Eli Lilly vs Novartis: Revenue, Profit and Business Model
Eli Lilly had $65.2B of annual revenue in FY2025 and $20.6B of net income. Novartis had $56.7B of annual revenue in FY2025 and $14B of net income.
Latest financial snapshot
Financial summary
Eli Lilly
Revenue rose from $28.5 billion in 2022 to $45.0 billion in 2024 and $65.2 billion in 2025, while net income nearly doubled to $20.6 billion. Growth accelerated again in 2026: second-quarter revenue rose 48% to $23.0 billion, with Mounjaro at $9.94 billion (up 91%) and Zepbound at $4.93 billion. Lilly raised 2026 revenue guidance to $85-87 billion and non-GAAP EPS guidance to $35.50-36.50. Capital expenditures reached $7.8 billion in 2025 as Lilly expanded production capacity. Eli Lilly and Company is a pharmaceutical titan that has experienced massive growth, commanding a monumental market valuation frequently exceeding $700 billion.
Novartis
Novartis grew FY2025 net sales 8% to $54.5 billion with a core operating margin above 40% and free cash flow of $17.6 billion. 2026 is a reset year: US generics of Entresto and Promacta cut Q1 2026 net sales 5% at constant currencies to $13.1 billion and core operating income 14%. Q2 2026 net sales rose 1% cc to $14.4 billion with a 41.2% core margin, though net income fell 19%. Management guides for low single-digit sales growth and a low single-digit decline in core operating income for 2026 at constant currencies. Novartis is a Swiss multinational pharmaceutical corporation with a market valuation generally exceeding $200 billion.
Revenue and profit by year
Eli Lilly
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $65.2B | $20.6B | 31.7% | +44.7% | Source |
| FY2024 | $45B | $10.6B | 23.5% | +32.0% | Source |
| FY2023 | $34.1B | $5.2B | 15.4% | +19.6% | Source |
| FY2022 | $28.5B | $6.2B | 21.9% | +0.8% | Source |
| FY2021 | $28.3B | $5.6B | 19.7% | +15.4% | Source |
| FY2020 | $24.5B | $6.2B | 25.2% | +9.9% | Source |
| FY2019 | $22.3B | $8.3B | 37.3% | +3.8% | Source |
| FY2018 | $21.5B | $3.2B | 15.0% | +7.6% | Source |
| FY2017 | $20B | -$204.1M | -1.0% | +9.1% | Source |
| FY2016 | $18.3B | — | — | — | Source |
Where the revenue comes from
Eli Lilly
- Branded Prescription MedicinesPrimary
Sales of patent-protected medicines through wholesalers, pharmacies, health systems, and international channels.
- Collaborations and Licensing
Supporting
Milestones, royalties, and collaboration economics connected to research, development, and commercialization partnerships.
Novartis
- Cardiovascular, Renal, And MetabolicMajor
Medicines such as Entresto and Leqvio sold through specialist and primary-care channels.
- OncologyMajor
Cancer medicines and radioligand therapies including Kisqali, Pluvicto, and Scemblix.
- ImmunologyMajor
Autoimmune and inflammatory disease products, including Cosentyx.
- NeuroscienceMaterial
Neurology products including Kesimpta and related pipeline programs.
- Established Brands And Other Medicines
Complementary
Remaining prescription medicines sold across global markets.
Business model and strategy
Eli Lilly
How it makes money
Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Revenue comes mainly from product sales to wholesalers, pharmacies and health systems, with net prices set through negotiations with insurers, pharmacy benefit managers and governments; collaboration and royalty income adds a smaller share.
Growth strategy
Lilly's growth strategy has three parts: expand incretin supply and indications, add oral and next-generation obesity medicines, and diversify through oncology, immunology, neuroscience and genetic medicine. Foundayo (orforglipron) was approved by the FDA on April 1, 2026 and launched through LillyDirect, telehealth and U.S. retail pharmacies. Retatrutide, a GIP/GLP-1/glucagon triple agonist, is in Phase 3.
Competitive advantage
Lilly's advantage combines a century of diabetes and peptide-hormone expertise with manufacturing scale few rivals can match. Tirzepatide's dual GIP/GLP-1 mechanism produced greater weight loss than semaglutide in the head-to-head SURMOUNT-5 trial, and Foundayo gives Lilly a small-molecule GLP-1 pill that can be taken without food or water restrictions and is easier to mass-produce than peptides.
Novartis
How it makes money
Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries. FY2025 net sales of $54.5 billion came from four core areas (cardiovascular-renal-metabolic, immunology, neuroscience and oncology) plus established brands.
Growth strategy
Novartis concentrates on four therapeutic areas and on the US, its largest market. It pairs internal research with bolt-on acquisitions of late-stage or platform biotechs: Chinook (2023, kidney disease), MorphoSys (2024, myelofibrosis), Kate Therapeutics (2024, gene therapy capsids) and Avidity Biosciences (closed February 27, 2026, about $12 billion, neuromuscular RNA medicines).
Competitive advantage
Novartis's edge rests on scale in late-stage development and specialist platforms that are hard to copy. It owns the leading commercial radioligand therapy franchise (Pluvicto and Lutathera) along with dedicated isotope manufacturing sites in the US and Europe, an siRNA cardiovascular drug (Leqvio), and, since February 2026, Avidity Biosciences' antibody-oligonucleotide conjugate platform.
Questions about Eli Lilly vs Novartis
Which company has higher revenue — Eli Lilly and Company or Novartis AG?
Eli Lilly and Company had $65.2B (FY2025), while Novartis AG had $56.7B (FY2025). By latest annual revenue, Eli Lilly and Company is the larger business, with Novartis AG showing a smaller revenue base.
What is the market cap of Eli Lilly and Company vs Novartis AG?
Eli Lilly and Company's market capitalisation stands at $1.06T, while Novartis AG's is $275.3B. Eli Lilly and Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Novartis AG.
How does revenue per employee compare for Eli Lilly and Company and Novartis AG?
Eli Lilly and Company has $1.30M / employee in revenue per employee, while Novartis AG has $753k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Eli Lilly and Company and Novartis AG make money?
Eli Lilly and Company and Novartis AG generate revenue in fundamentally different ways. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Novartis AG: Novartis earns almost all of its revenue by selling patented prescription medicines to wholesalers, hospitals, pharmacies and national health systems in about 140 countries.
Which company is valued higher relative to revenue — Eli Lilly and Company or Novartis AG?
On a price-to-sales (P/S) basis, Eli Lilly and Company trades at 16.3x P/S and Novartis AG at 4.9x P/S. Eli Lilly and Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Novartis AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Eli Lilly and Company bigger than Novartis AG?
By last reported revenue, Eli Lilly and Company ($65.2B (FY2025)) is the larger company compared to Novartis AG ($56.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Eli Lilly vs Novartis overview