Lilly reports Q3 2025 revenue of $17.6 billion, up 54%, and raises guidance

Eli Lilly reported $17.6 billion in revenue for the third quarter of 2025, up 54% from the same period last year, and raised its full-year revenue guidance to $63.0 billion to $63.5 billion ^[1]. The company said growth was driven mainly by volume increases in Mounjaro and Zepbound, its tirzepatide-based medicines for type 2 diabetes and obesity ^[1].

Mounjaro, Lilly's diabetes drug, brought in $6.52 billion in the quarter, more than double what it made a year earlier, a 109% increase ^[1]. Zepbound, the obesity version of the same drug, generated $3.59 billion in U.S. sales, up 184% from $1.26 billion in the third quarter of 2024 ^[1]. Together, these two products were the largest contributors to Lilly's Key Products revenue, which totaled $11.98 billion for the quarter ^[1].

The revenue increase came almost entirely from more prescriptions being filled rather than higher prices. Lilly said worldwide revenue growth reflected a 62% increase in volume, partially offset by a 10% decrease from lower realized prices ^[1]. In the U.S. specifically, volume rose 60% while prices fell 15%, though the company noted that a one-time favorable adjustment to rebate estimates in the third quarter of 2024 makes the year-over-year price comparison look worse than it actually was; excluding that effect, U.S. prices declined by high single digits ^[1]. Outside the U.S., revenue rose 74%, driven largely by Mounjaro volume growth ^[1].

Lilly also raised its full-year earnings guidance alongside the revenue forecast, projecting reported earnings per share between $21.80 and $22.50, and non-GAAP earnings per share between $23.00 and $23.70 ^[1]. Net income for the quarter was $5.58 billion, compared with $970.3 million in the same quarter last year ^[1].

On the pipeline side, Lilly said its experimental oral GLP-1 pill, orforglipron, produced positive results in four Phase 3 trials covering both type 2 diabetes and obesity, and the company plans to submit the drug to global regulators for obesity treatment by the end of the year ^[1]. Orforglipron is not yet approved for any use in the United States.

The company also pointed to manufacturing expansion as part of its strategy to keep up with demand, announcing new facilities in Virginia and Texas along with an expansion of its existing site in Puerto Rico ^[1].

Why it matters for patients

The scale of this revenue growth reflects how many more people are being prescribed Mounjaro and Zepbound compared with a year ago, since Lilly attributes the bulk of the increase to higher volume rather than price hikes ^[1]. For patients who have struggled to find these medications in stock, the announced manufacturing expansions in Virginia, Texas and Puerto Rico may signal more supply coming online over time, though the sources do not say when those facilities will be operational or how much capacity they will add ^[1].

The modest price declines noted in the earnings report do not necessarily mean lower out-of-pocket costs for patients, since list prices, insurance coverage, and rebates can differ substantially from the net revenue figures Lilly reports. The source material does not address what individual patients pay at the pharmacy counter.

The progress on orforglipron, an oral pill rather than an injection, could eventually offer patients another option, but it remains unapproved. Lilly's plan to submit it to regulators for obesity by year-end does not guarantee approval or set a timeline for when it might reach pharmacies ^[1].

What happens next

Lilly said it plans to submit orforglipron to global regulatory authorities for obesity treatment by the end of 2025 ^[1]. The company did not provide a specific date for when its new Virginia and Texas manufacturing facilities or the Puerto Rico expansion will begin production ^[1].