Lilly reports 2024 revenue up 32%, driven by Mounjaro and Zepbound

Eli Lilly reported 2024 revenue of $45.0 billion, up 32% from 2023, with its two tirzepatide brands supplying much of the growth. Mounjaro, approved for type 2 diabetes, brought in $11.54 billion for the year, up 124%, and Zepbound, approved for obesity, recorded $4.93 billion in its first full year ^[1].

Zepbound launched in the United States in November 2023, when it recorded $175.8 million in sales ^[1]. In the fourth quarter of 2024 alone, US Zepbound revenue was $1.91 billion, and Mounjaro revenue was $3.53 billion worldwide, up 60%, including $898.9 million outside the US compared with $100.5 million a year earlier ^[1].

Total fourth-quarter revenue was $13.53 billion, up 45%, which the company attributed to a 48% increase in volume, partly offset by a 4% decline from lower realized prices ^[1]. US revenue rose 40% to $9.03 billion, and revenue outside the US rose 55% to $4.50 billion ^[1]. Reported earnings per share for the quarter were $4.88, up 102% from $2.42; on a non-GAAP basis, earnings per share were $5.32, up 114% ^[1].

Lilly issued 2025 guidance of $58.0 billion to $61.0 billion in revenue, with reported earnings per share of $22.05 to $23.55 and non-GAAP earnings per share of $22.50 to $24.00 ^[1]. Chief executive David A. Ricks said in the release that "2024 was a highly successful year for Lilly" and that the company expects "several important Phase 3 readouts" in 2025 ^[1].

Not every product grew. Trulicity, an older diabetes drug, fell 25% in the fourth quarter to $1.25 billion and 26% for the year to $5.25 billion, which the company linked to competitive dynamics ^[1]. Lilly also said it invested in expanding manufacturing, including a $3 billion commitment to expand its Kenosha County, Wisconsin facility for injectable products, and announced a $15 billion share repurchase program and a 15% dividend increase ^[1].

Why it matters for patients

The revenue figures are a rough measure of how many people are being prescribed these drugs, and how much money the maker has to spend on supply and further research. Lilly has repeatedly pointed to manufacturing capacity as a constraint on availability, and the Wisconsin investment is one of several the company describes as expanding its injectable production network ^[1].

One clinical result in the release may matter directly to people choosing between the two leading weight-loss drugs. In the SURMOUNT-5 Phase 3b trial, Zepbound (tirzepatide) showed 47% greater relative weight loss than Wegovy (semaglutide) in a head-to-head comparison, according to the company's topline results ^[1]. The trial was open-label, meaning participants and investigators knew which drug was given.

The release also notes that the FDA approved Zepbound for moderate-to-severe obstructive sleep apnea in adults with obesity, described as the first and only prescription medicine for that use ^[1]. The release does not include pricing information for either drug, and it does not say how the 2025 guidance accounts for possible changes in insurance coverage or in the compounded versions of these drugs that have been sold by other companies. Those details have not been reported.

What happens next

Lilly's 2025 guidance covers revenue of $58.0 billion to $61.0 billion and reported earnings per share of $22.05 to $23.55 ^[1]. The release says several Phase 3 readouts are expected during 2025 but does not specify which studies or dates ^[1]. The company also described its acquisition of Scorpion Therapeutics' PI3Kα inhibitor program as pending; financial terms were not disclosed ^[1].

Earnings reports are company statements and are not independent audits of clinical benefit. Patients with questions about which tirzepatide or semaglutide product is appropriate for them, or about coverage, are advised to ask a clinician or their insurer.