2025 year in review
Revenue grew 45% in 2025, reflecting strong global demand and solid performance across our portfolio.
Tirzepatide, known as Mounjaro and Zepbound, became one of the world's top-selling prescription medicines by revenue in 2025, underscoring its value for people living with type 2 diabetes, obesity and moderate-to-severe obstructive sleep apnea.
Our late-stage pipeline advanced significantly in 2025. More than 25 Phase 3 trials achieved positive topline results, including registrational studies for orforglipron and our triple-acting incretin, retatrutide. We started 12 new Phase 3 programs across therapeutic areas, including muvalaplin in cardiovascular disease and olomorasib in non-small cell lung cancer. This progress positions us to bring critical new treatment options to even more patients.
Our manufacturing commitments are expanding the infrastructure needed to meet rising patient demand and reliably produce the medicines of the future. We announced new manufacturing investments in Alabama, Pennsylvania, Texas, Virginia and the Netherlands, began making medicine at our new sites in Wisconsin and North Carolina, and announced plans to increase capacity at our site in Puerto Rico.
In our home state of Indiana, we advanced construction of the Lilly Medicine Foundry and additional sites, including a historic investment in active pharmaceutical ingredient production.
Since 2020, we have committed more than $55 billion to manufacturing investments —a major expansion that strengthens our ability to serve patients worldwide and positions us for continued portfolio growth.
Throughout 2025, strategic external innovation complemented our internal science. We executed approximately 40 business development transactions across therapeutic areas and modalities, adding clinical-stage assets through acquisitions of Scorpion, Verve, SiteOne and Adverum.
Speed and innovation continued to drive our discovery efforts, as we built out new drug-making platforms including genetic medicines, siRNA and antibody-drug conjugates. To harness advanced technology, we built the industry’s most powerful supercomputer and are establishing a Co-Innovation AI Lab with NVIDIA, enabling us to tackle the toughest problems in drug discovery.
We also strengthened our support for biotech innovation through Catalyze360, which grew to more than 180 partners. Through this program, biotech companies can access our expertise, infrastructure and Lilly TuneLab, our AI platform that gives partners access to drug discovery models trained on our proprietary research data.
We added Gateway Labs sites in San Diego and Beijing, offering early-stage companies lab space and collaboration opportunities. Since 2019, companies in our innovation hubs have raised more than $2 billion to advance more than 50 therapeutic programs.
Lilly’s commitment to people, the planet and society remained central to our work in 2025. We created new access pathways, including an agreement to broaden the availability of obesity medicines through Medicare and participating state Medicaid programs.
Direct-to-patient models played a key role in increasing consumer choice and affordability. In 2025, more than 1 million people in the U.S. engaged with Lilly Direct, offering transparent pricing and an additional way to locate care. As we work to scale this patient-first model internationally, we will continue working with employers and insurers to help more people access our medicines.
In 2025, more than 71 million patients benefited from Lilly medicines. We are approaching our 30x30 goal to improve quality healthcare access for 30 million people annually in resource-limited settings by 2030. Progress extended to our ambitious 2030 climate goals, as we generated and purchased approximately 80% of our electricity from renewable sources.
Focusing
on progress
Our clinical development pipeline
2025 financial
highlights
2025 sustainability highlights
Our stories
[Music playing.]
[White Lilly logo animation appears on screen on a red background.]
[00:00:03-00:00:20]
JUSTYNA KELLY: I absolutely love the fact that I can provide a meaningful difference to patients' lives. What distinguishes manufacturing of medicines from other types of manufacturing is that we are making something that is going to have an impact on patient's lives tomorrow.
[Aerial video of exteriors of Lilly manufacturing building. Inside, employees in white scrubs using white gloves and instruments to handle chemicals and vials in a machine. A man with no hair and a woman with long hair putting on white lab coats with red “Lilly” writing.]
[00:00:21-00:00:40]
JESSICA SANJURJO: When you're at a pathogen line or an assembly line, you start hearing shake shake shake and you know things are coming together and it's magically bringing all those components to give us that device that we need at the end of the day. Or if you could hear the little rattle, that means our bottles are full with the drug product that can save anybody's life.
[Scenes of machinery and assembly lines quickly producing quantities of medicines in vials. Man with hair net and bear net in blue shirt and glasses packaging medicine. Bottles of medicines are being filled with pills. Medicine bottles going down the line.]
