representing 21%-29% of accounts receivable as of December 31, 2024 |
Cencora, Inc. (formerly AmerisourceBergen) | Major U.S. wholesale distributor | All | Accounted for 16%-24% of consolidated revenue for 2022-2024 , representing 21%-29% of accounts receivable as of December 31, 2024 |
Cardinal Health, Inc. | Major U.S. wholesale distributor | All | Accounted for 16%-24% of consolidated revenue for 2022-2024 , representing 21%-29% of accounts receivable as of December 31, 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Scorpion Therapeutics | 2025 | Eli Lilly entered a definitive agreement to acquire the mutant‐selective PI3Kα inhibitor program (STX-478) from Scorpion Therapeutics to expand its oncology pipeline, with a deal structure of up to $2.5 billion in cash including milestone payments, along with a spin‐out of non‐PI3K assets. |
Morphic Holding, Inc. | 2024 | Eli Lilly acquired Morphic Holding to strengthen its immunology pipeline by adding oral integrin therapies (including MORF-057 for IBD), paying approximately $3.2 billion at $57.00 per share in cash through a tender offer and second-step merger. |
POINT Biopharma Global Inc. | 2023 | Eli Lilly's acquisition of POINT Biopharma for an aggregate of $1.04 billion (at $12.50 per share in cash) bolsters its oncology portfolio by adding radiopharmaceutical capabilities and a pipeline of radioligand therapies for cancer treatment. |
Sigilon Therapeutics, Inc. | 2023 | Eli Lilly completed its acquisition of Sigilon Therapeutics using a $14.92 per share cash offer plus a contingent value right (CVR), aiming to advance encapsulated cell therapies for type 1 diabetes, with 76.61% of shares tendered and the stock subsequently delisted. |
DICE Therapeutics, Inc. | 2023 | Eli Lilly acquired DICE Therapeutics for $48 per share in cash (totaling about $2.4 billion) to enhance its immunology pipeline with novel oral IL-17 inhibitors, with the tender offer process achieving 88.4% share tendering and the stock later delisted. |
Versanis Bio, Inc. | 2023 | Eli Lilly completed the acquisition of Versanis Bio to obtain bimagrumab, a Phase II monoclonal antibody targeting obesity-related conditions, with acquired in-process R&D expense valued at $604.1 million, aligning with its strategy in autoimmune and cardiometabolic research. |
Emergence Therapeutics AG | 2023 | Eli Lilly acquired Emergence Therapeutics AG in August 2023, obtaining the preclinical asset ETx-22 (a Nectin-4 antibody-drug conjugate for urothelial cancer) with an IPR&D expense of $406.5 million, to bolster its oncology pipeline. |
Akouos, Inc. | 2022 | Eli Lilly completed the acquisition of Akouos for sensorineural hearing loss gene therapies at $12.50 per share in cash for about $487 million, with an additional CVR component that could raise the total value to approximately $610 million, following a successful tender offer. |
Recent press releases and 8-K filings for LLY.
- The ACC now recommends semaglutide and tirzepatide as first-line treatments for eligible obese patients alongside lifestyle interventions to improve cardiovascular health.
- Semaglutide delivers about 15% weight loss and tirzepatide around 20%, versus ~10% from lifestyle changes, underscoring superior efficacy.
- The guidance urges insurers and federal programs to expand coverage, potentially increasing prescription uptake.
- Notable disparities in semaglutide and tirzepatide prescribing—linked to race, ethnicity, and socioeconomic status—require monitoring and policy action.
- NICE rejected approval of lecanemab and donanemab for NHS use due to modest benefits and high costs.
- An estimated 70,000 adults in England would be eligible if approved.
- Annual private treatment cost is about £60,000 per patient.
- Clinical data shows the drugs delay progression from mild to moderate Alzheimer’s by 4–6 months.
- Lilly and Eisai plan to appeal, arguing the appraisal overlooked economic and caregiver benefits.
- Lilly will acquire Verve Therapeutics via a cash tender offer at $10.50 per share plus one CVR worth up to $3.00, valuing the deal at up to $1.3 billion; the transaction is expected to close in Q3 2025 upon majority tendering of shares.
- The deal structure includes an upfront payment of nearly $1 billion and $300 million in milestone payments.
- VERVE-102, Verve’s lead one-time gene-editing therapy targeting ASCVD/PCSK9, is in Phase 1b trials with FDA Fast Track status, enhancing Lilly’s experimental pipeline.
- Verve’s shares surged nearly 73% upon the news, reflecting strong investor optimism.
- The purchase price represents a 113% premium to Verve’s 30-day VWAP through June 16, 2025.
- Lilly will complete the acquisition through a tender offer followed by a second-step merger, with no financing condition.
- 12.5 mg and 15 mg Zepbound single-dose vials will be available for prescribing on July 7, with patient shipments beginning in early August; all approved doses will be offered at ≤ $499/month regardless of insurance through LillyDirect Self Pay Pharmacy Solutions.
