Eli Lilly and Company (LLY): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine behind Eli Lilly and Company's current market surge, and frankly, it's a masterclass in pharmaceutical execution. It boils down to their dual focus: securing blockbuster Intellectual Property, like the incretin franchise, while simultaneously pouring capital-over $50 billion invested in US expansion since 2020-into manufacturing scale to meet demand. The numbers from their recent performance tell the story: with Q3 2025 R&D spend hitting $3.47 billion to feed the pipeline, the firm projects full-year revenue between $63.0 billion and $63.5 billion. This Business Model Canvas lays out precisely how Eli Lilly and Company structures its partnerships, activities, and customer relationships to capture that value; you'll want to see the details below.

Eli Lilly and Company (LLY) - Canvas Business Model: Key Partnerships

You're mapping out Eli Lilly and Company's strategic alliances as of late 2025, and the numbers show a company doubling down on its home turf while aggressively buying pipeline assets. The Key Partnerships block of the Business Model Canvas is clearly focused on accelerating R&D translation and securing supply chain resilience, especially for its blockbuster incretin franchise.

The academic alliances are substantial, showing a commitment to both local talent development and foundational research. The expanded collaboration with Purdue University, announced in May 2025, is a massive eight-year commitment of up to $250 million. This builds on prior funding, as the original 2017 pact was for $52 million, later re-upped with an additional $50 million. This new funding focuses heavily on leveraging artificial intelligence (AI) for drug discovery, speeding up the transition of drugs into clinical trials, and bolstering the life sciences workforce.

Closer to its headquarters, Eli Lilly and Company formalized a significant five-year agreement with Indiana University in December 2025, committing up to $40 million. This partnership is designed to create a best-in-class, AI-enabled clinical trial infrastructure, aiming to improve patient recruitment and operational efficiency for trials in Alzheimer's disease, diabetes, cancer, and cell and gene therapy. This investment directly feeds into Indiana's $99 billion life sciences sector.

For pipeline expansion, Eli Lilly and Company is actively partnering with specialized biotech firms:

• For idiopathic pulmonary fibrosis (IPF), the deal with Mediar Therapeutics for the anti-WISP1 antibody MTX-463 involves an upfront and near-term payment of $99 million, with potential downstream milestones reaching up to $687 million, making the total deal worth over $786 million. Mediar planned to launch the Phase II trial in the first half of 2025 before handing over development to Eli Lilly and Company.
• To bolster its neurodegenerative pipeline, Eli Lilly and Company licensed the preclinical ALS program ATLX-1282 from Alchemab Therapeutics for a total potential value of up to $415 million, including milestones and royalties. This licensing deal was the first concrete outcome from a broader research collaboration initiated in January 2025 to develop up to five novel ALS therapies.

The need to rapidly scale production for key incretin drugs like Mounjaro and Zepbound has made manufacturing partnerships critical, though Eli Lilly and Company is prioritizing internal build-out. While the use of Contract Manufacturing Organizations (CMOs) is a known tactic for immediate needs, especially for the final fill-and-finish step, the company's primary strategy involves massive capital expenditure. Eli Lilly and Company expected to manufacture at least 60 percent more salable doses of its GLP-1 drugs in 2025 than in 2024. This internal push includes a $5.3 billion investment for an active pharmaceutical ingredients (API) plant and plans for a $4.5 billion Lilly Medicine Foundry.

For global supply chain management, Eli Lilly and Company relies on established giants. The company maintains formal distribution agreements with major players, listing both McKesson Specialty Distribution and AmerisourceBergen Specialty Group (Cencora) as Authorized Lilly Specialty Distributors as of October 9, 2025. This is standard practice, as the U.S. drug wholesale market remains an oligopoly where these two, alongside Cardinal Health, collectively control well over 90% of the market by revenue.

Here's a quick look at the scale of these key external relationships:

The internal manufacturing expansion to support incretin supply is also noteworthy, with Eli Lilly and Company committing over $50 billion in U.S. capital expansion since 2020, including a $5.3 billion API plant. Finance: draft Q4 2025 cash flow projection update by Wednesday.