[00:00:41-00:01:03]
ROSALIND YOUNG-GOREE: It's like baking a cake. If you don't have all the ingredients in the cake, it doesn't grow. You don't have a cake. That's the same way with insulin. When we get our broth and from fermentation, our job is to make sure we are purifying it and adding all of the ingredients. So at the end of the day, what we have is our final crystal.
[Scenes of machinery mixing liquids. Man with a black hat, beard net and hair net at a computer controlling the machine. Two men wearing blue safety outfits, bear nets, black hats working with machinery that’s making the medicine.]
[00:01:04-00:01:15]
OWEN JAMISON: My microbiology labs, we are the final quality safety checks before a batch of medicine leaves the site. When we give it the thumbs up, it pretty quickly will be sent off to packaging and then off to patients.
[Scenes of a man in a white coat and safety classes in a lab. Lady with black hair and glasses in a white coat filling a tube of chemicals. Lady in white coat and safety glasses at a machine to test chemicals.]
[00:01:16-00:01:24]
RYAN FEGAN: We all have our roles and we all have our specialties, but we all come together at the end of the day because we're all trying to get medicine out to our patients as fast as we can, but also with high quality
[Scenes of a man driving a forklift in an orange shirt with beard in a warehouse hauling tubs of content. Man in a yellow safety vest getting medicine out of a deep freezer. More lines of medicine, both liquids and bottles, moving down a conveyer belt. Man and woman in white coats looking at computer that is inspecting the medicine. Man with hair net and beard net in blue safety outfit pushing a large steel bin. Man and woman in safety outfits watching big machine mix the steel bin.]
[00:01:25-00:01:32]
JUSTYNA KELLY: And it's a meaningful impact. It's a better quality of life. It's a longer lifespan that we're offering them, and so for me, that's incredibly exciting.
[Scenes of inside of manufacturing facility with lots of pipes, drums and equipment to make medicine. Vials of liquid medicine move down the line on the conveyer belt. Numerous vials of liquid medicine collecting at the end of line.]
[00:01:33-00:02:02]
I am a diabetic type one myself and have been for almost 50 years. When I came to work for Lilly, I began to realize, wow, what a manufacturing facility. To think those little vials come out of all of this big machinery. It amazed me. I take pride in everything that I do here at Lilly, not just because I'm the one that's taking it, but because I know it is keeping people alive all over the world.
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00:00:03-00:00:09
ANDY FABER: There is what I would like to call a buzz in the lab all the time, and that's also motivating and exciting.
[Scenes of red Lilly sign and a man grabbing a white lab coat with red Lilly logo and putting it on.]
[00:00:10-00:00:21]
XUEQIAN GONG: It's a feeling of quiet excitement and intense focus. You can hear the centri-field spinning and pipe clicking, and you can also see scientists in deep concentration in drug development.
[Scenes inside of a lab with a woman in a white lab coat and glasses at a machine inserting pipettes. Machine spinning tubes of liquids. Man in safety glasses and white coat loading a handheld device with pipettes. Man in white lab coat and safety glasses in a lab handling numerous tubes of orange liquid. Woman in white lab coat with safety glasses at a computer. Same woman walks over and looks into machine. Man puts small drops of liquid in test tube of blue liquid.]
[00:00:22-00:00:31]
SARAH 0’KEEFE: Curiosity isn't just encouraged, it's required. It's being able to translate those ideas for meaningful impact.
[Scenes inside of lab with a woman with safety glasses looking into a microscope wearing a white lab coat with read Lilly badge.]
[00:00:32-00:00:40]
ANDREW ADAMS: The scientists we have at the company are so crafts people that constantly refining what they do, learning new techniques, building new ideas.
[Scenes inside of lab with a man wearing a white lab coat with safety glasses looking at a computer screen. Man with black hair and white lab coat talking with a woman with long red hair and white board in front of a white erase board with numbers. Close-up of a dropper putting yellow liquid in a vial. Close-up of a woman’s eyes. More close-ups of dropper putting brown liquid in a pipette tray.]
[00:00:41-00:00:51]
ANDY FABER: It's really closely related to a chef in a kitchen in which you're trying to come up with a new recipe. You're just trying to combine all of those components together to make a medicine.
