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Visual31 Oct 2025
Three decades of Rolls-Royce
Eli Lilly (LLY) investor relations material
Eli Lilly Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue rose 54% year-over-year to $17.6B, driven by strong global uptake of Mounjaro, Zepbound, and Verzenio, with significant volume growth and international expansion.
Reported EPS increased to $6.21 and non-GAAP EPS to $7.02, reflecting strong operational performance and higher net income.
Major milestones included FDA approval for Inluriyo (imlunestrant), EU approval for Kisunla in Alzheimer's, and positive Phase 3 results for orforglipron, with global regulatory submissions planned.
Significant investments in R&D, manufacturing expansions in Virginia, Texas, and Puerto Rico, and partnerships such as with NVIDIA for AI-driven drug discovery.
Acquisitions of Verve Therapeutics and Adverum Biotechnologies expanded the pipeline and genetic medicines portfolio.
Financial highlights
Q3 2025 revenue: $17.6B (+54% YoY); U.S. revenue up 45% to $11.3B, international up 74% to $6.3B.
Gross margin rose to 82.9% (reported) and 83.6% (non-GAAP), up 1.9 and 1.4 points year-over-year, respectively.
Non-GAAP performance margin reached 48.3%, up over 8 points from Q3 2024.
Net income for Q3 2025 was $5.58B (reported), non-GAAP net income $6.31B.
R&D expenses up 27% year-over-year; marketing, selling, and administrative expenses up 31%.
Outlook and guidance
Full-year 2025 revenue guidance raised to $63.0–$63.5B, up over $2B at the midpoint.
Non-GAAP performance margin expected at 45.0%–46.0% of revenue.
Non-GAAP EPS guidance increased to $23.00–$23.70; reported EPS guidance to $21.80–$22.50.
Effective tax rate guidance unchanged at ~17% (non-GAAP) and ~19% (reported).
Continued investment in manufacturing and R&D expected to drive higher capital expenditures.
Impact of lower realized prices on margins?
Orforglipron obesity submission timeline?
Future M&A and investment strategy?
How will orforglipron expand the incretin market?
How do PBM model changes affect market competition?
What is retatrutide's target patient population?
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Q4 20256 Feb, 2026
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Frequently asked questions
Pharmaceutical Giant
Eli Lilly and Company, often referred to simply as Eli Lilly, is a global pharmaceutical corporation established in 1876. Headquartered in Indianapolis, the company specializes in the research, development, manufacture, and distribution of pharmaceutical products to address a wide range of health conditions. Throughout its history, Eli Lilly has introduced several notable medications and therapies to the market, but today they’re mainly known for their antidepressants and its main revenue driver, insulin. Their portfolio encompasses treatments for diabetes, oncology, neurodegenerative diseases, and other therapeutic areas.
Founded by Colonel Lilly
Colonel Eli Lilly, a Civil War veteran, founded his pharmaceutical venture in a small brick establishment in Indianapolis in 1876, during an era when the industry was riddled with dubious patent medicine sellers. By 1890, his son J.K. Lilly, Sr. took the helm of the expanding company, later joined by his own sons. Their collective leadership ushered in modern production techniques and research practices, revolutionizing the way pharmaceuticals were manufactured. The Lilly family retained private ownership until 1952 before going public. In partnership with University of Toronto scientists, they spearheaded the mass production of insulin in 1923. Their ventures in the mid-20th century included producing crucial antibiotics and 68% of the U.S. supply of the Salk polio vaccine by 1956, contributing significantly to the decline of polio cases in the 1960s.
Diabetes Experts
Eli Lilly manufactures a multitude of drugs, but a large part of their revenue is driven by the diabetes medications Trulicity and Humalog. Eli Lilly has, as previously mentioned, played a key role in the development of various medications for diabetes. Trulicity (dulaglutide) is an injectable medication used to treat type 2 diabetes. It mimics the actions of the body's natural incretin hormone, helping stimulate insulin release in response to increased blood sugar levels, thereby aiding in glycemic control. Humalog is a fast-acting insulin analog designed to help control blood sugar levels in individuals with both type 1 and type 2 diabetes, taken just before or after meals. The company also produces various medications for mental health issues, cancer, oncology, and more.
Global Player
Eli Lilly's presence is global, distributing its portfolio of medications across multiple continents. Their global strategy revolves around creating strong partnerships with distributors, healthcare systems, and local authorities. Eli Lilly is one of the most influential pharmaceutical companies in the world together with names like Pfizer, Novartis, AbbVie, and several others.
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