Lilly revenue surges 45% to $65B on Mounjaro/Zepbound; voluntary U.S. pricing pact risks offset

Filed February 12, 2026 · Period ending December 31, 2025 · Compared to 10-K Feb 19, 2025 · ~2 min read

Key Changes

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  Revenue jumped 45% to $65.2B in FY2025, driven by Mounjaro ($23B, +99%) and Zepbound ($13.5B, +175%), which together account for 56% of total revenue. Net income nearly doubled to $20.6B. Top six products now represent 82% of revenue, up from 75% in FY2024, concentrating risk.

  MD&A: Revenue and Product Mix verify on EDGAR →
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  Preliminary voluntary agreements with U.S. government (Nov 2025) commit to lower Medicaid/other drug prices and balanced international pricing. Medicare obesity-medicine access by July 2026. Risk: expanded access may not offset pricing concessions; aligning U.S. prices with international benchmarks could pressure global pricing strategies and competitive positioning.

  MD&A: U.S. Pricing Agreements verify on EDGAR →
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  HHS selected Trulicity and Verzenio for Medicare price negotiation effective 2028 (joining Jardiance in 2026). Company expects further selections will accelerate revenue erosion for major products. CVS Caremark removed Zepbound from preferred formulary on some plans in July 2025, negatively impacting access.

  Risk Factors: IRA and Formulary Pressure verify on EDGAR →