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  "description": "Headline: Lilly capped a blockbuster 2025 with +45% revenue growth and laid out 2026 guidance for $80–$83B revenue and $33.50–$35.00 EPS, balancing industry-leading volume growth against a low-to-mid-teens pricing headwind as obesity access expands (Medicare Part D) and orals arrive in Q2 2026.\n\n\nKey Metrics (bulleted)\n\n * FY2025 revenue: $65.2B (+45% YoY).\n * FY2025 EPS (non-GAAP): $24.21 (+86% YoY).\n * Q4 revenue: +43% YoY (exact $ not stated).\n * Q4 gross margin: 83.2% (flat YoY).\n * Q4 R&D: ",
  "path": "/eli-lilly-lly-q4-2025-earnings-core-brief-edition/",
  "publishedAt": "2026-02-08T19:02:32.000Z",
  "site": "https://www.core-brief.com",
  "textContent": "**Headline:** Lilly capped a blockbuster 2025 with **+45%** revenue growth and laid out 2026 guidance for **$80–$83B** revenue and **$33.50–$35.00** EPS, balancing **industry-leading volume growth** against a **low-to-mid-teens** pricing headwind as obesity access expands (Medicare Part D) and orals arrive in **Q2 2026**.\n\n### Key Metrics (bulleted)\n\n  * **FY2025 revenue:** **$65.2B** (**+45% YoY**).\n  * **FY2025 EPS (non-GAAP):** **$24.21** (**+86% YoY**).\n  * **Q4 revenue:** **+43% YoY** (exact $ not stated).\n  * **Q4 gross margin:** **83.2%** (flat YoY).\n  * **Q4 R &D:** **+26% YoY** (investment-led).\n  * **Q4 SG &A:** **+29% YoY** (launch + promotion support).\n  * **Q4 non-GAAP operating margin:** **47.2%** (**+4.2 pts YoY**).\n  * **Q4 effective tax rate:** **19.7%**.\n  * **Q4 EPS (non-GAAP):** **$7.54** (includes **$0.52** acquired IPR&D charges; vs **$5.32** prior-year with **$0.19** IPR&D).\n  * **Key products:** contributed **> $13B** in Q4 revenue and grew **+91% YoY** (aggregate of key products; individual totals not fully enumerated).\n  * **US pricing:** **-7%** price impact in Q4, with **volume-led** growth (notably Mounjaro + Zepbound).\n  * **Manufacturing:** produced **1.8x** more incretin doses in **2H25 vs 2H24** ; **> $55B** committed since 2020 to manufacturing buildout.\n  * **Lilly Direct:** **> 1M** patients engaged in 2025; **Zepbound self-pay vials ~1/3** of new patient starts among branded obesity meds.\n  * **Capital returns (2025):** **$1.3B** dividends + **$1.5B** share repurchases.\n\n\n\n### Segment & Strategy Highlights\n\n  * **Cardio-metabolic (Obesity/Diabetes):**\n    * US branded obesity market: total prescriptions **+33% YoY** ; penetration in eligible obesity population still **mid-single digits** (room to expand).\n    * **Zepbound** : US revenue **> 2x YoY**; **~70%** share of new prescriptions in branded obesity market (as stated).\n    * **Zepbound vials** : ~**1/3** of total Zepbound prescriptions; **~50%** of new Zepbound prescriptions in Q4.\n    * **Mounjaro** : >**55%** of new Rx share in US T2D incretin market exiting Q4; strong uptake outside US with broader launches.\n    * **International Mounjaro:** company said it became share leader in “total incretins” ex-US; 2026 focus = penetration + reimbursed expansion (China NRDL listed for T2D effective **Jan 1, 2026**).\n  * **Neuroscience:**\n    * Alzheimer’s therapy referenced as US market leader in amyloid-targeting space with **> 50%** share of total prescriptions.\n    * Revenue cited: **$109M** (product name unclear in transcript).\n  * **Immunology:**\n    * Atopic dermatitis franchise: US total prescriptions **+25% vs Q3 2025** ; global revenue **+55% YoY**.\n    * **Taltz** global sales **+30% YoY** ; Japan strong.\n    * Growing emphasis on **incretin + immunology** combinations (see below).\n  * **Oncology:**\n    * **Pirtobrutinib** (Jaypirca): global sales **+55% YoY** ; expanded US indication (post covalent BTK inhibitor) increases eligible pool.\n    * **Verzenio** global sales **+3%** ; early breast cancer penetration plateauing in US.\n    * Multiple Phase 3 data points highlighted for pirtobrutinib (large risk-reduction figures in CLL trials) and additional trials coming.\n\n\n\n### Product, Tech, AI / Blockchain\n\n  * **AI:** Lilly announced collaboration with **NVIDIA** to open a **co-innovation AI lab** to accelerate drug discovery; continuing to invest in AI + new supercomputer.\n  * **Oral obesity (orforglipron):** positioned as **market-expanding** (more “new starts”), with a simpler real-world regimen (no food/water restrictions highlighted).\n  * **Device/Presentation:** **Zepbound** approved in the US in a multi-use **KwikPen** ; launch expected “within the next few weeks.”\n\n\n\n### Credit & Risk\n\n  * Not a major focus in this transcript. Key watch-items were **pricing headwinds** (US + international) and **coverage dynamics** (Medicaid reductions in 2026; new states possibly adding in 2027).\n\n\n\n### Balance Sheet & Capital\n\n  * **Manufacturing buildout:** **> $55B** committed since 2020; new sites in the US/Europe; began production at new Wisconsin + North Carolina sites.\n  * **Shareholder returns (2025):** **$1.3B** dividends; **$1.5B** repurchases.\n\n\n\n### Guidance / Outlook (explicit)\n\n  * **FY2026 revenue:** **$80–$83B** (midpoint **$81.5B** , **+25%** vs FY2025).\n  * **FY2026 non-GAAP operating margin:** **46.0%–47.5%** (stable to slightly down vs Q4’s **47.2%** , per commentary).\n  * **FY2026 EPS:** **$33.50–$35.00**.\n  * **Pricing outlook:** expected **low-to-mid-teens** drag on growth (US: Medicare access agreement, DTC/Zepbound changes, lower Medicaid prices for later lifecycle meds; ex-US: China NRDL impact).\n  * **Obesity Medicare access:** expected effective **no later than July 1, 2026** , with a stated **$50/month** patient out-of-pocket; ramp builds over time.\n  * **orforglipron US launch:** targeted **Q2 2026** for chronic weight management; most international launches in **2027** (with some exceptions/earlier markets).\n  * **Medicaid:** expects reduced coverage in 2026 due to some states (e.g., California) removing obesity coverage; expects additional states may add coverage in 2027.\n\n\n\n### Bottom Line\n\nLilly is explicitly framing 2026 as another **volume-driven** year: obesity/diabetes momentum plus new access channels (Medicare) and an oral launch should expand the treated population, even as **pricing becomes a bigger headwind**. Profitability remains high (Q4 **47.2%** op margin; 2026 guide **46–47.5%**) while R&D spend ramps to feed a broad late-stage pipeline (including next-gen incretins and multi-indication expansion).\n\n* * *\n\nLLC 4Q25\n\n0:00\n\n/3847.008\n\n1×",
  "title": "Eli Lilly (LLY) Q4 2025 Earnings — Core Brief Edition",
  "updatedAt": "2026-02-08T19:02:32.000Z"
}