Eli Lilly and Company (LLY) - Canvas Business Model: Key Activities

Intensive pharmaceutical Research and Development (R&D) across five core therapeutic areas

Eli Lilly and Company maintains a high-intensity R&D focus, dedicating significant capital to scientific advancement. For the fiscal year 2024, R&D expenditures totaled $10,990.6 million, representing 24.4% of total sales. This commitment continued into 2025, with Research and development expenses in the third quarter of 2025 reaching $3.47 billion, which was 19.7% of revenue and marked a 27% increase year-over-year for that quarter. The company's primary pharmaceutical businesses center on Cardiometabolic Health, Oncology, Immunology, and Neuroscience, with Alzheimer's disease also being a key area of pursuit. In the first quarter of 2025, R&D expenses increased by 8%. The financial impact of pipeline development is also seen through one-time charges; for instance, Q3 2025 recognized acquired in-process research and development (IPR&D) charges of $655.7 million.

• Cardiometabolic Health, Oncology, Immunology, Neuroscience, and Alzheimer's focus areas.
• Q1 2025 acquired IPD charges negatively impacted EPS by $1.72.
• Phase 2 data in March 2025 showed siRNA therapeutic lepodisiran achieved nearly 94% reduction in lipoprotein(a) levels.

Large-scale, high-quality manufacturing of complex biologics and small molecules, especially incretin products

Manufacturing scale-up is a critical activity, especially to meet the explosive demand for incretin products like Mounjaro and Zepbound. Eli Lilly and Company had already doubled the production capacity for its GLP-1 drugs by the end of 2023. For the first half of 2025, the company planned to produce at least 60% more salable doses of incretins compared to the first half of 2024. The company's Chief Financial Officer indicated that supply might not fully catch up with market demand until at least 2025. Eli Lilly and Company has manufacturing plants located in 9 countries globally. Significant capital is being deployed to expand this capacity, as detailed below:

The enhanced Puerto Rico facility is intended to manufacture orforglipron, an oral GLP-1 receptor agonist, with submission expected by the end of 2025.

Global commercialization and sales of patented medicines to over 120 countries

Eli Lilly and Company commercializes its portfolio globally, with products sold in approximately 125 countries. The company reported a worldwide revenue of $17.60 billion for the third quarter of 2025. Based on strong performance, the full-year 2025 revenue guidance was raised to a range of $63.0 billion to $63.5 billion. Volume growth was a major driver, with a 62 percent increase in Q3 2025. Revenue from the US market between Q1 and Q3 2025 reached $30.6 billion, while the European market contributed $8.5 billion in the same period. The incretin-based drug tirzepatide (Mounjaro and Zepbound) generated $24.8 billion in revenue over the first three quarters of 2025, representing a 125% year-over-year increase.

• Q3 2025 Worldwide Revenue: $17.60 billion.
• 2025 Full-Year Revenue Guidance Range: $63.0 billion to $63.5 billion.
• Tirzepatide sales (Q1-Q3 2025): $24.8 billion.
• US Revenue (Q1-Q3 2025): $30.6 billion.

Strategic investment in next-generation modalities like gene therapies and oral solid medicines

The company is strategically investing in future platforms, including oral solid medicines and other novel modalities. A planned $3 billion investment is designated for a new facility in the Netherlands to expand oral medicine capacity. Furthermore, the company announced a planned investment of more than $1.2 billion to expand its Puerto Rico site to support its growing portfolio of oral solid medicines across key therapeutic areas. This investment supports the manufacturing of orforglipron, Lilly's first oral, small-molecule GLP-1 receptor agonist, which the company expects to submit for obesity regulatory approval by the end of 2025. In terms of pipeline advancement, in Q3 2025, the company recognized IPR&D charges of $655.7 million, primarily related to the acquisition of SiteOne Therapeutics, Inc..

