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Here are a few brief analogies for Eli Lilly (LLY):

• Boeing for drugs: Like Boeing develops and manufactures complex, high-tech aircraft that are critical for transport, Eli Lilly develops and manufactures complex, high-tech medicines that are critical for health, both operating in highly regulated, R&D-intensive industries.

• Microsoft of pharmaceuticals: Similar to how Microsoft is a long-standing, globally dominant technology company creating essential software and platforms through extensive R&D, Eli Lilly is a long-standing, globally dominant pharmaceutical company creating essential medicines through extensive R&D.

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Eli Lilly's major products include:

• Mounjaro (tirzepatide): A dual GLP-1 and GIP receptor agonist approved for improving blood sugar control in adults with type 2 diabetes.
• Zepbound (tirzepatide): An injectable medication approved for chronic weight management in adults with obesity or overweight with at least one weight-related condition.
• Trulicity (dulaglutide): A GLP-1 receptor agonist prescribed for improving blood sugar in adults with type 2 diabetes and reducing the risk of cardiovascular events.
• Jardiance (empagliflozin): An SGLT2 inhibitor used to treat type 2 diabetes, reduce the risk of cardiovascular death and hospitalization for heart failure, and slow kidney disease progression.
• Verzenio (abemaciclib): A CDK4/6 inhibitor used to treat certain types of hormone receptor-positive, HER2-negative breast cancer.
• Taltz (ixekizumab): An interleukin-17A antagonist used to treat plaque psoriasis, psoriatic arthritis, and ankylosing spondylitis.
• Humalog (insulin lispro): A rapid-acting insulin used to improve blood sugar control in adults and children with diabetes mellitus.

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Eli Lilly (LLY) Major Customers

• McKesson Corporation (Symbol: MCK)
• AmerisourceBergen Corporation (Symbol: ABC)
• Cardinal Health, Inc. (Symbol: CAH)

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David A. Ricks, Chairman and Chief Executive Officer

David A. Ricks became CEO of Eli Lilly in January 2017 and was elected Chairman of the company's board of directors in June 2017. He joined Eli Lilly in 1996 as a business development associate and has held various management roles across U.S. marketing and sales, as well as international leadership positions. Ricks previously served as president of Lilly Bio-Medicines from 2012 to 2016, president of Lilly USA from 2009 to 2012, and general manager for Lilly operations in Canada and China. He serves on the boards of Adobe and the Business Roundtable, and is a board member and former chair of the Pharmaceutical Research and Manufacturers of America (PhRMA).

Lucas Montarce, Executive Vice President and Chief Financial Officer

Lucas Montarce was appointed Executive Vice President and Chief Financial Officer of Eli Lilly in September 2024. He joined the company in April 2001 as a treasury senior analyst and has since held 13 different positions within Eli Lilly, including divisional CFO roles across various global markets such as Central America, the Caribbean, Latin America, Central Europe, and the United States. Prior to his current role, he served as group vice president, global controller and CFO of Lilly Research Laboratories from March 2021 to January 2024, and most recently as president and general manager for Lilly's Spain, Portugal, and Greece businesses.

Daniel M. Skovronsky, Executive Vice President, Chief Scientific and Product Officer, and President, Lilly Research Laboratories

Daniel M. Skovronsky holds an expanded role overseeing research and development, as well as global launches and product strategy for Cardiometabolic Health, Immunology, and Neuroscience. He continues to report directly to David A. Ricks, Lilly's Chair and CEO. He is also referred to as Chief Scientific Officer.

Carole Ho, Executive Vice President and President, Lilly Neuroscience

Carole Ho joined Eli Lilly's Executive Committee in November 2025 as Executive Vice President and President, Lilly Neuroscience. She brings over 20 years of biopharmaceutical experience in leading therapeutic development across neurology, rare diseases, immunology, and other areas. Prior to joining Lilly, she served as chief medical officer and head of development at Denali Therapeutics, where she was responsible for building and leading the company's translational medicine and clinical development strategy.

Adrienne Brown, Executive Vice President and President, Lilly Immunology

Adrienne Brown was promoted to Executive Vice President and President, Lilly Immunology, and joined the Executive Committee in November 2025. She has more than two decades of experience at Eli Lilly, holding various leadership positions with increasing responsibilities in U.S. and Japan operations, business development, sales, marketing, and commercial strategy. Her previous roles include leading the U.S. launch of Mounjaro.