[Scenes inside of lab with a man in a white lab coats and safety glasses putting liquid into vials and pipettes. Second man doing same thing.]
[00:00:52-00:01:04]
EVA GOETZ: There's a lot of emotions and excitement reading out an experiment and the machine reads the plate and it gives some signal of what's happening in the cell and you can just see it pop up on the screen. It's working. It's working. That's really exciting.
[Scenes inside of lab with a lady with brown hair, safety glasses and a white lab coat putting liquid into a small vial. Same lady looking into mircroscope. Another lady with black hair, safety glasses and white lab coat at a large machine and computer.]
[00:01:06-00:01:15]
SARAH O’KEEFE: So I remember being late in a Friday and the team were still around, we're trying to get them to go home, but they knew they were close. By nine o'clock, the texts and the emails came out to say, actually, we've cracked it. It's one of those eureka moments.
[Scenes inside of a lab with a lady with black hair and safety goggles on her head looking into microscope using tools with her hands to look at a specimen. The specimen is enlarged onto a monitor.]
[00:01:16-00:01:25]
ANDY FABER: We had a project that went into the clinic in 2010 and early on we had a patient that just instantly responded to the medicine and that was just a fantastic feeling because it took years to get to that point.
[Scenes of a man with short brown hair, white lab coat and safety glasses opening up a freezer and pulls out a tray. Same man grabs a vial of liquid. Same man uses an instrument to fill pipettes.]
[00:01:26-00:01:41]
SARAH O’KEEFE: When you have those moments, that feeling, that sense of pride, that accomplishment lasts with you forever. Those patients waiting, we have the opportunity and privilege to maybe make someone's life longer, allow them to spend more time with their family, and that drives that relentless spirit.
[Scenes inside of a lab with a man with glasses and a safety face shield pulls off a lid of a freezer and pulls out a large tray of testing objects. Close-up of machine filling pipette tray. Lady wearing safety glasses looking into microscope using a dial do adjust it. Man mixing orange liquid in glass beaker.]
[00:01:42-00:01:54]
ANDREW ADAMS: That is the coolest feeling of being a scientist at a company like Lily that for these micro periods all the time because we're constantly pushing the edge of what people know. That part is very, very cool.
[Scenes inside a lobby at Lilly with a red Lilly sign and people walking and people sitting talking. Lady with brown hair, safety glasses and white lab coat inside a lab typing on a laptop. Another lady with blonde hair, mask and white lab coat taking out a sample from a machine. Man with short black hair, safety glasses and white lab coat operating a machine in the lab. Same man looks at two small vials of liquid.]
[00:01:55-00:02:17]
XUEQIAN GONG: This is not just a job for me, this is personal. I have lost family members to cancer. I remember holding my dad's hand before he passed and I told myself I would do everything I can to fight cancer. Every data point we generate, every breakthrough we make is a small victory in a fight that's very close to my heart.
[Scenes inside a lab with a man with no hair, safety glasses and white lab coat taking samples out of a refrigerator. Same man looking at samples in microscope.]
[Video dissolves to black and then dissolves into a picture of same man before with his parents and then dissolves into another picture of the same man and his father.]
[Pictures fade to black and then dissolved into video of scenes inside a lab with a lady with blonde hair, white lab coat and safety glasses at a computer. Close-up shot of computer monitor. Machine spinning with samples inside of it.]
[00:02:18-00:02:40]
ANDREW ADAMS: I have a picture of my grandmother who passed away from Alzheimer's disease and it says, do it for her some days. The work that we do is really hard and I like everybody sort of question if we're going to be successful, but then I open the computer and get back to work.
[Video dissolves into picture of an older lady with writing that comes up on the bottom of it that says “do it for her!”]
[Scenes of lab with a man with short brown hair, safety glasses and white lab coat walking in lab, using pipettes and looking at a computer monitor.]
[Transitions to white Lilly logo with red background.]
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[00:00:05-00:00:20]
LEAH STAVENHAGEN: My name is Leah Stavenhagen. And I have been living with ALS since 2019. For me it really felt like the ALS started in my feet. It moved up my body. I would also say that for me the progression was super-fast.
[Transition fades to black. Graphic caption reads “Three Years Ago”. Transition fades to interview with woman in a black shirt wearing an oxygen mask sitting in a wheelchair. Man in gray sweater and blue jeans putting shoes on woman in black shirt sitting in a wheelchair. Man pushing woman in wheelchair.]