Navigating complex global regulatory approvals and intellectual property defense

Navigating regulatory hurdles and defending intellectual property are essential activities. In Q2 of 2025, Eli Lilly and Company disclosed $2,700,000 in lobbying expenditures covering issues like intellectual property, drug pricing, and trade negotiations, including USMCA implementation and US-China trade talks. In April 2025, the company initiated lawsuits against telehealth companies for selling compounded versions of its GLP-1 drugs, framed as necessary to protect intellectual property. Concerns over legal costs and reputational damage from these actions contributed to a 13% stock fall in the last quarter of 2025. On the approval front, the Committee for Medicinal Products for Human Use (CHMP) issued a negative opinion in March 2025 regarding donanemab for early symptomatic Alzheimer's disease. Conversely, the company saw regulatory progress with the approval of Jaypirca in the US for CLL/SLL in December 2025, and the approval of J Perka in the EU for CLLL in Q1 2025.

• Q2 2025 Lobbying Spend on IP and Trade: $2,700,000.
• Stock decline in Q4 2025 partly due to legal cost concerns: 13%.
• FDA approval for Jaypirca expanded indication in December 2025.

Eli Lilly and Company (LLY) - Canvas Business Model: Key Resources

Blockbuster drug Intellectual Property (IP), notably the patents for tirzepatide (Mounjaro/Zepbound).

The main compound patent protecting the active ingredient tirzepatide is set to expire in the U.S. in 2036. Eli Lilly and Company has filed 53 U.S. patent applications related to tirzepatide, of which 16 have been granted. Tirzepatide surpassed Merck's Keytruda cancer drug in the third quarter of 2025 to become the world's bestselling prescription medicine, taking in $10.1 billion in sales for that three-month period.

Specialized manufacturing capacity, with over $50 billion invested in US expansion since 2020.

Eli Lilly and Company's total U.S. capital expansion commitments since 2020 exceed $50 billion. This includes a recent announcement of an additional $27 billion investment to build four new domestic manufacturing sites. Three of these new sites will focus on manufacturing Active Pharmaceutical Ingredients (API).

A robust clinical-stage pipeline, including oral GLP-1 agonist orforglipron and Retatrutide.

The pipeline includes late-stage candidates moving toward potential market entry.

• - Orforglipron: Achieved 12.4% body weight loss in a Phase 3 trial (ATTAIN-1). Eli Lilly and Company plans to file regulatory applications for obesity by the end of 2025.
• - Retatrutide: A triple-acting incretin expected to have its first data readout from a Phase 3 study in osteoarthritis of the knees later in 2025.

Highly specialized scientific and R&D talent, supported by a Q3 2025 R&D spend of $3.47 billion.

Research and development expenses for the third quarter of 2025 reached $3.47 billion, representing 19.7% of revenue for the quarter. For the twelve months ending September 30, 2025, R&D expenses were $12.558B. This spend reflects continued investment in the early and late-stage portfolio.

Global regulatory expertise and established relationships with health authorities like the FDA.

In the third quarter of 2025, Eli Lilly and Company achieved U.S. FDA approval for Inluriyo (imlunestrant) for certain adults with advanced or metastatic breast cancer. The FDA defended its data-driven conclusion that supply for tirzepatide was exceeding demand, siding with patent holders against compounding challenges.

Eli Lilly and Company (LLY) - Canvas Business Model: Value Propositions

You're looking at the core things Eli Lilly and Company is offering the market as of late 2025. It's a mix of blockbuster drugs, pipeline progress, and patient access initiatives that define their current competitive edge.

Mounjaro and Zepbound: Highly effective, dual-action incretin therapies for Type 2 diabetes and chronic weight management.

