Eli Lilly and Company
Explore Eli Lilly and Company
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Eli Lilly and Company
Explore Eli Lilly and Company
Core profile pages, annual revenue records, and related research hubs for this company.
Annual Revenue
FY2025 Revenue
$65.2B
▲ 44.8% vs FY2024 ($45.0B)
Source: Annual report / company filing
Eli Lilly and Company reported $65.2B in revenue for fiscal year 2025. This represents a growth of 44.8% compared to the 2024 figure of $45.0B.
$9.3 billion spent on research and development in fiscal year 2024 — a number that exceeds Lilly's entire revenue base in 2009. That reinvestment rate, sustained over years, is the financial explanation for tirzepatide's commercial performance. Drugs of this clinical quality don't emerge from modest R&D budgets. Net income reached $10.59 billion in FY2025 on $65.2B in revenue, a 23.5% net margin that reflects the pricing power of a drug that genuinely outperforms its competition. The revenue trajectory has been steep: $28.3 billion in 2021, $28.5 billion in 2022, $34.1 billion in 2023, $65.2B in FY2025. Each year's jump is larger than the last, driven by tirzepatide's expansion across indications and geographies. The supply shortage controversy in 2023 had a real financial component. Manufacturing capacity for GLP-1 drugs requires specialized equipment and long lead times. Lilly has committed billions in capital expenditure to expand manufacturing — but the gap between demand and supply means some prescription revenue is being left on the table during a period when competitive dynamics are most favorable. The Loxo Oncology acquisition in 2019 cost approximately $8 billion. The oncology pipeline it delivered — including selpercatinib and other targeted therapies — now contributes revenue that diversifies Lilly's earnings away from the GLP-1 concentration risk. Market capitalization of $700 billion prices in continued GLP-1 dominance and successful Phase 3 outcomes for retatrutide. Either of those assumptions failing would reprice the stock significantly.
| Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $65.2B | — | +44.8% |
| FY2024 | $45.0B | $10.6B | +31.9% |
| FY2023 | $34.1B | — | +19.6% |
| FY2022 | $28.5B | — | +0.8% |
| FY2021 | $28.3B | — | +15.5% |
| FY2020 | $24.5B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.