Lilly reports 2025 results: Mounjaro $23.0 billion, Zepbound $13.5 billion

Eli Lilly reported fourth-quarter and full-year 2025 results on February 4, 2026, showing revenue of $65.179 billion for the year, up 45% from $45.043 billion in 2024 ^[1]. The growth came mostly from tirzepatide, sold as Mounjaro for type 2 diabetes and Zepbound for obesity.

Mounjaro brought in $22.965 billion worldwide for the full year, a 99% increase over 2024's $11.540 billion ^[1]. Zepbound brought in $13.542 billion, up 175% from $4.926 billion ^[1]. Together, the two brands of the same molecule accounted for about $36.5 billion — more than half of all Lilly revenue for the year ^[1].

The fourth quarter was even steeper. Worldwide revenue hit $19.292 billion, up 43%, with Mounjaro at $7.409 billion (up 110%) and Zepbound at $4.261 billion (up 123% in the revenue table; Lilly's narrative text describes the same US figure as a 122% increase) ^[1]. Mounjaro's growth outside the US was the biggest single change: $3.3 billion in the quarter versus $899 million a year earlier ^[1].

Prices are falling while volume climbs

The numbers underneath the headline growth matter for anyone paying for these drugs. Lilly said fourth-quarter revenue growth was driven by a 46% increase in volume, partially offset by a 5% decrease from lower realized prices ^[1]. In the US specifically, volume rose 50% while realized prices fell 7%, and Lilly attributed both the volume jump and the price decline to Zepbound and Mounjaro ^[1].

"Realized price" is what Lilly actually collects after rebates and discounts, not the list price a patient sees. A falling realized price does not automatically mean lower out-of-pocket costs, but it does show the company is selling far more units at less revenue per unit than it was a year ago.

Lilly also pointed to an agreement with the US government "to expand access to obesity medicines for millions of Americans" ^[1]. CEO David Ricks said the company had "opened new access to obesity medicines" through that agreement ^[1]. The press release does not give terms, prices or eligibility details, so what it means for any individual patient is not yet clear from this source.

Pipeline items patients may hear about

Lilly listed several developments alongside the earnings. The FDA approved a KwikPen for tirzepatide, a new device format ^[1]. Lilly submitted orforglipron, its oral GLP-1 pill, for obesity to regulators in the US and Japan, and for both obesity and type 2 diabetes in the European Union ^[1]. A Phase 3 trial reported in December found orforglipron "helped people maintain weight loss after switching from injectable incretins to oral GLP-1 therapy" ^[1]. The release does not state approval timing.

Other results: retatrutide, Lilly's triple agonist still in development, produced weight loss of up to an average of 71.2 pounds along with osteoarthritis pain relief in its first successful Phase 3 trial ^[1]. And a Phase 3b study found Taltz (ixekizumab) and Zepbound used together delivered superior efficacy in adults with active psoriatic arthritis plus obesity or overweight ^[1].

Why it matters for patients

The supply shortages that defined 2023 and 2024 are not visible in these numbers. A 46% jump in quarterly volume suggests Lilly is shipping far more product than it was, which is the backdrop against which pharmacies stock these drugs and compounded copies were phased out.

The price trend runs the other direction from the volume trend, and that tension is the practical story. Lilly is collecting less per unit in the US while selling much more. Whether that shows up as lower cash-pay prices, better insurance terms, or simply deeper rebates to pharmacy benefit managers is not spelled out in the earnings release.

The orforglipron submissions matter because a pill would not need cold storage, pharmacy injection supplies, or the same manufacturing steps as an injection — but it is a filing, not an approval, and no decision date appears in this source.

What happens next

Lilly issued 2026 guidance of $80 billion to $83 billion in revenue and non-GAAP earnings per share of $33.50 to $35.00 ^[1]. That implies the company expects roughly $15 billion to $18 billion more in sales this year, which would require continued volume growth in the GLP-1 franchise.

Regulatory decisions on orforglipron in the US, Japan and the EU are pending; the release gives no dates ^[1]. Lilly said it added Inluriyo to its "Key Products" list effective Q4 2025, alongside Mounjaro and Zepbound ^[1].