Eli Lilly vs Regeneron: Revenue, Profit and Business Model
Eli Lilly reported $65.2B of revenue in FY2025 and $20.6B of net income. Regeneron reported $14.3B of revenue in FY2025 and $4.5B 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.
Regeneron
Regeneron's revenue rose from $4.86 billion in 2016 to $16.07 billion in 2021, inflated by COVID-19 antibody sales, then reset to $12.17 billion in 2022. It has since grown slowly: $13.12 billion in 2023, $14.20 billion in 2024 and $14.34 billion in 2025, as Dupixent gains offset lower original EYLEA sales. Growth picked up in 2026, with Q2 revenue up 17% to $4.3 billion, GAAP EPS of $12.23 and non-GAAP EPS of $14.29.
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% | — | Source |
Regeneron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $14.3B | $4.5B | 31.4% | +1.0% | Source |
| FY2024 | $14.2B | $4.4B | 31.1% | +8.3% | Source |
| FY2023 | $13.1B | $4B | 30.1% | +7.8% | Source |
| FY2022 | $12.2B | $4.3B | 35.6% | -24.3% | Source |
| FY2021 | $16.1B | $8.1B | 50.2% | +89.1% | Source |
| FY2020 | $8.5B | $3.5B | 41.3% | +29.6% | Source |
| FY2019 | $6.6B | $2.1B | 32.3% | +27.4% | Source |
| FY2018 | $5.1B | $2.4B | 47.5% | -12.4% | Source |
| FY2017 | $5.9B | $1.2B | 20.4% | +20.8% | Source |
| FY2016 | $4.9B | $895.5M | 18.4% | — | 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.
Regeneron
- Direct product salesMajority
U.S. EYLEA/EYLEA HD, Libtayo, rare-disease, and other product sales.
- Sanofi collaboration revenueMajor
Profit-share and collaboration revenue from Dupixent and other partnered antibodies.
- Bayer collaboration revenue
Meaningful
Ex-U.S. EYLEA and EYLEA HD economics through Bayer.
- Licensing and other collaboration revenueSmaller
Milestone, reimbursement, and collaboration payments tied to partnered programs.
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.
Regeneron
How it makes money
Regeneron makes money three ways. First, it records U.S. net product sales of its own medicines, mainly EYLEA HD and EYLEA for retinal disease, Libtayo in oncology, and smaller rare-disease products. Second, it earns collaboration revenue from Sanofi on Dupixent and Kevzara: Sanofi books global sales and the two companies share profits. Third, it shares ex-U.S.
Growth strategy
Regeneron is defending ophthalmology with EYLEA HD (8 mg aflibercept, longer dosing intervals), widening Dupixent into new Type 2 inflammatory indications such as COPD, and building oncology and hematology around Libtayo and bispecifics such as linvoseltamab and odronextamab.
Competitive advantage
Regeneron's edge is an in-house discovery platform (VelociSuite and VelocImmune) paired with the Regeneron Genetics Center's large human-sequencing dataset, which helps pick drug targets with genetic validation. Its two founders still run the company, so R&D priorities have stayed consistent for more than three decades, and it manufactures its own biologics in Rensselaer, New York and Limerick, Ireland.
Questions about Eli Lilly vs Regeneron
Which company has higher revenue — Eli Lilly and Company or Regeneron Pharmaceuticals, Inc.?
Eli Lilly and Company reported $65.2B (FY2025), while Regeneron Pharmaceuticals, Inc. reported $14.3B (FY2025). By last reported revenue, Eli Lilly and Company is the larger business, with Regeneron Pharmaceuticals, Inc. reporting a smaller revenue base.
What is the market cap of Eli Lilly and Company vs Regeneron Pharmaceuticals, Inc.?
Eli Lilly and Company's market capitalisation stands at $1.06T, while Regeneron Pharmaceuticals, Inc.'s is $75.0B. Eli Lilly and Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Regeneron Pharmaceuticals, Inc..
Which is more financially efficient — Eli Lilly and Company or Regeneron Pharmaceuticals, Inc.?
Eli Lilly and Company generates $1.30M / employee in revenue per employee, while Regeneron Pharmaceuticals, Inc. generates $931k / employee. Eli Lilly and Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Eli Lilly and Company and Regeneron Pharmaceuticals, Inc. make money?
Eli Lilly and Company and Regeneron Pharmaceuticals, Inc. generate revenue in fundamentally different ways. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. Regeneron Pharmaceuticals, Inc.: Regeneron makes money three ways.
Which company is valued higher relative to revenue — Eli Lilly and Company or Regeneron Pharmaceuticals, Inc.?
On a price-to-sales (P/S) basis, Eli Lilly and Company trades at 16.3x P/S and Regeneron Pharmaceuticals, Inc. at 5.2x P/S. Eli Lilly and Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Regeneron Pharmaceuticals, 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 Regeneron Pharmaceuticals, Inc.?
By last reported revenue, Eli Lilly and Company ($65.2B (FY2025)) is the larger company compared to Regeneron Pharmaceuticals, Inc. ($14.3B (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 Regeneron overview