With sales of $15.56 billion in the second quarter of 2025, a 38% year-over-year increase, Eli Lilly and Company posted outstanding financial results, largely due to strong demand for Zepbound and Mounjaro. The company’s mid-year revenue increased by $1.5 billion, and it lifted its full-year projection considerably.
Revenue Performance
Total Revenue: Due in part to a 42% rise in volume and a 6% fall in realized prices, worldwide revenue increased 38% to $15.56 billion in Q2 2025 from $11.30 billion in Q2 2024.
$10.81 billion in U.S. revenue, up 38% from the previous year, was mostly attributable to a 46% rise in volume, which was somewhat offset by an 8% decline in realized prices.
A 35% rise in volume and a 3% positive foreign exchange impact drove a 37% gain in international revenue of $4.74 billion, which was slightly offset by a 1% decline because of lower realized prices.
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Key Product Performance
Mounjaro: In Q2 2025, revenue climbed 68% to $5.20 billion. Volume growth and market expansion were the main drivers of overseas revenue, which increased to $1.90 billion from $677.2 million in Q2 2024 to $3.30 billion (up 37%) in the United States.
Zepbound: Despite lower realized prices, higher demand was the main driver of the 172% increase in U.S. revenue to $3.38 billion from $1.24 billion in Q2 2024.
Verzenio: Global revenue climbed 12% to $1.49 billion, with $929.0 million (up 8%) and $560.3 million (up 19%) coming from the United States and abroad.
Lilly delivered another quarter of strong performance, achieving 38% year-over-year revenue growth driven by robust sales of Zepbound and Mounjaro and sustained momentum across our key medicines,
Our pipeline continued to advance, highlighted by positive study results in oncology and cardiometabolic health including Mounjaro’s demonstrated cardio-protective effects in patients with type 2 diabetes and heart disease and strong data for our oral incretin, orforglipron, in obesity. We also expanded manufacturing capacity to meet increasing demand and invested in key R&D initiatives to support our long-term growth.
David A. Ricks
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Measures of Profitability
Gross Margin: Up 3.5 percentage points from the previous year, it climbed 44% to $13.11 billion, or 84.3% of revenue. Reduced realized prices largely offset the improvement, which was fueled by improved production costs and a positive product mix.
Profits per share
- EPS reported was $6.29, a 92% increase from Q2 2024’s $3.28.
- Non-GAAP EPS increased 61% from Q2 2024’s $3.92 to $6.31.
- Acquired IPR&D charges are included in both numbers at $0.14.
Net Income
$5.66 billion was reported, a 91% increase from $2.97 billion.
Up 60% from $3.54 billion to $5.68 billion, non-GAAP.
Pipeline and Business Development
During the quarter, the business accomplished important pipeline milestones.
Clinical Accomplishments
- In Phase 3 obesity trials, orforglipron resulted in weight loss of up to 27.3 pounds.
- In a historic head-to-head study, Mounjaro showed cardiovascular protection for patients with heart disease and type 2 diabetes.
- In the Phase 3 trial, Jaypirca outperformed Imbruvica in terms of the primary outcome for CLL/SLL.
Regulatory Advancement
- CHMP gave Donanemab (Kisunla) a favorable evaluation for early-stage Alzheimer’s disease symptoms.
- FDA-approved revised labeling for Amyvid and Kisunla.
- Kisunla was granted permission to market in Australia.
Development of Businesses
- Finalized purchases of Verve Therapeutics and SiteOne Therapeutics.
- Plans to increase the partnership with Purdue University by investing up to $250 million.
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