LLY
SP100NYSEEli Lilly and Company
Healthcare · Drug Manufacturers - General · United States
Eli Lilly and Company discovers, develops, manufactures, and markets human pharmaceutical products in the United States, Europe, China, Japan, and internationally. The company offers cardiometabolic health products, including Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity. It also provides oncology products, such as Cyramza for the second-line treatment of gastric cancer or gastro-esophageal junction adenocarcinoma; Erbitux for colorectal cancers and head and neck cancers; Inluriyo for breast cancer; Jaypirca for chronic lymphocytic leukemia or small lymphocytic lymphoma; Retevmo for the treatment of metastatic NSCLC; TYVYT for classic hodgkin's lymphoma; and Verzenio for breast cancer. In addition, the company offers immunology products, which include Ebglyss for severe atopic dermatitis; Olumiant for rheumatoid arthritis, atopic dermatitis, severe alopecia areata, and COVID-19; Omvoh for ulcerative colitis; and Taltz for plaque psoriasis, psoriatic arthritis, ankylosing spondylitis, and non-radiographic axial spondylarthritis. Further, it provides Emgality for migraine prevention and episodic cluster headache, as well as Kisubla for symptomatic Alzheimer's disease. The company has collaborations with Boehringer Ingelheim Pharmaceuticals, Inc. for the Jardiance product family; and F. Hoffmann-La Roche Ltd and Genentech, Inc. for lebrikizumab, as well as license agreements with Almirall, S.A. for Ebglyss; and Chugai Pharmaceutical Co., Ltd for orforglipron; strategic collaboration with Ascidian Therapeutics for development of therapies for undisclosed monogenic kidney diseases; and BioArctic AB (publ) for new treatment. Eli Lilly and Company was founded in 1876 and is headquartered in Indianapolis, Indiana.
www.lilly.com ↗Shares trade at a premium 43.1× trailing earnings, easing to 27.3× on forward estimates. Profitability shows a net margin of 35.0% and return on equity of 107.5%. Leverage is modest at 1.1× net debt/EBITDA. Revenue grew 55.5% year-on-year. It yields 0.6% in dividends. The mean analyst target of USD1220.39 sits 0.5% above the current price (Buy, 28 analysts).
business model
Eli Lilly is a research-driven pharmaceutical company that discovers, develops, manufactures, and sells prescription medicines worldwide. Its growth is anchored by its incretin (GLP-1) franchise for diabetes and obesity, alongside oncology, immunology, and neuroscience, funded by a large and expanding R&D and manufacturing investment program.
revenue segments
Lilly is organized primarily by therapeutic area rather than reporting segments, with key products spanning cardiometabolic health (notably tirzepatide, sold as Mounjaro for diabetes and Zepbound for obesity), oncology (e.g., Verzenio), immunology, and neuroscience (including its Alzheimer's therapy Kisunla). The incretin franchise is the dominant growth driver.
key dependencies
The business depends on demand for and manufacturing capacity of GLP-1 medicines, clinical-trial success and regulatory approvals, patent-protected exclusivity, payer coverage and reimbursement, drug-pricing policy, and its ability to scale production to meet supply. R&D pipeline productivity is critical.
competitors
Its principal competitor in the incretin/obesity market is Novo Nordisk, with additional competition from other large pharmaceutical companies across oncology, immunology, and neuroscience, plus emerging obesity-drug developers.
moat
Lilly's advantages include leadership in the fast-growing obesity/diabetes market, strong patent protection, deep R&D and clinical capabilities, manufacturing scale being expanded through major capacity investments, and established relationships with payers and prescribers.
risks
Risks include intense competition and pricing pressure in obesity drugs, manufacturing/supply constraints, clinical and regulatory setbacks, patent expirations and eventual loss of exclusivity, drug-pricing reform (including Medicare negotiation), compounding/counterfeit concerns, and high valuation dependent on sustained incretin growth.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $65.18B | $45.04B | $34.12B | $28.54B | — |
| Cost of revenue | $11.05B | $8.42B | $7.08B | $6.63B | — |
| Gross profit | $54.13B | $36.63B | $27.04B | $21.91B | — |
| Operating expense | $24.43B | $19.59B | $16.72B | $13.63B | — |
| R&D | $13.34B | $10.99B | $9.31B | $7.19B | — |
| Operating income | $29.70B | $17.04B | $10.32B | $8.28B | — |
| Interest expense | — | $780.60M | $485.90M | $331.60M | $339.80M |
| Pretax income | $25.73B | $12.68B | $6.55B | $6.81B | — |
| Tax provision | $5.09B | $2.09B | $1.31B | $561.60M | — |
| Net income | $20.64B | $10.59B | $5.24B | $6.24B | — |
| EBITDA | $31.69B | $18.81B | $11.85B | $8.66B | — |
| Diluted EPS | $22.95 | $11.71 | $5.80 | $6.57 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $112.48B | $78.72B | $64.01B | $49.49B | — |
| Current assets | $55.63B | $32.74B | $25.73B | $18.03B | — |
| Cash & equivalents | $7.27B | $3.27B | $2.82B | $2.07B | — |
| Inventory | $13.74B | $7.59B | $5.77B | $4.31B | — |
| Total liabilities | $85.94B | $64.44B | $53.14B | $38.71B | — |
| Current liabilities | $35.23B | $28.38B | $27.29B | $17.14B | — |
| Total debt | $42.50B | $33.64B | $25.23B | $16.24B | — |
| Long-term debt | $40.87B | $28.53B | $18.32B | $14.74B | — |
| Shareholders' equity | $26.54B | $14.27B | $10.77B | $10.65B | — |
| Retained earnings | $24.47B | $13.54B | $10.31B | $10.04B | — |
| Working capital | $20.40B | $4.36B | -$1.57B | $896.30M | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $16.81B | $8.82B | $4.24B | $7.59B | — |
| Investing cash flow | -$10.97B | -$9.30B | -$7.15B | -$3.76B | — |
| Financing cash flow | -$2.21B | $1.23B | $3.50B | -$5.41B | — |
| Capital expenditure | -$10.85B | -$8.40B | -$7.39B | -$2.99B | — |
| Free cash flow | $5.96B | $414.00M | -$3.15B | $4.60B | — |
| Dividends paid | -$5.38B | -$4.68B | -$4.07B | -$3.54B | — |
| Share buybacks | -$4.11B | -$2.50B | -$750.00M | -$1.50B | — |
| End cash position | $7.27B | $3.27B | $2.82B | $2.07B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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