Eli Lilly reported third‑quarter 2025 revenue of $17.6 billion, a 54% year‑over‑year increase from $11.439 billion in Q3 2024, surpassing consensus estimates of $16.01 billion.
Revenue from the company’s flagship diabetes drug Mounjaro rose to $6.52 billion, up 109% from $2.95 billion in Q3 2024, while the obesity drug Zepbound generated $3.57 billion, a 185% jump from $1.34 billion. Combined, the two products contributed $10.09 billion, or 57% of total revenue.
Adjusted earnings per share reached $7.02, compared with $1.18 a year earlier, well above the consensus of $5.69. Net income surged 475% to $5.58 billion, up from $970.3 million in Q3 2024, driven by higher product mix and a $200 million milestone payment for Jardiance and $180 million from the divestiture of Cialis rights.
Gross margin climbed to 82.9%, supported by a favorable product mix that offset a 10% decline in realized prices. Operating income increased 62% to $4.12 billion.
Management cited strong demand for its incretin portfolio, favorable foreign‑exchange rates, and continued expansion of manufacturing capacity in Virginia, Texas, and Puerto Rico as key drivers of the performance. CEO David A. Ricks highlighted the company’s progress in the pipeline, including Phase 3 trials of the weight‑loss pill orforglipron and the FDA approval of Inluriyo.
The company raised its 2025 revenue outlook to $63.0‑$63.5 billion, up from the previous $60‑$62 billion range, and adjusted EPS guidance to $23.00‑$23.70, reflecting the momentum in its GLP‑1 franchise and the anticipated launch of new products.
Eli Lilly’s tirzepatide franchise (Mounjaro and Zepbound) surpassed Merck’s Keytruda in global sales for the first time, with combined sales of $11.98 billion in Q3 2025 versus $8.1 billion for Keytruda. Zepbound’s prescription rates now outpace Novo Nordisk’s Wegovy, despite being on the market for a shorter period.
The company also announced a partnership with Nvidia to build an AI supercomputer for drug discovery and a planned investment of over $1.2 billion to expand its Puerto Rico manufacturing site.
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