Lilly reports $65.2 billion in 2025 revenue as Mounjaro and Zepbound drive 45% growth

Eli Lilly reported full-year 2025 revenue of $65.2 billion, a 45% increase from $45.0 billion in 2024, and told investors to expect $80 billion to $83 billion in 2026 ^[1]. The results, released Feb. 4, 2026, were carried mainly by the company's two tirzepatide products, Mounjaro and Zepbound.

Mounjaro, the brand of tirzepatide sold for type 2 diabetes, reached $23.0 billion for the year, up 99% ^[1]. Zepbound, the same molecule sold for obesity in the United States, Canada and Japan, reached $13.5 billion, up 175% ^[1]. Together that is roughly $36.5 billion, or about 56% of total company revenue ^[1].

Fourth-quarter revenue was $19.3 billion, up 43%, with volume up 46% and realized prices down 5% ^[1]. In the U.S., revenue rose 43% to $12.9 billion on a 50% volume increase and a 7% decline in realized prices; Lilly attributed both the volume gain and the price decline to Zepbound and Mounjaro ^[1]. Quarterly Mounjaro revenue rose 110% to $7.4 billion, and U.S. Zepbound revenue rose 122% to $4.2 billion ^[1].

Fourth-quarter earnings per share were $7.39 on a reported basis, up 51%, and $7.54 on a non-GAAP basis, up 42%; both figures included $0.52 per share in acquired in-process research and development charges ^[1]. Research and development spending rose 26% to $3.8 billion, which the company described as continued investment in its early- and late-stage pipeline ^[1].

"2025 was an important year for Lilly," said chair and CEO David A. Ricks. "We reached millions more patients—launching Inluriyo, expanding Mounjaro and Kisunla globally, and submitting orforglipron for approval. We expanded our manufacturing capacity, and through our U.S. government agreement, opened new access to obesity medicines" ^[1].

Lilly said it submitted orforglipron for obesity to regulators in the U.S. and Japan, and for both obesity and type 2 diabetes in the European Union ^[1]. The company also noted FDA approval of a KwikPen device for tirzepatide ^[1]. Financial coverage has described Lilly as a trillion-dollar company as weight-loss drug sales have grown ^[2].

Why it matters for patients

Tirzepatide now makes up the majority of Lilly's revenue, which shapes how much the company invests in manufacturing, pricing and access negotiations for these two products ^[1]. Lilly's own numbers show realized prices falling even as volume climbs: U.S. prices were down 7% in the fourth quarter, driven by Zepbound and Mounjaro ^[1].

Lilly said it reached an agreement with the U.S. government to expand access to obesity medicines ^[1]. The release does not disclose the terms, the medicines covered or a start date.

An oral GLP-1 option is moving through review. Orforglipron has been submitted for obesity in the U.S. and Japan and for obesity and type 2 diabetes in the EU ^[1]. If approved, it would be a pill rather than an injection, though no approval dates have been disclosed.

The release also lists pipeline results involving GLP-1 drugs: a Phase 3 trial in which orforglipron helped people maintain weight loss after switching from injectable incretins to oral GLP-1 therapy, and a Phase 3 trial in which retatrutide produced average weight loss of up to 71.2 pounds along with relief from knee osteoarthritis pain in people with obesity ^[1]. Taltz and Zepbound used together also showed superior efficacy in a Phase 3b trial in adults with active psoriatic arthritis and obesity or overweight ^[1].

What happens next

Lilly's guidance puts 2026 revenue between $80 billion and $83 billion, with non-GAAP earnings per share of $33.50 to $35.00 ^[1]. The company has not said when regulators will act on the orforglipron submissions or when results from further trials of its other experimental obesity drugs are expected ^[1].