Eli Lilly Q2 2025 Earnings Summary: Incretin Portfolio Drives Record Revenue and Strengthens Market Leadership
Mounjaro and Zepbound Fuel Growth as Pipeline and International Expansion Position Lilly for Long-Term Leadership
Eli Lilly delivered a robust Q2, with revenue rising 38% year-over-year to $15.56 billion, driven by strong performance from key products Mounjaro and Zepbound. Mounjaro achieved $5.2 billion in global sales, solidifying its position as the U.S. market leader in type 2 diabetes incretin prescriptions, while Zepbound posted $3.4 billion in sales, reinforcing Lilly’s branded anti-obesity leadership. Growth was driven by strong volume gains, partly offset by lower realized prices, with continued international expansion of the incretin portfolio providing additional tailwinds.
Key Financial Highlights
Revenue: $15.56 billion, up 38% YoY
Mounjaro Sales: $5.2 billion
Zepbound Sales: $3.4 billion
Gross Margin: 82.5%, stable YoY
EPS: $5.45, up 32% YoY
Capital Returns: $1.3 billion via dividends and share repurchases
Full-Year 2025 Revenue Guidance: $60–62 billion, raised from prior guidance
Product Momentum and Pipeline Progress
Mounjaro’s growth continues to accelerate with the SURPASS-CVOT trial showing cardiovascular benefits, strengthening its long-term market position. Zepbound maintains strong adoption despite short-term market access challenges, such as its exclusion from CVS Pharmacy’s formulary. Lilly’s R&D pipeline remains active, with Phase 3 data from the ATTAIN-1 trial for orforglipron, a once-daily oral GLP-1 therapy, indicating promising weight loss and metabolic benefits, positioning the company for future expansion in oral incretin treatments.
Outlook and Financial Discipline
The company raised full-year revenue guidance to $60–62 billion, supported by robust adoption of Mounjaro, Zepbound, and other incretin therapies. It continues to generate strong cash flow, enabling meaningful shareholder returns while investing in pipeline development and global market expansion. Operational execution remains disciplined, balancing growth with prudent cost management and strategic capital allocation.
Here’s Our Take
Eli Lilly’s Q2 results highlight the company’s leadership in incretin-based therapies, with Mounjaro and Zepbound driving record revenue and establishing strong market positions. The continued international rollout of these therapies, combined with positive clinical trial outcomes, underscores the long-term growth potential of Lilly’s portfolio. While near-term headwinds, including pricing and formulary challenges, may create volatility, the company’s ability to scale its products, deliver strong cash flow, and advance its pipeline positions it favorably for sustained growth. The combination of market-leading products, a deep pipeline, and disciplined financial execution reinforces its role as a global leader in diabetes and obesity treatment and a compelling story for continued investor focus.
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