The incretin franchise is the primary value driver. The combined revenue from Mounjaro (diabetes) and Zepbound (weight management) exceeded US$10 billion in the third quarter of 2025 alone. Mounjaro delivered US$6.5 billion in Q3 2025 revenue, marking a 109% year-over-year increase. Zepbound showed even stronger growth, bringing in US$3.6 billion, up 185% from Q3 2024. For the first half of 2025, Mounjaro sales were US$9.04 billion and Zepbound sales were US$5.69 billion. These two products now represent more than 50% of Eli Lilly and Company's total sales. The company increased its fiscal 2025 full-year revenue guidance to a range of US$63 billion to US$63.5 billion, up from an earlier target of US$60-62 billion.

Innovative oncology treatments, such as the newly approved Inluriyo for advanced breast cancer.

Eli Lilly and Company achieved a key milestone with the U.S. Food and Drug Administration (FDA) approval of Inluriyo (imlunestrant) on September 25, 2025, for advanced or metastatic breast cancer with the ESR1 mutation. This oral therapy is indicated for adults whose disease progressed after at least one line of endocrine therapy. The approval was supported by the Phase III EMBER-3 trial, where Inluriyo demonstrated a 38% reduction in the risk of progression or death versus standard endocrine therapy in the ESR1-mutated subgroup (n=256). The median Progression-Free Survival (PFS) was 5.5 months for Inluriyo compared to 3.8 months for fulvestrant or exemestane. The company maintains an impressive 82.6% gross profit margin.

• Inluriyo commercial launch planned for US in autumn 2025.
• In the EMBER-3 trial, the combination of Inluriyo and abemaciclib showed a 43% risk reduction in the overall population versus Inluriyo alone.
• Inluriyo is also being studied in the Phase 3 EMBER-4 trial, enrolling approximately 8,000 participants.

Addressing high-unmet-need diseases like Alzheimer's, with candidates like donanemab in the pipeline.

Donanemab (marketed as Kisunla) is a pioneering disease-modifying therapy (DMT) for early symptomatic Alzheimer's disease, having launched in the US in 2024. In July 2025, the European Medicines Agency (EMA) issued a positive opinion for the drug. Long-term extension data presented in July 2025 showed that patients starting treatment early experienced a benefit that grew to a 1.2 point reduction on the Clinical Dementia Rating Sum of Boxes (CDR-SB) at 36 months, compared to delayed starters. GlobalData forecasts donanemab sales could reach US$3.8 billion by 2033. Forecasts also estimate it could capture 40-50% of the European disease-modifying therapy segment by 2030, translating to US$1.8-2.25 billion in European sales by that year.

Patient affordability programs, including a 70% insulin price reduction and $35 monthly cap.

Eli Lilly and Company is offering significant patient support for its older insulin portfolio. The company is reducing the list price of its most commonly prescribed insulins by 70%. Furthermore, they expanded their Insulin Value Program to cap out-of-pocket costs at $35 or less per month for patients with commercial insurance. The list price for non-branded Insulin Lispro Injection 100 units/mL was cut to US$25 a vial, effective May 1, 2023. The 70% list price cuts for Humalog and Humulin were effective in Q4 2023.

Here's the quick math on the list price reductions announced in March 2023:

• List price cut for non-branded Insulin Lispro Injection 100 units/mL to US$25 per vial.
• List price cut for Humalog (insulin lispro injection) 100 units/mL by 70%.
• List price cut for Humulin (insulin human) injection 100 units/mL by 70%.
• Launch of Rezvoglar KwikPens at a 78% discount to Lantus.

Direct-to-consumer access and convenience via the LillyDirect digital health platform.

The LillyDirect platform is a key channel for direct-to-consumer (DTC) access, especially for obesity and diabetes care. Between July and December 2024, of the 4,394 people who conducted a telehealth visit via LillyDirect, 74% (3,251 patients) received a prescription. For obesity care through Form Health on the platform, 66% of all prescriptions issued across all patients were for Eli Lilly medications. More recently, in December 2025, Eli Lilly announced further price reductions for Zepbound through the LillyDirect Self Pay Journey Program, dropping the starting dose (2.5 mg) to US$299 a month, which is US$50 less than the previous self-pay price.

