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 and Co earnings calls.
Courtney Breen
AllianceBernstein
4 questions for LLY
David Risinger
Leerink Partners
4 questions for LLY
Evan Seigerman
BMO Capital Markets
4 questions for LLY
Mohit Bansal
Wells Fargo & Company
4 questions for LLY
Seamus Fernandez
Guggenheim Partners
4 questions for LLY
Steve Scala
Cowen
4 questions for LLY
Terence Flynn
Morgan Stanley
4 questions for LLY
Umer Raffat
Evercore ISI
4 questions for LLY
Akash Tewari
Jefferies
3 questions for LLY
Alexandria Hammond
Wolfe Research
3 questions for LLY
Christopher Schott
JPMorgan Chase & Co.
3 questions for LLY
Kerry Holford
Berenberg
3 questions for LLY
Trung Huynh
UBS Group AG
3 questions for LLY
Asad Haider
Goldman Sachs
2 questions for LLY
Chris Shibutani
Goldman Sachs Group, Inc.
2 questions for LLY
Geoffrey Meacham
Citi
2 questions for LLY
James Shin
Analyst
2 questions for LLY
Timothy Anderson
BofA Securities
2 questions for LLY
Carter L. Gould
Barclays
1 question for LLY
Chris Schott
JPMorgan Chase & Co.
1 question for LLY
Geoff Meacham
Citigroup Inc.
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
Tim Anderson
Bank of America
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.
- Eli Lilly proposes a $6.75 billion aggregate principal offering of senior unsecured notes: $750 million floating-rate due Oct 15, 2028; $1 billion 4.000% due Oct 15, 2028; $750 million 4.250% due Mar 15, 2031; $1 billion 4.550% due Oct 15, 2032; $1.25 billion 4.900% due Oct 15, 2035; $1 billion 5.550% due Oct 15, 2055; and $1 billion 5.650% due Oct 15, 2065.
- The 4.000% 2028 notes priced at 99.951% (yield 4.014%) and the 5.550% 2055 notes at 99.376% (yield 5.592%) on a settlement date of Aug 20, 2025.
- Joint book-running managers include Citigroup, Goldman Sachs, J.P. Morgan, Mizuho and Morgan Stanley; BNP Paribas, Deutsche Bank, Barclays, BofA and RBC served as additional book-runners.
- Counsel opinions from Kirkland & Ellis (special counsel) and in-house counsel confirm the validity and enforceability of the indenture, underwriting agreement and the notes.
- Novo Nordisk will offer Ozempic directly to consumers via its NovoCare platform at $4.99/month for out-of-pocket payers, alongside weight-loss drug Wegovy.
- The company is partnering with GoodRx to extend the $4.99 cash price to over 70,000 pharmacies nationwide.
- This move aims to combat compounders selling off-label semaglutide knockoffs and recoup market share after cutting its full-year sales forecast.
- Legitimate GLP-1 shots from Lilly and Novo are priced around $500/month, compared to compounded versions at $200–$300/month, underlining a competitive pricing dynamic.
- Eli Lilly has increased the list price of its diabetes drug Mounjaro in the UK, aiming to narrow the price gap with the US.
- The adjustment responds to US administration pressure for most-favored-nation status to align domestic drug prices with international levels.
- Lilly’s move is intended to strengthen its negotiating position for future Medicare demonstration programs, given the US market’s importance for Mounjaro.
- Following the announcement, Lilly’s stock rose nearly 4%, reflecting investor optimism around its global pricing strategy.
- Serina posted Q2 revenues of $130 k (vs $51 k in Q2 2024) and a net loss of $6.4 M.
- Cash and cash equivalents totaled $6.0 M as of June 30, 2025, providing a runway into Q4 2025.
- The company advanced SER-270, its once-weekly injectable VMAT2 inhibitor for tardive dyskinesia, in July 2025, and expects SER-252 to enter clinical trials later in 2025.
- In May 2025, Serina appointed Stephen Brannan, M.D. to its Board, bolstering its neuroscience expertise.
- Serina secured $5 M from strategic investors in April 2025 and launched an ATM program for up to $13.3 M, raising $1.2 M net as of August 8, 2025.
