Q4 2025 Eli Lilly and Co Earnings Call Transcript

Feb 04, 2026 / 03:00PM GMT

Release Date Price: €931.1 (+6.55%)

Transcript 10-K8-K

Key Points

Positve

Eli Lilly and Co (LLY) reported a 45% increase in full-year revenue for 2025, driven by key products and new medicine launches.
The company successfully launched new medicines like Inluriyo and expanded indications for Omvoh and Jaypirca.
Eli Lilly and Co (LLY) executed 39 business development transactions, enhancing its pipeline with clinical stage assets.
The company invested in artificial intelligence, collaborating with NVIDIA to accelerate drug discovery.
Eli Lilly and Co (LLY) announced plans to expand manufacturing capacity with new sites in the US and Europe.

Negative

Despite strong revenue growth, Eli Lilly and Co (LLY) faced a 7% decline in price in the US market.
R&D expenses increased by 26%, driven by investments in early and late-stage portfolios.
Marketing, selling, and administrative expenses rose by 29%, impacting overall profitability.
The company anticipates price erosion in the low to mid-teens for 2026, affecting revenue growth.
Eli Lilly and Co (LLY) expects a reduction in Medicaid access in 2026 due to key states removing obesity coverage.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q4 2025 earnings conference call. (Operator Instructions)

I would now like to turn the conference over to your host, Mike Czapar, Senior Vice President of Investor Relations. Please go ahead.

Mike Czapar

Eli Lilly and Co - Senior Vice President Investor Relations

Good morning. Thank you for joining us for Eli Lilly Company's Q4 2025 earnings call. I'm Mike Czapar, Senior Vice President of Investor Relations.

Joining me on today's call are Dave Ricks, Lilly's Chair and CEO; Lucas Montarce, Chief Financial Officer; Dr. Dan Skovronsky, Chief Scientific and Product Officer; Adrienne Brown, President of Lilly Immunology; Dr. Carole Ho, President of Lilly Neuroscience; Ilya Yuffa, President of Lilly USA and Global Customer Capabilities; Jake Van Naarden, President of Nephrology and Head of Business Development; Patrick Jonsson, President of Lilly International; and Ken Custer, President of Lilly Cardiometabolic Health. We're also joined by Mark Heiman, Susan Hedlund, and Wes

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