Eli Lilly and Company

Eli Lilly traces its roots to a drug business founded in Indianapolis in 1876. It discovers, develops, makes and markets prescription medicines, and reports a single business segment: human pharmaceuticals. Its products fall into four areas. Cardiometabolic health, covering heart and metabolic conditions, includes Mounjaro and Trulicity for type 2 diabetes, Zepbound for obesity and obesity-related sleep apnea, Humalog and Humulin insulins, and Jardiance, sold with Boehringer Ingelheim. Lilly says its anti-obesity medicines make up a significant portion of revenue. The other areas are cancer (such as Verzenio for breast cancer), immunology (such as Taltz for psoriasis) and neuroscience (such as Kisunla for early Alzheimer's disease).

Lilly's drugs are sold in about 90 countries. In the US, most products reach pharmacies and hospitals through wholesalers. McKesson, Cencora and Cardinal Health each accounted for a significant share of revenue in 2023 through 2025. Lilly also negotiates with insurers, employers and pharmacy benefit managers (firms that run drug plans), often giving discounts or rebates. Sales through LillyDirect, its direct-to-patient platform, grew as a share of the business in 2025.

In 2025, revenue was $65.2 billion, up 44.7% from 2024. The US supplied 66.7%, Europe 17.7%, Japan 3.3%, China 3.0% and the rest of the world 9.3%. Gross margin, the share of sales left after production costs, was 83%.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $24.40B, up 38.6% from a year earlier, and net income was $6.45B (+15.5%).
• For fiscal 2025, revenue was $65.18B (+44.7% year over year; +21.6% a year from FY2020 to FY2025) with a 31.7% net margin.

• Over FY2021–FY2025: $10.11B in buybacks and $20.76B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +15.2% a year over 5 years (FY2020–FY2025).
• Dividends took 26.1% of earnings and 60% of free cash flow in the latest fiscal year.
• Shares outstanding changed -1.2% from Feb 18, 2022 to Oct 26, 2026.

Rank among 1514 US companies

Market value at each year end

Eli Lilly and’s market value went from $81.20B at the end of 2016 to $1.33T on Nov 2, 2026, about 16.3 times as much; since the end of 2025 it is up 31%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 3 sales ($16.0M), 3 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in LLY

1. Heavy reliance on a few products. Lilly gets a significant share of revenue from relatively few products, and anti-obesity medicines alone are a significant portion. Safety concerns, new rivals or price cuts for these drugs could hit results hard.
2. Patchy insurance coverage for weight-loss drugs. In the US, self-insured employers generally must opt in to cover anti-obesity medicines, and payers in various other countries don't cover them for weight loss. Limited coverage holds down sales volumes.
3. Fast-moving rivals, including from China. Lilly faces intensifying competition worldwide, including from Chinese companies with fast-growing research capabilities. Newer drugs that work better, cost less or are easier to use could cut its sales volumes and prices.
4. Government price controls and payer pressure. Governments, insurers and pharmacy benefit managers can limit prices, reimbursement and patient access. Price controls or bigger rebates could reduce Lilly's revenue and profit, and drug-pricing disputes can damage its reputation.
5. Patent expirations bring cheaper copies. Most of Lilly's revenue, cash flow and earnings come from patent-protected drugs. When protection ends, sales can fall rapidly and severely as generics and biosimilars (copies of biologic drugs) arrive.
6. Costly, uncertain drug development. Drug development has a high failure rate, and setbacks can come late, after heavy spending on trials, factories and inventory. Approval delays for key candidates, such as orforglipron named in Lilly's 10-K, could cost sales.

• Oct 29, 2026 Quarterly results released
• Aug 5, 2026 Quarterly results released
• May 20, 2026 Other company announcement
• May 7, 2026 Shareholder vote results
• Apr 30, 2026 Quarterly results released
• Feb 4, 2026 Quarterly results released
• Nov 21, 2025 Executive or board change
• Oct 30, 2025 Quarterly results released

Lilly has raised its dividend at least 9 years in a row through 2025, and the streak may be longer. Dividends per share rose from $3.07 in 2020 to $6.23 in 2025, about 15.2% a year. In 2025, dividends used 26.1% of earnings and 60% of free cash flow (cash left after capital spending). The yield was just 0.47% as of October 30, 2026, so the shares produce little income on their own. Lilly also spent $10.1 billion on buybacks from 2021 through 2025, yet the share count fell only 1.2% between February 2022 and October 2026.

In the 2008 financial crisis, the shares fell 49.9% and took about 42 months to recover. In the 2020 COVID crash, they fell 16.9% but recovered within weeks. During the 2022 bear market, they gained 20.7% while the broad market fell. Like any single stock, Lilly carries more risk than a diversified fund.