Discovers, develops, manufactures, and markets medicines for major health conditions including diabetes, obesity, cancer, immunological diseases, and neurological disorders.
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Strong
What Eli does
Eli Lilly discovers, develops, manufactures, and markets medicines for conditions including diabetes, obesity, cancer, immunological diseases, and neurological disorders.
Founded
1876
Indianapolis, Indiana
CEO
David A. Ricks
Since 2017
Market cap
$1.03T
16
Revenue (FY25)
$65.18B
+44.7% YoY
30-Second Summary
A plain-English explanation of Eli Lilly's business model
If you only remember one thing
Eli Lilly develops medicines and then earns revenue when healthcare systems, pharmacies, patients, and other customers purchase those medicines. The company invests heavily in research and development to discover new treatments, while successful medicines can generate significant revenue for many years. Today, Lilly's business is strongly influenced by its cardiometabolic medicines, including Mounjaro and Zepbound, alongside products in oncology, immunology, and neuroscience.
Business Segments
Where Eli's $65.18B Fiscal year 2025 (ended December 31, 2025) comes from
$65.18B
Fiscal year 2025
74% of revenue ·+120% YoY
14% of revenue ·+5.7% YoY
8% of revenue ·+0.4% YoY
2% of revenue ·-5.5% YoY
Business Model
How Eli makes money — the ecosystem flywheel
Discover New Medicines
Manufacture & Deliver
Strengths & Risks
What makes Eli strong — and what could go wrong
Strong Research Pipeline
Lilly invests heavily in research and development and maintains a broad pipeline of medicines across multiple therapeutic areas.
Fast-Growing Cardiometabolic Portfolio
Mounjaro and Zepbound have become major sources of revenue growth, driven by strong demand for diabetes and obesity treatments.
Global Commercial Scale
Lilly markets medicines across many international markets and operates manufacturing and research facilities around the world.
Established Medicine Portfolio
The company has a portfolio spanning cardiometabolic health, oncology, immunology, neuroscience, and other therapeutic areas.
Strong Cash Generation
Rapid revenue growth has significantly increased operating cash flow, giving Lilly more resources to invest in manufacturing capacity and research.
Financial Overview
Fiscal year 2025 (ended December 31, 2025)
$65.18B
+44.7% YoY
FY25
$20.64B
+94.9% YoY
FY25
$8.97B
+138.6% YoY
FY25
Eli Lilly generated $65.179B of revenue and $20.640B of net income in fiscal 2025. Operating cash flow was $16.813B and capital expenditures were $7.841B, producing approximately $8.972B of calculated free cash flow.
Financial History
5-year trend, fiscal years 2021–2025
$65.18B
+130% since FY21
Business Ecosystem
Who Eli depends on — and who depends on Eli
Research & Clinical Partners
Universities, researchers, clinical investigators, biotechnology companies, and research organizations contribute to medicine discovery and development.
Healthcare System
Healthcare providers, pharmacies, insurers, government programs, and other healthcare organizations influence how Lilly medicines reach patients.
Manufacturing & Distribution
Manufacturing facilities, suppliers, distributors, and logistics networks support production and delivery of medicines to global markets.
Eli Lilly
Global pharmaceutical company
Competitors
Companies used as broad comparison references for large pharmaceutical businesses. Eli Lilly has a diversified medicine portfolio, while each comparison company has different therapeutic strengths and business structures. Market caps use an October 6, 2026 snapshot.
Johnson & Johnson
$609.54B
One of the world's largest healthcare companies, providing a broad comparison for Lilly's pharmaceutical scale and global healthcare presence.
AbbVie
$471.27B
Large research-based biopharmaceutical company with major businesses in immunology, oncology, neuroscience, and other specialty medicines.
Merck & Co.
$344.27B