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The key risks to Eli Lilly's business are:

1. Patent Cliff: Eli Lilly faces significant revenue risk from patent expirations on its key products. For example, Trulicity, which generated $7.1 billion in worldwide revenue in 2023, is set to lose its U.S. compound patent and biologics data protection in 2027, opening the door for generic competition. More critically, the patents for its blockbuster GLP-1 drugs, Mounjaro and Zepbound (tirzepatide), are expected to expire around 2036. These drugs currently account for a substantial portion of Eli Lilly's revenue, making the eventual loss of exclusivity a major threat to long-term revenue stability and exposing the company to generic competition. The pharmaceutical industry broadly anticipates a "patent cliff" between 2025 and 2030, putting billions in branded drug revenue at risk.
2. Intensifying Competition in the GLP-1 Market: Despite Eli Lilly's strong position with Mounjaro and Zepbound, the GLP-1 market is becoming increasingly competitive. Rivals like Novo Nordisk are significant players, and approximately 16 new weight-loss drugs are expected to enter the market by 2029. This intensifying competition could lead to pricing pressures and erosion of market share, impacting sales of existing products. The high valuation of Eli Lilly's stock is also seen as a risk in the near term, as market dominance could be challenged by new entrants or superior offerings.
3. Regulatory and Legal Challenges, Including Manufacturing and Supply Chain Issues: Eli Lilly is exposed to various regulatory and legal risks. The company faces ongoing legal challenges, such as lawsuits concerning the distribution of unapproved compounded versions of its tirzepatide drugs by telehealth platforms, which could impact revenue and stock performance. There are also consolidated lawsuits alleging vision impairment linked to its weight-loss drugs. Regulatory pressures, including potential drug price negotiations under the Inflation Reduction Act, could lead to significant Medicare price cuts (potentially 50-80% for drugs like Jardiance), threatening profit margins. Furthermore, Eli Lilly has experienced difficulties in meeting the high demand for its products due to manufacturing capacity limitations, and FDA inspections have identified manufacturing-related shortcomings at some facilities. These operational issues can lead to supply disruptions and higher costs.

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The emergence of next-generation obesity and diabetes drugs from competitors, such as Amgen's MariTide (AMG 133), which has shown potential for significantly less frequent dosing (e.g., monthly) and a distinct mechanism of action, poses a clear emerging threat to Eli Lilly's market leadership in the highly lucrative GLP-1 agonist and metabolic disease space.

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Eli Lilly and Company (LLY) has several main products with significant addressable markets globally and in specific regions.

• Mounjaro (tirzepatide) and Zepbound (tirzepatide): These medications, used for type 2 diabetes and weight loss, respectively, share the same active ingredient. The global Mounjaro (tirzepatide) GLP-1 receptor agonist market size was valued at US$9,801.0 million in 2024 and is projected to reach US$34,865.4 million by 2030. North America was the largest revenue-generating market for Mounjaro in 2024. Another estimate places the global Mounjaro market at USD 14.18 billion in 2024, with a projection to reach USD 78.51 billion by 2034. The broader global anti-obesity drug market, which includes Zepbound, could reach $100 billion per year by 2030.
• Trulicity (dulaglutide): This drug for type 2 diabetes had a global market valuation of US$8,715 million in 2024 and is forecast to grow to US$15,400 million by 2031. The global Trulicity GLP-1 receptor agonist market was valued at US$6,981.2 million in 2024 and is estimated to reach US$7,580.9 million by 2030. North America accounted for the largest share of the Trulicity market in 2024.
• Verzenio (abemaciclib): Used for advanced or metastatic breast cancers, the global Verzenio (abemaciclib) market was valued at USD 3.8 billion in 2023 and is projected to reach USD 126.5 billion by 2034, growing at a compound annual growth rate (CAGR) of 37.6% from 2024 to 2030. North America held the largest market share at 59.82% in 2023. The expanded indication for early breast cancer could access a market worth over $2 billion worldwide. The global CDK4/6 inhibitors market, which includes Verzenio, is projected to reach approximately USD 46.96 billion by 2034.
• Jardiance (empagliflozin): This medication for type 2 diabetes, heart failure, and chronic kidney disease, had a global market size for Jardiance (empagliflozin) SGLT2 inhibitors of US$9,310.0 million in 2024, with an estimated growth to US$19,298.2 million by 2033. The global SGLT2 inhibitors market, in which Jardiance is a dominant player, was estimated at USD 16.8 billion in 2024 and is projected to reach USD 28.9 billion by 2033. North America was the largest revenue-generating market for SGLT2 inhibitors in 2024.
• Taltz (ixekizumab): This drug is used for autoimmune diseases such as plaque psoriasis. One report indicates Taltz sales nearing $2.76 billion. No specific global addressable market size for Taltz's specific indications was found.
• Humalog (insulin lispro): The global Humalog (Insulin Lispro) market size was $8,472.22 million in 2024 and is projected to increase to $13,118.74 million in 2029. North America was the largest region in the Humalog (insulin lispro) market in 2024.
• Humulin (insulin): The global market size for Humulin (recombinant human insulin) is expected to grow from $31,895.41 million in 2024 to $34,092.67 million in 2025, and reach $44,457.72 million by 2029. Humulin held 31.45% of the human recombinant insulin market share in 2024.
• Cyramza (ramucirumab): This monoclonal antibody used for cancer treatment had a global market size of $1,232.96 million in 2024, projected to grow to $1,686.33 million by 2029. North America was the largest region in the Cyramza (ramucirumab) market in 2024.
• Emgality (galcanezumab): This medication is for the prevention of migraines and treatment of episodic cluster headache. Preliminary estimates suggest Emgality generates approximately $600 million annually globally, primarily from North American and European markets. GlobalData anticipates Emgality sales to reach $1.02 billion globally by 2026, with US sales alone reaching $766 million by 2026. The global migraine drugs market size was estimated at USD 6.81 billion in 2024 and is projected to reach USD 13.34 billion by 2030. North America was the largest region in the Emgality market in 2024.
• Olumiant (baricitinib): null

