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.
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| 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?
Research analysts who have asked questions during ELI LILLY & earnings calls.
Courtney Breen
AllianceBernstein
6 questions for LLY
Evan Seigerman
BMO Capital Markets
6 questions for LLY
Mohit Bansal
Wells Fargo & Company
6 questions for LLY
Seamus Fernandez
Guggenheim Partners
6 questions for LLY
Steve Scala
Cowen
6 questions for LLY
Terence Flynn
Morgan Stanley
6 questions for LLY
Akash Tewari
Jefferies
5 questions for LLY
Alexandria Hammond
Wolfe Research
4 questions for LLY
Asad Haider
Goldman Sachs
4 questions for LLY
David Risinger
Leerink Partners
4 questions for LLY
Umer Raffat
Evercore ISI
4 questions for LLY
Chris Schott
JPMorgan Chase & Co.
3 questions for LLY
Christopher Schott
JPMorgan Chase & Co.
3 questions for LLY
Geoff Meacham
Citigroup Inc.
3 questions for LLY
Kerry Holford
Berenberg
3 questions for LLY
Tim Anderson
Bank of America
3 questions for LLY
Trung Huynh
UBS Group AG
3 questions for LLY
Chris Shibutani
Goldman Sachs Group, Inc.
2 questions for LLY
Geoffrey Meacham
Citi
2 questions for LLY
James Chin
Deutsche Bank
2 questions for LLY
James Shin
Analyst
2 questions for LLY
Timothy Anderson
BofA Securities
2 questions for LLY
Umar Rafat
Evercore
2 questions for LLY
Alex Hammond
Sidoti & Company, LLC
1 question for LLY
Carter L. Gould
Barclays
1 question for LLY
Jeff Meacham
Citigroup Inc.
1 question for LLY
Kripa Devarakonda
Truist Securities
1 question for LLY
Rajesh Kumar
HSBC
1 question for LLY
Srikripa Devarakonda
Truist Financial Corporation
1 question for LLY
| 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.
- Eloralintide induced up to 20.1% body weight reduction over 48 weeks, with the highest 9 mg dose yielding an average weight loss of ~21.3 kg.
- Trial involved adults with obesity/overweight and weight-related comorbidities (no type 2 diabetes); side effects were mostly mild/moderate gastrointestinal symptoms and fatigue, with improved tolerability via dose escalation.
- Eli Lilly plans to initiate pivotal phase 3 trials and is exploring combining eloralintide with its GLP-1 therapy tirzepatide to enhance treatment options.
- Amylin receptor agonist profile may offer lower lean muscle loss relative to fat mass compared to GLP-1 drugs, potentially improving body composition outcomes.
- Third quarter 2025 collaboration revenue was $2.1 M, research and development expenses $18.5 M, general and administrative expenses $6.7 M, and net loss $20.2 M ( $0.56 per share ).
- Cash, cash equivalents, and marketable securities totaled $295.9 M as of September 30, 2025, providing runway through 2029 under current plans.
- First participant dosed in the Phase 1 trial of BGE-102, an oral CNS-penetrant NLRP3 inhibitor, with initial single ascending dose data expected by year-end 2025.
- Oral and parenteral APJ agonist programs advanced toward IND submissions in 2026.
- Ongoing research collaborations with Novartis and Lilly ExploR&D to identify and develop novel metabolic aging targets.
- Carole Ho, M.D. joins as executive vice president and president, Lilly Neuroscience, and becomes an Executive Committee member, bringing over 20 years in neurology and rare disease development.
- Adrienne Brown is promoted to executive vice president and president, Lilly Immunology, joining the Executive Committee after 20+ years with Lilly, including leading the U.S. launch of Mounjaro.
- Daniel Skovronsky, M.D., Ph.D., expands his role as chief scientific and product officer and president of Lilly Research Laboratories, overseeing R&D and global product strategy.
- Jacob Van Naarden assumes additional oversight of corporate business development while continuing as executive vice president and president, Lilly Oncology.
- These changes are designed to accelerate Lilly's pipeline, generate new portfolio opportunities, and strengthen patient access to medicines, according to CEO David A. Ricks.
- Agreement to cap Medicare out-of-pocket cost at $50/month for Zepbound and orforglipron starting April 1, 2026, with optional Medicaid expansion by states.