Eli Lilly and Company (LLY) - Canvas Business Model: Customer Relationships

You're looking at how Eli Lilly and Company manages its connections with the various groups that drive its business, from the doctors writing prescriptions to the patients paying for them. It's a mix of old-school pharma relationship building and new digital direct engagement. Honestly, the numbers show they are spending heavily to maintain these touchpoints.

The engagement with healthcare providers (HCPs) remains a cornerstone. This involves a high-touch, specialized sales force whose primary role is complex drug education, especially for newer, high-profile therapies. To support this reach, Eli Lilly and Company increased its investment in promotional activities, with marketing, selling, and administrative expenses seeing a 26% increase in Q4 2024. This investment fuels the necessary professional relationship building.

Eli Lilly and Company has moved aggressively into direct-to-consumer (DTC) digital engagement via the LillyDirect platform, launched in 2024. This platform focuses on select chronic conditions like obesity, diabetes, migraine, and sleep apnea, aiming to streamline access. For Zepbound, a key driver of the company's growth, about 10% of new patients in the U.S. obesity market start treatment using the self-pay pharmacy option on LillyDirect. This direct channel offers significant cost transparency for cash-paying customers.

Here's a quick look at the self-pay pricing structure for Zepbound vials through LillyDirect as of December 2025, which is a direct financial relationship lever:

Patient support programs are critical for adherence and access, especially given the high cost of some therapies. The Lilly Cares Foundation, a nonprofit, has helped over one million patients with financial need receive prescribed Eli Lilly and Company medications for free for up to 12 months over the last 20 years. Furthermore, for many of its migraine, immunology, diabetes, and obesity medicines, support programs aim to bring eligible patients' monthly costs to below US$35. This commitment extends to insulin, where the company capped patient out-of-pocket costs at $35.

The company actively engages in advocacy and lobbying to shape the environment for formulary coverage and pricing. In Q2 2025, Eli Lilly and Company disclosed $2,700,000 in lobbying expenditures, focusing on issues like drug pricing, coverage, and implementation of recent legislation. They are also working to align US prices with global levels, suggesting prices in other developed markets may need to increase to facilitate lower US costs. Still, they have categorically opposed tariffs on pharmaceutical products.

Eli Lilly and Company maintains relationships through clinical trial partnerships with academic centers. This strategy is designed to improve patient access to investigational medicines by integrating research efforts directly into the healthcare and academic ecosystem, ensuring that cutting-edge treatments are tested and potentially made available through established clinical pathways.

Eli Lilly and Company (LLY) - Canvas Business Model: Channels

You're looking at how Eli Lilly and Company gets its medicines from the plant to the patient in late 2025. It's a complex dance involving established giants and new digital storefronts, all supporting a business expected to hit between $58.0 billion and $61.0 billion in global revenue for the full year 2025.

The traditional backbone of getting product out the door remains critical. Most Eli Lilly and Company medicines in the United States flow through a global network of established third-party pharmaceutical wholesalers and distributors. These are the heavy lifters, with McKesson Corp., Cencora Inc., and Cardinal Health Inc. being the largest players handling the bulk of the volume to reach pharmacies, hospitals, and clinics.

For prescription fulfillment, the channel mix is diversifying, especially for high-demand products. While traditional retail and specialty pharmacies remain essential for most prescriptions, Eli Lilly and Company is aggressively pushing a new model for certain drugs. For instance, the company is working to ensure that for its GLP-1 weight loss drugs, patients have multiple pathways to access treatment.

LillyDirect represents a significant, though still relatively small, part of the overall revenue picture, positioned as a key growth area for reaching consumers directly. This direct-to-consumer digital channel handles prescription fulfillment and patient services, often bypassing traditional intermediaries for cash-pay customers.

Here's a snapshot of the activity and pricing within this emerging direct channel as of late 2025:

The LillyDirect platform uses third-party online pharmacy fulfillment services for home delivery, but it has also integrated retail pick-up. Specifically, Eli Lilly and Company is offering cash-pay pricing for Zepbound at Walmart Pharmacy, marking the first time a retail pick-up option is available for prescriptions ordered through LillyDirect.

