Eli Lilly and Company (LLY) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 54% year-over-year to $17.6B, driven by strong global uptake of Mounjaro and Zepbound, with significant contributions from Verzenio and other key products.

• Major regulatory milestones achieved, including FDA approval of Inluriyo (imlunestrant) for advanced breast cancer and EU approval for Kisunla in Alzheimer's disease.

• Significant R&D and manufacturing investments, including new facilities in Virginia, Texas, and Puerto Rico, and a partnership with NVIDIA for AI-driven drug discovery.

• Net income for Q3 2025 was $5.58B, with reported EPS at $6.21 and non-GAAP EPS at $7.02, both up sharply year-over-year.

• Acquisitions of Verve Therapeutics and Adverum Biotechnologies expanded the genetic medicines pipeline.

Financial highlights

• Q3 2025 revenue: $17.6B (+54% YoY); U.S. revenue up 45% to $11.3B, international revenue up 74% to $6.3B.

• Gross margin improved to 82.9% (reported) and 83.6% (non-GAAP), up year-over-year.

• Non-GAAP EPS rose to $7.02, including $0.71 of acquired IPR&D charges; reported EPS was $6.21.

• Net income (reported) was $5.58B, up from $970M in Q3 2024; non-GAAP net income was $6.31B.

• Performance margin (non-GAAP) increased to 48.3% of revenue, up over 8 percentage points year-over-year.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $63.0–$63.5B, up over $2B at the midpoint.

• Non-GAAP performance margin expected between 45% and 46% of revenue; reported margin at 43.5–44.5%.

• Non-GAAP EPS outlook increased to $23.00–$23.70; reported EPS guidance at $21.80–$22.50.

• Effective tax rate guidance unchanged at ~17% (non-GAAP) and ~19% (reported).