Lilly revenue rises 54% on Mounjaro and Zepbound, and 2025 guidance goes up

Eli Lilly reported third-quarter 2025 revenue of $17.60 billion on Oct. 30, 2025, a 54% increase from $11.44 billion in the same quarter a year earlier, and raised its full-year 2025 revenue guidance to $63.0 billion to $63.5 billion ^[1]. The release did not state the previous guidance range.

Mounjaro, the tirzepatide brand sold for type 2 diabetes, brought in $6.52 billion worldwide, up 109% from $3.11 billion a year earlier. U.S. Mounjaro revenue was $3.55 billion, up 49%, and revenue outside the U.S. rose to $2.97 billion from $728.0 million ^[1].

Zepbound, the tirzepatide brand for weight management, generated $3.59 billion in U.S. revenue, up 185% from $1.26 billion a year earlier ^[1]. Lilly reports Zepbound as a U.S. product and did not disclose sales of that brand in other countries in this release ^[1].

Most of the growth came from more product being sold rather than from higher prices. Worldwide volume rose 62%, partly offset by a 10% decline from lower realized prices ^[1]. U.S. revenue rose 45% to $11.30 billion, on 60% volume growth and a 15% decline from lower realized prices, a figure Lilly said was affected by a one-time adjustment to rebate and discount estimates in the third quarter of 2024 ^[1]. Revenue outside the U.S. rose 74% to $6.30 billion, driven mainly by Mounjaro ^[1].

Reported earnings per share were $6.21, compared with $1.07 a year earlier. On a non-GAAP basis, earnings per share were $7.02, compared with $1.18 ^[1]. Lilly raised its 2025 reported earnings-per-share guidance to $21.80 to $22.50 and its non-GAAP guidance to $23.00 to $23.70 ^[1].

Research and development spending rose 27% to $3.47 billion, or 19.7% of revenue, and marketing, selling and administrative expenses rose 31% to $2.74 billion, which Lilly attributed to promotional efforts for current and future launches ^[1].

On the pipeline, Lilly said four Phase 3 trials of orforglipron, an oral GLP-1 pill, produced positive results across type 2 diabetes and obesity. The company said it plans to submit the drug to global regulatory authorities by the end of the year for the treatment of obesity ^[1]. The release did not give trial-level results or a timeline for regulatory decisions.

Lilly also said it announced two new manufacturing facilities, in Virginia and Texas, and an expansion of its existing site in Puerto Rico ^[1].

Why it matters for patients

Tirzepatide is one of the two GLP-1-based obesity and diabetes treatments in widest use in the U.S., so Lilly's capacity and pricing decisions shape how easily patients can fill prescriptions. Lilly is adding manufacturing sites in Virginia and Texas and expanding in Puerto Rico, which points toward more supply over time, though the release does not say when the new capacity will start producing ^[1].

The price picture is mixed. Lilly reported that its realized prices fell, which reflects the discounts and rebates it pays to insurers and other payers, not necessarily the amount a patient pays at the pharmacy counter. The release does not say how these price changes affected out-of-pocket costs, and Lilly has not disclosed list price changes for these products in this report ^[1].

An oral GLP-1 option would be a different form of treatment from the injected products now on the market, which matters for people who prefer not to use injections. Orforglipron is not approved, and no approval date has been reported ^[1].

What happens next

Lilly said it plans to submit orforglipron to global regulators by the end of 2025 for obesity ^[1]. When the U.S. Food and Drug Administration would review or decide on such an application has not been disclosed ^[1]. The company also said its new Virginia and Texas facilities and Puerto Rico expansion are planned; start dates and output were not given ^[1].