Lilly revenue surges 45% to $65B on Mounjaro/Zepbound; orforglipron submitted; new U.S. pricing pact

Filed February 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Feb 19, 2025 · ~3 min read

Key Changes

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  Revenue jumped 45% to $65.2B in 2025 (vs $45.0B in 2024), driven by Mounjaro ($23.0B, +99%) and Zepbound ($13.5B, +175%). Combined, the two incretins now account for 56% of total revenue, up from 48% in 2024.

  MD&A: Revenue Growth verify on EDGAR →
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  Orforglipron (oral GLP-1) submitted to FDA under expedited review after receiving Commissioner's National Priority Voucher; also submitted in EU and Japan. Phase 3 programs expanded to cardiovascular outcomes, hypertension, osteoarthritis pain, peripheral artery disease, and stress urinary incontinence.

  MD&A: Orforglipron Pipeline verify on EDGAR →
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  Preliminary U.S. government agreements announced in November 2025 to lower Medicaid and certain other drug prices and adopt balanced pricing across developed nations. Medicare beneficiaries to gain access to discounted obesity medicines by July 1, 2026. Definitive agreements not yet finalized; execution risks include revenues from expanded access may not offset pricing concessions.

  MD&A: U.S. Pricing Agreements verify on EDGAR →