- Self-pay access via LillyDirect: Zepbound pen priced $299–$449 per dose (refills capped at $449) and orforglipron priced $149–$399.
- Emgality, Trulicity and Mounjaro added to LillyDirect with 50–60% discounts; insulin remains capped at $35/month for all patients.
- Commitment of >$50 billion to U.S. manufacturing investments and securing three years of tariff relief.
- Eli Lilly’s selective amylin agonist eloralintide achieved mean weight reductions of 9.5%–20.1% across dose arms versus 0.4% with placebo at 48 weeks in 263 adults with obesity or overweight and ≥1 comorbidity.
- The 48-week, randomized, double-blind, placebo-controlled Phase 2 trial evaluated once-weekly eloralintide monotherapy in adults without type 2 diabetes.
- Safety was favorable, with mostly mild-to-moderate gastrointestinal symptoms and fatigue; slower dose escalation reduced adverse event incidence, and the 1 mg and 3 mg arms had similar tolerability to placebo.
- Based on these data, Lilly plans to begin Phase 3 clinical studies by year-end.
- $3 billion facility in Katwijk, Netherlands, to expand oral solid medicines manufacturing, including orforglipron, Lilly’s first oral GLP-1 agonist (regulatory submission expected by year-end)
- Incorporates advanced technologies like dock-to-dock automation and paperless manufacturing to strengthen Lilly’s global supply chain
- Expected to create 500 permanent high-wage jobs and 1,500 construction jobs, with construction slated to start next year pending government permits
- Part of Lilly’s broader manufacturing expansion in Europe—augmenting sites in France, Ireland, Italy and Spain—and aligned with its goal of carbon neutrality and zero waste operations
- Eli Lilly’s obesity drugs Zepbound and Mounjaro generated $10.1 billion in combined Q3 sales, surpassing Merck’s Keytruda at $8.1 billion
- The company raised its full-year revenue and earnings forecasts following the strong performance
- Strong financial investment and innovation are fueling a pipeline of new high-impact drugs through the early 2030s
- A bidding war for Metsera, involving Novo Nordisk and Pfizer, sees Novo planning to pay up to $9 billion for the drugmaker
- Revenue grew 54% y/y in Q3; gross margin was 83.6%; non-GAAP EPS $7.02 vs. $1.18 a year ago
- Raised FY 2025 revenue guidance to $63–63.5 billion, non-GAAP EPS to $23–23.70, and performance margin to 45–46%
- U.S. incretin analog market grew 36% y/y; Lilly incretins account for ≈2/3 of new U.S. prescriptions; Mounjaro launched in 55 countries
- FDA approved Imlunestrant (Inlurio) for ER-positive metastatic breast cancer; EU approved Kisunla for early Alzheimer’s; positive phase III data for Japerka, Verzenio, and orforglipron support global submissions
- Returned $1.3 billion in dividends and repurchased $700 million of shares; announced new manufacturing facilities in Virginia, Texas, and Puerto Rico
- Reported Q3 revenue of $17.6 B, up 54% YoY; raised full‐year revenue guidance to $63.0–63.5 B from $60.0–62.0 B
- Delivered non‐GAAP EPS of $7.02, versus $1.18 a year ago, and GAAP EPS of $6.21
- In incretin analogs, U.S. market grew 36% and Lilly’s share reached 57.9%, with Mounjaro Q3 sales of $6.515 B and Zepbound sales of $3.588 B
- Invested $3.5 B in R&D (+27%) and $5.3 B in capital projects YTD, underscoring focus on innovation
- Returned $2.0 B to shareholders, including $1.3 B in dividends and $0.7 B in share repurchases
- Q3 revenue grew 54% YoY, gross margin was 83.6%, and non-GAAP EPS reached $7.02 (inclusive of $0.71 IPR&D charges) versus $1.18 in Q3 2024.
- Full-year 2025 guidance raised: revenue now projected at $63 – 63.5 billion, non-GAAP performance margin 45 – 46%, and EPS $23 – 23.70.
- Key R&D milestones include FDA approval of Imlunestrant (Inlurio) for HR+ HER2– ESR1-mutated metastatic breast cancer, EU approval of Kisunla for early Alzheimer’s, plus positive Phase 3 data for Japerka, Verzenio, and orforglipron enabling imminent global submissions.
- Capital allocation in Q3 featured $1.3 billion of dividends paid and $700 million of share repurchases.