Eli Lilly Q1 2025 Financial Summary

Eli Lilly reported strong first-quarter 2025 results, led by high demand for its diabetes and obesity drugs.

Key highlights:
- Revenue rose 45% year-over-year to $12.73 billion, driven by Mounjaro ($3.84 billion, up 113%) and Zepbound ($2.31 billion, up from $517 million).
- Reported earnings per share (EPS) were $3.06, up 23%; non-GAAP EPS were $3.34, up 29%.
- Net income on a non-GAAP basis was $3.00 billion versus $2.34 billion in Q1 2024.
- U.S. revenue increased 49%; international revenue rose 38%.
- Gross margin was 82.5% reported and 83.5% on a non-GAAP basis.
- Acquired in-process R&D charges totaled $1.57 billion, largely from the STX-478 oncology asset.
- R&D expenses rose 8% to $2.73 billion; marketing and admin costs rose 26% to $2.47 billion.

Key product performance:
- Mounjaro: $3.84 billion (+113%)
- Zepbound: $2.31 billion (new product ramp-up)
- Verzenio: $1.16 billion (+10%)

Pipeline and regulatory updates:
- Positive Phase 3 results for orforglipron, an oral GLP-1 for Type 2 diabetes and obesity.
- Regulatory progress for Jaypirca (CLL), donanemab (Alzheimer's), and Omvoh (Crohn’s disease).
- Significant data updates from lepodisiran (lipoprotein(a)) and EBGLYSS (eczema) programs.

Full-year 2025 guidance:
- Revenue expected between $58.0 and $61.0 billion.
- Reported EPS forecast lowered to $20.17–$21.67 due to R&D charges and investment losses.
- Non-GAAP EPS guidance is $20.78–$22.28.
- Expected effective tax rate raised from 16% to 17%.

Lilly continues to build leadership in metabolic and immunology markets while expanding its manufacturing footprint and advancing late-stage assets across multiple therapeutic areas.