Short answer
Lilly (Eli) (LLY) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $65.2B (+44.7% year over year) and net income of $20.6B.
- Top risk flagged: Government price controls per Inflation Reduction Act causing Medicare drug price reductions for Jardiance (2026) and Trulicity, Verzenio (2028), accelerating revenue erosion
FY2025 key financial metrics · XBRL
- Revenue
- $65.2B
- +44.7% YoY
- Net income
- $20.6B
- +94.9% YoY
- EPS (diluted)
- $22.95
- +96.0% YoY
- ROE
- 77.8%
- +3.2 pp YoY
- Operating cash flow
- $16.8B
- +90.7% YoY
Source: XBRL data from the Lilly (Eli) (LLY) FY2025 10-K on SEC EDGAR. USD.
Lilly (Eli) FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Discovery, development, manufacturing, and marketing of human pharmaceutical products globally
- New emphasis on LillyDirect digital platform, growing portion of sales in 2025, expanding direct-to-patient access and partnerships
- Strategic shift to alternative product access via direct-to-patient and direct-to-employer channels to counteract unfavorable private sector payer dynamics
- Patent protection extends key products like Mounjaro to 2036-2040, with multiple patent term extensions and biologics data exclusivity through 2030s
- Noteworthy regulatory and market risk from counterfeit, misbranded, adulterated, and mass-compounded incretin products impacting safety and market integrity
Management Discussion & Analysis
- Revenue $65.2B in 2025, up 45% YoY from $45.0B in 2024, driven by Mounjaro and Zepbound volume growth
- Gross margin 83.0% in 2025 vs 81.3% in 2024; net income $20.6B (+95% YoY), EPS $22.95 (+96%)
- Best segment: Mounjaro revenue $23.0B (+99%) including $13.7B U.S.; worst segment: Other products down 1% to $22.9B
- Operating cash flow $16.8B in 2025 vs $8.8B prior year; capex $7.8B vs $5.1B; dividends $3.0B paid ($6/share); share repurchases $4.1B under $15B program
- Management expects near-term impact from regulatory approvals and U.S. Medicare access timing; key risks include evolving drug pricing policies and global trade tensions impacting margins and revenue
Risk Factors
- Government price controls per Inflation Reduction Act causing Medicare drug price reductions for Jardiance (2026) and Trulicity, Verzenio (2028), accelerating revenue erosion
- U.S. market access risk from CVS Caremark removing preferred coverage for Zepbound on some insurance plans in July 2025
- Supply chain concentration with U.S. distribution reliant on limited wholesalers, risking disruptions if key wholesalers fail or delay payments
- Intense competition from multinational and Chinese pharmaceutical companies with accelerating R&D capabilities impacting market share and pricing
- Intellectual property risk from imminent patent expirations on key drug Trulicity and generic/biosimilar competition causing rapid revenue declines
Generated from the filing text; verify against the original. How to read a 10-K
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