- Under the Zepbound Self Pay Journey Program, higher doses (7.5 mg at $599, 10 mg at $699, 12.5 mg at $849, 15 mg at $1,049) are reduced to $499/month for first fills and refills within 45 days; the 2.5 mg starter dose is $349 for month 1, then $499 for the 5 mg dose.
- In a clinical trial, adults on 15 mg Zepbound achieved an average 21% weight loss (48 lbs), with ~1 in 3 participants losing over 25% of body weight (~58 lbs).
- Recommended maintenance dosing is 5 mg, 10 mg, or 15 mg subcutaneously once weekly, with a maximum dose of 15 mg.
- Eloralintide induced >11% body weight loss over 12 weeks with minimal gastrointestinal side effects, offering a gentler alternative to injectable GLP-1 treatments.
- Lilly is evaluating eloralintide both as a standalone therapy and combined with tirzepatide (Zepbound), with analysts viewing the combination as a strong successor to tirzepatide alone.
- The company plans to expand incretin-based drug manufacturing by at least 50% to meet rising demand in the diabetes and obesity markets.
- Lilly’s pipeline also includes the oral GLP-1 candidate orforglipron, which could significantly improve treatment accessibility.
- The stock carries an 'Outperform' rating from 29 brokerages, with price targets ranging $675–$1,190, reflecting optimism about its obesity and diabetes portfolio.
- Pricing Strategy & Policy Uncertainty: Lilly reaffirmed its value‐based pricing approach amid ongoing policy and MFN uncertainties, expecting mid- to high-single digit price erosion while focusing on reducing patient out-of-pocket costs.
- Market Performance & International Expansion: The company highlighted strong product uptake—such as increasing patient starts for Zepbound—and significant international expansion, now launching products like Mounjaro in 40 countries.
- R&D and Clinical Milestones: Discussion included upcoming ADA presentations and multiple clinical trial readouts covering diabetes and obesity therapies, reinforcing pipeline strength and market leadership.
- Digital Transformation Initiatives: Lilly detailed investments in its digital pharmacy platform, Lilly Direct, to enhance patient access and streamline mixed telehealth services as part of its broader commercial strategy.
- The MHRA warns against using weight-loss and diabetes injections (Ozempic, Mounjaro, Wegovy, etc.) during pregnancy, conception, or breastfeeding due to insufficient safety data.
- It recommends wash-out periods: stop semaglutide ≥2 months and tirzepatide ≥1 month before attempting conception.
- Mounjaro may reduce oral contraceptive effectiveness in overweight women, prompting use of barrier or non-oral contraception and continuation during the wash-out period.
- Over 40 pregnancy-related reports—including 26 with Mounjaro and 8 with semaglutide drugs—cover miscarriages, birth defects, and unintended pregnancies; animal studies also suggest potential fetal risks while human data remain limited.
- Policy and pricing discussion: Executives outlined impacts of potential MFN policies on drug pricing, emphasizing a disciplined pricing strategy and limited spillover from Medicare to commercial channels.
- Manufacturing investments: The company is significantly expanding its capacity, increasing investments from $23 billion to $50 billion to support both U.S. and global manufacturing, while managing associated gross margin headwinds.
- Obesity and pricing strategy: Discussions highlighted a three-phase pricing outlook for obesity treatments, with stable pricing expected in the near term and changes anticipated in 2027 based on new regulatory price negotiations.
- International market expansion: Lilly is actively launching in approximately 40 countries including major markets like China, India, and Mexico; targeting an addressable patient population of around 900 million for obesity and diabetes treatments.
- Eli Lilly announced an expanded long-standing alliance with Purdue University, planning an investment of up to $250 million over the next eight years.
- The agreement extends the existing collaboration with four new projects through 2032, building on joint programs like the Lilly Scholars and the Lilly and Purdue Research Alliance Center.
- The initiative aims to accelerate pharmaceutical innovation by enhancing drug discovery, clinical application, and manufacturing efficiency, while also boosting local economic benefits in Indiana.
- Revenue Growth: Q1 2025 revenue increased 45% to $12.73B, driven by strong volume growth from Mounjaro and Zepbound and key products contributing over $7.5B in revenue ( ).
- Pipeline Progress: Achieved positive Phase III trial results for oral GLP-1 orforglipron in Type 2 diabetes, with multiple additional Phase III readouts expected within the next 12 months ( ).
- EPS Improvement: EPS increased by 23% to $3.06 (reported) and $3.34 (non-GAAP), reflecting robust financial performance ( ).
- Guidance Update: Reaffirmed full-year revenue guidance of $58.0B to $61.0B ( ).
- Market Leadership: Established U.S. incretin analog leadership with a 53.3% market share ( ).
- Strategic Investments: Advanced U.S. manufacturing plans with new facilities and maintained strong capital allocation, including $1.3B in dividends and a $1.2B share repurchase ().
- Ongoing Innovation: Continued innovation and strategic acquisitions further enhance its pipeline ().