Lilly reports 2024 revenue of $45.0 billion, up 32%

Eli Lilly reported full-year 2024 revenue of $45.04 billion on Feb. 6, 2025, up 32% from $34.12 billion in 2023, with its two tirzepatide products doing most of the heavy lifting ^[1]. Mounjaro, approved for type 2 diabetes, generated $11.54 billion for the year, a 124% increase, while Zepbound, approved for obesity, brought in $4.93 billion in its first full year on the market ^[1].

Fourth-quarter revenue rose 45% to $13.53 billion, driven by a 48% increase in volume that was partly offset by a 4% decline from lower realized prices ^[1]. Lilly said the volume growth came from Mounjaro and Zepbound, and that the lower realized prices were driven mainly by Mounjaro ^[1]. U.S. revenue for the quarter climbed 40% to $9.03 billion; revenue outside the U.S. rose 55% to $4.50 billion ^[1].

Zepbound alone produced $1.91 billion in U.S. revenue in the fourth quarter, compared with $175.8 million in the fourth quarter of 2023, shortly after its November 2023 launch ^[1]. Mounjaro revenue rose 60% to $3.53 billion in the quarter, with U.S. sales up 25% to $2.63 billion "reflecting continued strong demand and increased supply," and international sales jumping to $898.9 million from $100.5 million a year earlier ^[1].

The shift away from Lilly's older GLP-1 was just as stark. Trulicity (dulaglutide) revenue fell 26% for the year to $5.25 billion, and dropped 25% in the fourth quarter, which Lilly attributed in the U.S. to "competitive dynamics" and lower realized prices ^[1]. Reported earnings per share for the quarter doubled to $4.88, and full-year reported diluted EPS came in at $11.71 ^[1]. Lilly issued 2025 guidance of $58.0 billion to $61.0 billion in revenue, with reported EPS of $22.05 to $23.55 ^[1].

What else Lilly disclosed

Along with the financials, Lilly listed recent milestones tied to tirzepatide and its manufacturing base. The FDA approved Zepbound for moderate-to-severe obstructive sleep apnea in adults with obesity, which Lilly described as the first and only prescription medicine for that use ^[1]. The company also cited topline results from SURMOUNT-5, an open-label Phase 3b trial in which Zepbound showed 47% greater relative weight loss than Wegovy (semaglutide) in a head-to-head comparison ^[1].

On capacity, Lilly said it committed $3 billion to expand its Kenosha County, Wisconsin, plant to strengthen its global injectable manufacturing network ^[1]. It also announced a $15 billion share repurchase program and a 15% quarterly dividend increase, the seventh straight year of that size increase ^[1].

Why it matters for patients

The supply squeeze that defined 2023 and much of 2024 for tirzepatide shows up in these numbers as easing. Lilly explicitly credited "increased supply" alongside demand for U.S. Mounjaro growth in the quarter, and the billions going into new injectable manufacturing signal the company expects to keep expanding output ^[1]. For people who have struggled to fill prescriptions, more capacity is the underlying variable.

The pricing detail matters too, though it cuts both ways. Lilly reported that realized prices fell 5% in the U.S. in the fourth quarter, driven mainly by Mounjaro ^[1]. "Realized price" reflects what Lilly actually collects after rebates and discounts negotiated with insurers and pharmacy benefit managers — it is not the same as a patient's copay or cash price. The release does not break out what individual patients paid, so it is not known from this report whether out-of-pocket costs moved in the same direction.

The Trulicity decline is a reminder that prescribing is shifting toward newer incretin drugs ^[1]. And the obstructive sleep apnea approval expands the list of conditions for which a tirzepatide prescription can be written, which can affect how insurers evaluate coverage requests ^[1].

What happens next

Lilly's 2025 guidance of $58.0 billion to $61.0 billion implies continued growth, and the company said it expects "several important Phase 3 readouts" during the year ^[1]. The release does not give dates for those readouts, and it does not detail 2025 list prices, coverage changes, or supply forecasts for specific doses. Those specifics are not yet known from this filing.