Eli Lilly vs Roche: Revenue, Profit and Business Model
Eli Lilly had $65.2B of annual revenue in FY2025 and $20.6B of net income. Roche had ~$76B of annual revenue in FY2025 and ~$15.5B 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. Eli Lilly and Company is a pharmaceutical titan that has experienced massive growth, commanding a monumental market valuation frequently exceeding $700 billion.
Roche
Roche's 2025 group sales were ~$73.8 billion (CHF 61.5 billion), up 7% at constant exchange rates but only 2% in Swiss francs. Core operating profit grew 13% CER to ~$26.2 billion (CHF 21.8 billion), core EPS was CHF 19.46, and IFRS net income jumped to ~$16.6 billion (CHF 13.8 billion) from ~$11 billion (CHF 9.2 billion) in 2024, when impairments depressed profit. In H1 2026 core operating margin widened 1.7 points to 39.0%, while a strong franc pushed reported sales down 2%. The board raised the dividend to CHF 9.80, the 39th consecutive increase, and guided for mid-single-digit CER sales growth and high-single-digit core EPS growth in 2026. F. Hoffmann-La Roche AG is a colossal Swiss multinational healthcare company operating heavily under two massive divisions: Pharmaceuticals and Diagnostics, sustaining a market valuation generally exceeding $250 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.
Roche
- Prescription medicines
- Biologics and oncology drugs
- Diagnostic instruments
- Diagnostic reagents and tests
- Sequencing and molecular diagnostics
- Clinical data and companion diagnostics
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.
Roche
How it makes money
Roche makes money in two ways. The Pharmaceuticals Division (~$57.2 billion (CHF 47.7 billion) in 2025) sells patented medicines, mostly biologics, in oncology, neuroscience, immunology, ophthalmology and haemophilia; top growth drivers in 2025 were Phesgo, Xolair, Ocrevus, Hemlibra and Vabysmo.
Growth strategy
Roche is building a cardiovascular, renal and metabolic franchise through acquisitions of Carmot Therapeutics (2023, $2.7 billion upfront) and 89bio (2025, up to about $3.5 billion), the petrelintide partnership with Zealand Pharma, and a new Innovation Center in Boston opened in September 2026.
Competitive advantage
Roche's edge comes from three things: scale in both drugs and diagnostics, a long-horizon ownership structure, and a federated R&D model. The Hoffmann and Oeri family pool holds the majority of voting shares, which shields management from takeover pressure.
Questions about Eli Lilly vs Roche
Which company has higher revenue — Eli Lilly and Company or F. Hoffmann-La Roche AG?
Eli Lilly and Company had $65.2B (FY2025), while F. Hoffmann-La Roche AG had ~$76B (FY2025). By latest annual revenue, F. Hoffmann-La Roche AG is the larger business, with Eli Lilly and Company showing a smaller revenue base.
What is the market cap of Eli Lilly and Company vs F. Hoffmann-La Roche AG?
Eli Lilly and Company's market capitalisation stands at $1.06T, while F. Hoffmann-La Roche AG's is $355.0B. Eli Lilly and Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to F. Hoffmann-La Roche AG.
How does revenue per employee compare for Eli Lilly and Company and F. Hoffmann-La Roche AG?
Eli Lilly and Company has $1.30M / employee in revenue per employee, while F. Hoffmann-La Roche AG has $674k / 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 F. Hoffmann-La Roche AG make money?
Eli Lilly and Company and F. Hoffmann-La Roche AG generate revenue in fundamentally different ways. Eli Lilly and Company: Lilly makes money by discovering, developing, manufacturing and selling patent-protected prescription medicines. F. Hoffmann-La Roche AG: Roche makes money in two ways.
Which company is valued higher relative to revenue — Eli Lilly and Company or F. Hoffmann-La Roche AG?
On a price-to-sales (P/S) basis, Eli Lilly and Company trades at 16.3x P/S and F. Hoffmann-La Roche AG at 4.7x P/S. Eli Lilly and Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to F. Hoffmann-La Roche 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 F. Hoffmann-La Roche AG?
By last reported revenue, F. Hoffmann-La Roche AG (~$76B (FY2025)) is the larger company compared to Eli Lilly and Company ($65.2B (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 Roche overview