Lilly reports 2025 revenue of $65.2 billion, up 45%, and guides to $80 to $83 billion for 2026

Eli Lilly reported full-year 2025 revenue of $65.18 billion, up 45% from $45.04 billion in 2024, and told investors it expects $80 billion to $83 billion in 2026 ^[1]. The growth was driven almost entirely by tirzepatide, sold as Mounjaro for type 2 diabetes and Zepbound for obesity.

Mounjaro brought in $22.97 billion for the year, up 99% from $11.54 billion in 2024 ^[1]. Zepbound brought in $13.54 billion, up 175% from $4.93 billion ^[1]. Together the two tirzepatide brands accounted for roughly $36.5 billion, or about 56% of Lilly's total revenue.

The fourth quarter was steeper still. Worldwide revenue rose 43% to $19.29 billion, with Mounjaro up 110% to $7.41 billion and Zepbound up to $4.26 billion ^[1]. Lilly's own release describes the Zepbound quarterly increase as 123% in its summary bullets and 122% in the body text, a small inconsistency in the same document ^[1]. Mounjaro's growth outside the US was the most dramatic shift: $3.3 billion in the quarter versus $899 million a year earlier ^[1].

Prices per prescription are falling

Buried in the growth numbers is a detail that matters more to patients than the totals. Lilly said fourth-quarter volume rose 46% while realized prices fell 5% ^[1]. In the US, volume rose 50% and realized prices fell 7%, and the company said both the volume jump and the price decline were driven by Zepbound and Mounjaro ^[1].

"Realized price" is what Lilly actually collects after rebates, discounts and cash-pay programs, not the list price on a pharmacy receipt. A falling realized price alongside surging volume is consistent with more people getting the drugs through discounted channels. Lilly pointed to its agreement with the US government to expand access to obesity medicines and to its LillyDirect platform as part of that picture ^[1]. The release does not break out how much of the price decline came from government pricing versus commercial rebates or self-pay discounts, so the split is not yet known.

Pipeline items that could affect what's available

Lilly said it submitted orforglipron, an oral GLP-1 pill, to regulators for obesity in the US and Japan, and for both obesity and type 2 diabetes in the European Union ^[1]. It also reported a Phase 3 trial in which orforglipron helped people maintain weight loss after switching from injectable incretin drugs to the oral therapy ^[1]. No approval date is given in the release.

The FDA approved a KwikPen device for tirzepatide during the quarter ^[1]. Lilly also reported that retatrutide, an experimental triple agonist, produced average weight loss of up to 71.2 pounds along with relief from osteoarthritis pain in its first successful Phase 3 trial, and that a Phase 2 study of eloralintide, a selective amylin agonist, showed weight loss and what the company called favorable tolerability ^[1]. A Phase 3b trial combining Taltz and Zepbound in adults with psoriatic arthritis and obesity or overweight showed what Lilly described as superior efficacy ^[1].

On the manufacturing side, Lilly said it selected Pennsylvania for a new injectable medicine and device plant ^[1]. Research and development spending rose 26% to $3.8 billion in the quarter, and marketing, selling and administrative costs rose 29% to $3.1 billion ^[1].

Why it matters for patients

Supply and price are the two things that most affect whether a GLP-1 prescription can actually be filled. The volume numbers suggest Lilly is shipping far more tirzepatide than a year ago, and new manufacturing capacity is being built ^[1]. The falling realized price suggests the average dollar amount collected per prescription is dropping, though that does not automatically mean any individual's copay or cash price changes.

The heavy concentration of revenue in two obesity and diabetes brands also means Lilly has strong financial reasons to keep expanding access channels and to push orforglipron toward market. A pill version, if approved, would add a different option to a category now dominated by injectables. Whether and when regulators clear it is not stated in these materials.

Coverage of Lilly's results has focused on the company's roughly $1 trillion valuation ^[2]. The detailed stock reaction on the day of the report is not included in the sources reviewed here.

What happens next

Lilly's 2026 guidance of $80 billion to $83 billion in revenue and non-GAAP earnings of $33.50 to $35.00 per share sets the bar for the year ^[1]. Regulatory decisions on orforglipron in the US, Japan and the EU are pending, with no dates disclosed ^[1].