Eli Lilly and Company
LLYFinancial Snapshot
ticker: LLY step: 04 generated: 2026-05-11 source: quick-research
Eli Lilly and Company (LLY) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|---|---|---|---|---|---|
| Revenue | $28.5B | $34.1B | $45.0B | $65.2B | +44.7% |
| Gross Margin | ~75% | ~80% | ~81% | ~83% | +200 bps |
| Operating Margin | 23% | 17% | 32% | ~39% | +700 bps |
| Net Income | $6.2B | $5.2B | $10.6B | ~$22B | +108% |
| EPS (diluted) | $6.90 | $5.80 | $11.71 | ~$24.50 | +109% |
Note: FY2023 net income / margin compressed due to large in-process R&D writedowns from the Versanis and POINT Biopharma acquisitions; FY2024 expanded materially as those one-time charges rolled off and tirzepatide ramped.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$15B |
| Capex | ~$11B (heavy manufacturing buildout) |
| Free Cash Flow | ~$4B (constrained by capex) |
| Cash & Investments | ~$5B |
| Total Debt | ~$33B |
| Net Debt | ~+$28B |
Key Ratios (approximate, May 2026)
- P/E: ~28x | EV/EBITDA: ~25x | FCF Yield: ~0.7% (suppressed by capex)
- Revenue Growth (TTM): ~45% | Gross Margin: ~83% | Operating Margin: ~39%
- Capex / Revenue: ~17% — Lilly is in the steepest manufacturing build cycle in big-pharma history
Growth Profile
Lilly has gone from ~$28B in revenue in 2022 to ~$65B in 2025 — a roughly 2.3x expansion in three years, almost entirely driven by the tirzepatide franchise (Mounjaro + Zepbound combined run-rate >$45B by end of 2025). The constraint has been supply, not demand: Lilly produced 1.6x more salable doses in H1 2025 vs. H1 2024. Operating leverage is now compounding meaningfully — gross margin remains in the low-80s and operating margin has expanded from 17% (2023, depressed by IPR&D charges) to ~39% (2025). Free cash flow is structurally suppressed by the $50B+ multi-year US manufacturing capex program.
Forward Estimates
2026 guidance (issued Feb 2026): Revenue $80–83B (+25% YoY). Consensus FY2026 EPS: ~$31. Bull-side scenarios pencil in 2027 revenue >$100B if orforglipron (oral GLP-1) launches strongly in H2 2026 and Zepbound DTC volumes ramp. Bear-side scenarios bake in MFN pricing pressure on US obesity prices, slower-than-expected payer expansion, and 2030+ generic erosion of tirzepatide.
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $LLY.