Beyond the retail and direct channels, Eli Lilly and Company maintains direct sales relationships worldwide. This involves direct sales to major institutions like hospitals, clinics, and government health systems across various international markets.

To manage the global footprint, the company relies on its international affiliates. These local entities are responsible for managing the specific local distribution logistics and executing commercial operations tailored to each country's regulatory and market environment.

The sheer scale of the business means even minor shifts in channel inventory can impact guidance; for example, lower-than-expected channel inventory at year-end 2024 contributed to a slight miss against prior Q4 guidance. Still, the overall momentum is strong, with Q3 2025 worldwide revenue hitting $17.60 billion, up 54% year-over-year.

Finance: draft 13-week cash view by Friday.

Eli Lilly and Company (LLY) - Canvas Business Model: Customer Segments

Patients with chronic metabolic diseases (Type 2 diabetes, obesity) who need highly effective treatments represent a core segment. Eli Lilly and Company saw its Q1 2025 revenue surge by 45% YoY to $12.73 billion, heavily driven by this area. Mounjaro (tirzepatide) for Type 2 diabetes contributed $3.84 billion in Q1 2025 revenue, marking a 113% YoY increase. Zepbound (tirzepatide) for obesity generated $2.31 billion in Q1 2025, showing a 345% YoY growth.

Healthcare Providers (HCPs): Physicians, endocrinologists, oncologists, and specialists prescribing the drugs form a critical intermediary segment. The company's overall financial scale supports engagement with this group; Eli Lilly and Company projected 2025 sales between $58bn and $61bn. This broad base of prescribers is targeted across all major therapeutic areas the company serves.

Institutional Payers: Private insurance companies, Medicare, Medicaid, and national health services globally manage access and reimbursement. Eli Lilly and Company struck a deal in November 2025 with the U.S. government to slash prices for Medicare and Medicaid programs. Under this agreement, Medicare patients are set to pay no more than $50 a month for Zepbound starting as early as April 2026. Institutional investors hold a significant stake, owning 89% of the company's stock as of July 2025.

Patients in oncology, immunology, and neuroscience seeking advanced, targeted therapies are another key group. Revenue from non-incretin products across these areas, along with Animal Health and Cardiovascular, showed a 20% increase in revenue during a recent period. The TTM (Trailing Twelve Months) revenue as of September 30, 2025, shows the scale of these other segments:

Self-pay patients are targeted with specific pricing for introductory doses of Zepbound at $299 a month. This price is for the 2.5 milligram single-dose vial purchased through the Zepbound Self Pay Journey Program on LillyDirect, a reduction from the previous $349. The 5 milligram dose is priced at $399 a month, down from $499. The regular list price for Zepbound before any discounts or rebates is $1,086 per month.

Eli Lilly and Company (LLY) - Canvas Business Model: Cost Structure

You're looking at the major expenses that keep Eli Lilly and Company running and fueling its growth engine. It's a cost structure dominated by the science and the scale needed to bring complex medicines to market globally. Honestly, the numbers tell you exactly where the money is going.

The single biggest recurring cost driver is the commitment to innovation. Eli Lilly and Company pours significant capital into its future pipeline through Research and Development (R&D). For the third quarter of 2025 alone, R&D expenses hit $3.47 billion. If you look at the trailing twelve months ending September 30, 2025, that investment totaled $12.558B. This is the price of staying at the forefront of biopharma.

Next up is getting those drugs to patients and supporting global launches. Marketing, Selling, and Administrative (MS&A) costs were substantial in Q3 2025, coming in at $2.74 billion. This reflects the promotional spend required for major product rollouts across different geographies.

The actual production of medicines is another massive cost center. Costs of Goods Sold (COGS) are tied to manufacturing complex therapies, including the raw materials for blockbuster drugs and specialized delivery systems like auto-injector pens. Using the Q3 2025 revenue of $17.60 billion and the reported GAAP Gross Margin of $14.59 billion, we can see the implied COGS for the quarter.