[00:00:24-00:00:39]
LEAH STAVENHAGEN: And it’s so different for every patient. But eventually a person can no longer walk, talk, or breathe on their own. So it is quite debilitating. It’s devastating because your hopes, your dreams…they disappear.
[Scenes of an autographed Lou Gehrig baseball bat and Lou Gehrig baseball jersey hanging on a door.]
[00:00:41-00:00:50]
LEAH STAVENHAGEN: If you think about it, Lou Gehrig was diagnosed as the better part of a century ago. But the treatment options are still the same today.
[Scenes of scientists in white lab coats and goggles in a lab. Man in a white lab coat looking into microscope.]
[00:00:51-00:01:07]
ANDREW ADAMS: I had a great conversation with a friend of mine who’s dealing with ALS. What they want from us is to keep pushing boundaries. We constantly have to be pushing those boundaries. Not just so that we can stay at the forefront as a science and technology company, but so that we can provide meaningful solutions to people who, for some of these most difficult things, still don’t have any.
[00:01:08-00:01:16]
MIKE HOROWITZ: What we try to do is understand what’s going wrong with the brain’s immune system in the context of these diseases. And then how do you fix it.
[Man in a blue shirt with a backpack walking into office building with a sign on door that reads “Modulo.” More scientists in white lab coats in laboratory looking at computer screen.]
[00:01:17-00:01:29]
MIKE HOROWITZ: The beauty of the approach with the neuroimmune system is that if it works the way that we believe it will, it should stop the continued death of neurons.
[Drone aerial shot of exterior of building. Interior building sign that says “Lilly Gateway Labs powered by Alexandria.” Man in a blue shirt in the lobby of building using a computer.]
[00:01:30-00:01:37]
MIKE HOROWITZ: We are thrilled to be part of Lilly Gateway Labs and the broader Lilly ecosystem. Being able to tap into the knowledge reservoir is a force multiplier.
[00:01:38-00:01:53]
ANDREW ADAMS: In our industry, most of the easy problems at this point have been solved. There is no low-hanging fruit or medium-hanging fruit anymore. We’re constantly out there talking to the biotech ecosystem, talking academics, figuring out better ways to do the things that we do to make even better medicines.
[00:01:54-00:02:06]
MIKE HOROWITZ: The rising tide lifts all boats. And for me, it’s exciting because those boats are filled with patients. And so, the rising tide is just going to benefit patients so much more.
[00:02:07-00:02:19]
LEAH STAVENHAGEN: I feel confident that further treatments are on the horizon, but the issue is it just takes a long time. Time is our enemy. So, we want them to move as fast as the disease progresses.
[00:02:20-00:02:28]
[An image of Leah appears on the page with the words: In Memory of Leah Stavenhagen, November 15, 1992 — February 20, 2026]
[00:02:29-00:02:33]
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Lilly Cautionary and Other Statements
The statements made in the 2025 Year in Review may contain forward-looking statements that are based on management’s current expectations and assumptions, but actual results may differ materially due to various factors. Words such as “estimate,” “project,” “intend,” “expect,” “believe,” “target,” “anticipate,” “may,” “could,” “will,” “continue” and similar expressions are intended to identify forward-looking statements. However, by their nature, forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and may be further updated by any subsequent Forms 10-Q or 8-K filed with the Securities and Exchange Commission. The company undertakes no duty to update forward-looking statements except as required by applicable law.
References to information in this report should not be construed as a characterization regarding the materiality of such information to the company’s financial results or operations. Lilly follows structured processes to collect, evaluate, calculate and validate the environmental, social impact and governance data included in this report. The data presented in this report is collected using various methodologies, which in some instances are based on assumptions and estimates in which there are inherent uncertainties and limitations, such as information collected from third-party sources and operations outside of Lilly’s control. While the company believes such information is reasonably accurate and is based on reasonable principles and methodology, the third-party collection of this data is beyond its direct control. In addition, any changes in methodology may result in material changes to the calculations and may result in the current and previous periods being adjusted. Furthermore, the achievement of certain sustainability goals and targets may be dependent on the actions of Lilly’s partners, suppliers and other third parties, all of which are outside of its control.
Certain financial information in this Year in Review is presented on a non-GAAP basis; these non-GAAP measures should be referred to in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP.
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