Eli Lilly vs Pfizer: Revenue, Profit and Business Model
Eli Lilly had $65.2B of annual revenue in FY2025 and $20.6B of net income. Pfizer had $62.6B of annual revenue in FY2025 and $7.8B 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.
Pfizer
Pfizer revenue rose from $41.7 billion in 2020 to $81.3 billion in 2021 and $101.2 billion in 2022 on Comirnaty and Paxlovid, then fell to $59.6 billion in 2023 as COVID demand collapsed. It recovered to $63.6 billion in 2024 and was $62.6 billion in 2025, with net income of $7.8 billion. In Q2 2026 revenue was $15.0 billion, up 1% operationally, or 5% excluding COVID products, and Pfizer raised the midpoint of its 2026 revenue guidance to $60.5 billion to $62.5 billion with adjusted EPS guidance of $2.80 to $3.00. The roughly $31 billion of debt raised for Seagen in 2023 and an ongoing cost-reduction program shape capital allocation alongside a dividend yield near 6%. Pfizer ranks among the largest pharmaceutical companies in the world, carrying a market valuation typically exceeding $150 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 |
Pfizer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $62.6B | $7.8B | 12.4% | -1.6% | Source |
| FY2024 | $63.6B | $8B | 12.6% | +6.8% | Source |
| FY2023 | $59.6B | $2.1B | 3.6% | -41.1% | Source |
| FY2022 | $101.2B | $31.4B | 31.0% | +24.5% | Source |
| FY2021 | $81.3B | $22B | 27.0% | +95.2% | Source |
| FY2020 | $41.7B | $9.2B | 22.0% | +1.8% | Source |
| FY2019 | $40.9B | $16B | 39.2% | +0.2% | Source |
| FY2018 | $40.8B | $11.2B | 27.3% | -22.3% | Source |
| FY2017 | $52.5B | $21.3B | 40.6% | -0.5% | Source |
| FY2016 | $52.8B | $7.2B | 13.7% | — | 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.
Pfizer
- Patented medicines
Core revenue
Prescription drugs protected by exclusivity and clinical differentiation.
- Vaccines
Major revenue contributor
Adult, pediatric, pneumococcal, RSV, and COVID-related vaccines.
- Oncology
Strategic growth driver
Cancer medicines, antibody-drug conjugates, and Seagen-related assets.
- Hospital and anti-infective products
Meaningful contributor
Sterile injectables, anti-infectives, and hospital therapies.
- Collaborations and alliances
Supplemental
Co-promoted products and partnered scientific platforms.
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.
Pfizer
How it makes money
Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market. Revenue is concentrated in large franchises such as Eliquis (co-commercialized with Bristol Myers Squibb), the Prevnar pneumococcal vaccines, the Vyndaqel tafamidis family, Ibrance, Xtandi and the Seagen antibody-drug conjugates.
Growth strategy
Pfizer's growth plan has three parts. Oncology: the $43 billion Seagen deal (closed December 2023) added Padcev, Adcetris, Tukysa and Tivdak, and Pfizer licensed 3SBio's PD-1xVEGF bispecific in 2025 and signed a 12-program cancer collaboration with Innovent Biologics in May 2026 ($650 million upfront, up to $10.5 billion total).
Competitive advantage
Pfizer's advantage is scale in late-stage development, regulatory filings, manufacturing and commercialization. The BioNTech partnership showed it: BioNTech supplied the mRNA science, while Pfizer ran the global Phase 3 trial with more than 40,000 participants, built ultra-cold distribution and manufactured billions of Comirnaty doses.
Questions about Eli Lilly vs Pfizer
Which company has higher revenue — Eli Lilly and Company or Pfizer Inc.?
Eli Lilly and Company had $65.2B (FY2025), while Pfizer Inc. had $62.6B (FY2025). By latest annual revenue, Eli Lilly and Company is the larger business, with Pfizer Inc. showing a smaller revenue base.
What is the market cap of Eli Lilly and Company vs Pfizer Inc.?
Eli Lilly and Company's market capitalisation stands at $1.06T, while Pfizer Inc.'s is $160.3B. Eli Lilly and Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Pfizer Inc..
How does revenue per employee compare for Eli Lilly and Company and Pfizer Inc.?
Eli Lilly and Company has $1.30M / employee in revenue per employee, while Pfizer Inc. has $834k / 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 Pfizer Inc. make money?
Eli Lilly and Company and Pfizer Inc. generate revenue in fundamentally different ways. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Pfizer Inc.: Pfizer makes money by selling patented prescription medicines and vaccines to wholesalers, hospitals, governments and pharmacies, with the United States as its largest market.
Which company is valued higher relative to revenue — Eli Lilly and Company or Pfizer Inc.?
On a price-to-sales (P/S) basis, Eli Lilly and Company trades at 16.3x P/S and Pfizer Inc. at 2.6x P/S. Eli Lilly and Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Pfizer Inc.. 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 Pfizer Inc.?
By last reported revenue, Eli Lilly and Company ($65.2B (FY2025)) is the larger company compared to Pfizer Inc. ($62.6B (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 Pfizer overview