Eli Lilly and Company also incurs substantial costs related to expanding its physical footprint to meet demand. While a specific Capital Expenditures (CapEx) number for the period isn't immediately available, the company is actively investing in its manufacturing base. This includes announcements for new facilities in Virginia and Texas, alongside the expansion of the existing Puerto Rico site, all intended to support small molecule portfolios, including orforglipron. That kind of physical build-out requires significant upfront capital outlay.

Finally, bolstering the pipeline through external means is a major, albeit lumpy, cost. This shows up as acquisition and licensing charges. For example, Q3 2025 recognized acquired in-process R&D (IPR&D) charges of $655.7 million. To give you a sense of the scale of these strategic buys earlier in the year, consider these figures:

• Acquisition of Scorpion Therapeutics pipeline for up to $2.5 billion.
• Acquisition of SiteOne Therapeutics for as much as $1 billion.
• Acquisition of Verve Therapeutics valued at approximately $1.05 billion.
• Estimated IPR&D charge for Q1 2025 was approximately $1.57 billion pre-tax.

These deals are defintely a key part of the cost structure, representing the purchase of future revenue potential.

Eli Lilly and Company (LLY) - Canvas Business Model: Revenue Streams

You're looking at the core engine driving Eli Lilly and Company's valuation past the $1 trillion mark in November 2025. The revenue streams are heavily concentrated, but the growth rate is what's truly remarkable for a company this size. Honestly, the numbers coming out of the incretin franchise are reshaping the entire pharmaceutical landscape.

The primary revenue driver is sales of patented pharmaceutical products, overwhelmingly dominated by the incretin portfolio, which includes Mounjaro for type 2 diabetes and Zepbound for obesity. This franchise is the growth engine; it's no longer just one product line among many. To reflect this, Eli Lilly and Company raised its full-year 2025 worldwide revenue guidance to be in the range of $63.0 billion to $63.5 billion, up from earlier projections of $58.0 billion to $61.0 billion. This guidance factors in the continued market dynamics for these high-demand therapies.

Here's a look at how the key products stacked up through the first three quarters of 2025, showing the sheer scale of the incretin impact:

Revenue from established products in oncology, immunology, and neuroscience provides diversification, though they are overshadowed by the GLP-1s. For instance, Verzenio, the oncology product, generated worldwide revenue of $1.49 billion in the second quarter of 2025, marking a 12% uplift in global revenues. Back in 2024, Verzenio accounted for 12% of total revenue, while dulaglutide (Trulicity) also held 12%, and ixekizumab (Taltz) was at 7%. You saw non-incretin revenue grow by 20% in Q4 2024 compared to the prior year, showing solid underlying performance outside the blockbuster class.

Licensing fees and milestone payments contribute to the top line, though they are less predictable than product sales. Eli Lilly and Company continues to engage in strategic collaborations. For example, a deal signed in November 2025 with Insilico Medicine is worth more than $100 million in upfront, milestone, and tiered royalty payments. Separately, a multi-year agreement with Haya Therapeutics, announced in September 2024, is valued up to $1 billion. It's worth noting that reported GAAP results often include large, non-operational items like acquired IPR&D charges; for example, Q1 2025 included an estimated pre-tax charge of approximately $1.57 billion related to these activities.

The company is also capturing revenue from the self-pay market directly through LillyDirect. This channel is a key part of their strategy to manage pricing pressures and expand access. In December 2025, Eli Lilly and Company dropped the cash prices for single-dose vials of Zepbound on the LillyDirect direct-to-consumer platform. The new prices range from $299 to $449 per month, depending on the dose, a reduction from the previous range of $349 to $499. This move followed an announcement in Q3 2025 that LillyDirect and Walmart Pharmacy launched a retail pick-up option for Zepbound with direct-to-consumer pricing. That's defintely a strategic pricing lever you need to track.