- Oral obesity drug orforglipron achieved 11% average weight loss, falling short of the 15%+ expectations and the 16.6% seen in Novo’s oral semaglutide trials.
- The 11% efficacy disappointed investors, contributing to a 14% stock decline and raising questions about Lilly’s “priced to perfection” valuation.
- Despite more flexible dosing than injectable Wegovy, orforglipron’s food-effect restrictions may confine its use primarily to weight‐loss maintenance.
- Manufacturing costs are higher for the oral pill—25 mg of peptide per dose versus 2.4 mg per weekly injectable—potentially impacting margins.
- Competitive pricing dynamics are emerging: Lilly is offering larger rebates while Novo’s CVS exclusive deal may boost its volumes at Lilly’s expense.
- President Trump sent letters to 17 pharmaceutical manufacturers, including Eli Lilly, urging voluntary actions within 60 days to lower US drug prices to match global levels.
- He outlined four requests: extend most favored nation (MFN) pricing to Medicaid; guarantee MFN pricing for newly launched drugs; return additional revenues from abroad to US patients and taxpayers; and permit direct federal purchasing at MFN rates.
- The letter to Eli Lilly was personally addressed to CEO David Ricks—Trump even crossed out “Mr. Ricks” and wrote “David”—indicating intensified pressure on company leadership.
- Implementing MFN pricing for newly launched drugs may be challenging, as US drug rollouts often occur before overseas launches, leaving no international price for comparison.
- Mounjaro reduced major adverse cardiovascular events (MACE) by 8% versus Trulicity in a 13,299-patient, four-year SURPASS-CVOT trial involving type 2 diabetes patients with cardiovascular disease.
- The trial also demonstrated a 16% lower all-cause mortality rate and consistent benefits across cardiovascular death, heart attack, and stroke endpoints.
- Beyond cardiovascular risk reduction, Mounjaro produced greater weight loss and A1C lowering compared to Trulicity, highlighting its broader diabetes management profile.
- Trulicity, approved in 2020 for cardiovascular risk reduction with a 12% risk decrease and peak $7.4 billion sales in 2022, was overtaken by Mounjaro in sales in 2024.
- Eli Lilly plans to submit the SURPASS-CVOT data to regulators later this year for expanded approval and will present detailed results at EASD in September 2025.
- Long-term extension of Phase 3 TRAILBLAZER-ALZ 2 showed Kisunla slowed cognitive decline by 0.6 points at 18 months and 1.2 points at 36 months on the CDR-SB versus an external untreated cohort.
- Early initiation of Kisunla reduced the risk of progression to the next disease stage by 27% compared to delayed start participants.
- Over 75% of treated participants achieved amyloid plaque clearance within 76 weeks, and post-treatment reaccumulation remained slow at ~2.4 CL/year up to 2.5 years.
- No new safety signals emerged over three years; ARIA incidence and other adverse events remained consistent with prior studies.
- Jaypirca (pirtobrutinib) met the primary endpoint of overall response rate non-inferiority versus Imbruvica (ibrutinib) in the Phase 3 BRUIN CLL-314 trial, with response rates favoring Jaypirca (p < 0.05).
- Progression-free survival data are immature but trending in favor of Jaypirca, and no detriment in overall survival was observed at this analysis.
- BRUIN CLL-314 is the first head-to-head Phase 3 BTK inhibitor trial to include treatment-naïve CLL/SLL patients (n=225), who showed a notably pronounced PFS effect size for Jaypirca.
- The overall safety profile of Jaypirca was consistent with prior studies, supporting its potential in both treatment-naïve and BTK inhibitor-pretreated populations.
- Eli Lilly (NYSE: LLY) completed its acquisition of Verve Therapeutics (Nasdaq: VERV), a Boston-based clinical‐stage genetic medicines company, on July 25, 2025.
- The acquisition is intended to develop one‐time gene‐editing therapies for lifelong cardiovascular risk reduction in high‐risk patients.
- Lilly will integrate Verve’s team to advance cardiometabolic research and expand its genetic medicines pipeline.