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1. Continued Strong Growth of GLP-1 Therapies (Mounjaro and Zepbound): Eli Lilly's incretin portfolio, particularly Mounjaro for type 2 diabetes and Zepbound for obesity, is a primary driver of current and future revenue growth. These drugs have demonstrated exceptional demand and significant sales, with analysts anticipating this rapid growth to persist. Lilly's Q3 2025 revenue saw a 54% year-over-year increase, largely propelled by the strong demand for these products.
2. Launch and Ramp-up of Orforglipron: The anticipated launch of Orforglipron, a once-daily oral GLP-1 medicine, is expected to be a major new product cycle for Eli Lilly. Regulatory submissions for Orforglipron for the treatment of obesity and type 2 diabetes are expected in late 2025 and early 2026, with meaningful volume contributions potentially starting in 2027. This oral option is seen as a game-changer due to its convenience and potential to broaden market access.
3. Expansion of Manufacturing Capacity: To meet the soaring demand for its key products, particularly tirzepatide (Mounjaro and Zepbound), Eli Lilly has been making substantial investments in expanding its manufacturing capabilities. The company has announced over $50 billion in U.S. manufacturing expansion since 2020, with new projects aimed at increasing capacity for its small molecule portfolio, including Orforglipron. This focus on alleviating supply constraints is critical for accelerating and sustaining revenue growth.
4. Advancements and Launches from a Diversified Pipeline: Beyond the dominant GLP-1 market, Eli Lilly is advancing other promising assets in its pipeline. This includes potential near-term launches such as donanemab for Alzheimer's disease and lebrikizumab, which could positively impact near- and long-term growth. Additionally, the company is seeking label expansions for existing drugs, such as Mounjaro, to include new patient populations like children and adolescents with type 2 diabetes.
5. International Market Penetration: Eli Lilly is experiencing robust uptake of its key medicines globally, particularly Mounjaro, which has seen accelerated performance in Europe. Continued expansion and strong adoption of its product portfolio in international markets will contribute significantly to future revenue growth.

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Share Repurchases

• Eli Lilly completed a $5 billion share repurchase program in the fourth quarter of 2024.
• A new $15 billion share repurchase program was approved by the board of directors in December 2024, with execution expected over the next three years.
• Actual share repurchases include approximately $750 million in 2023, $2.5 billion in 2024, and in 2025, $1.2 billion in Q1, $692.32 million in Q2, and approximately $700 million in Q3.

Outbound Investments

• In December 2020, Eli Lilly acquired Prevail Therapeutics for $880 million in cash, with potential for an additional $160 million, to expand its focus on gene therapy for neurological conditions.
• Eli Lilly completed the acquisition of DICE Therapeutics Inc. for $2.4 billion in cash in August 2023, gaining oral IL-17 inhibitors for chronic autoimmune diseases.
• In August 2023, Eli Lilly also closed the acquisition of Versanis Bio Inc. in a cash deal potentially totaling $1.92 billion, for its lead asset bimagrumab targeting overweight or obese adults.
• In January 2025, Eli Lilly entered an agreement to acquire a treatment from biotech Scorpion Therapeutics for $2.5 billion, focusing on an oral daily treatment for breast cancer.
• The company launched the Biotech Ecosystem Venture Fund with Andreessen Horowitz (a16z) in January 2025, backed by $500 million of Lilly's capital, to focus on new science and technologies, including AI tools.
• Eli Lilly expanded its Social Impact Venture Capital Portfolio to $300 million in May 2023, with an additional $50 million allocation, to invest in venture capital firms specializing in healthcare solutions for low- and middle-income countries and supporting minority-led VC firms.

Capital Expenditures

• Eli Lilly's total U.S. capital expansion commitments since 2020 have exceeded $50 billion as of February 2025, including a new $27 billion investment announced in February 2025 to build four new manufacturing sites in the U.S.
• Annual capital expenditures have significantly increased, from $1.388 billion in 2020 to $5.058 billion in 2024, with the latest twelve months ending June 30, 2025, showing $6.053 billion.
• The primary focus of these capital expenditures is to bolster domestic medicine production, including active pharmaceutical ingredients (APIs) and injectable therapies, driven by demand for drugs like Mounjaro and Zepbound, and to strengthen the supply chain. Additionally, Eli Lilly announced a planned investment of over $1.2 billion to expand and modernize its manufacturing site in Carolina, Puerto Rico in October 2025.