ELI LILLY & Co. has reported its financial results for the third quarter of 2025, showing significant growth in both revenue and net income. The company's revenue for the three months ended September 30, 2025, increased to $17,600.8 million, a 54% rise from the same period in 2024, when revenue was $11,439.1 million. For the nine months ended September 30, 2025, revenue reached $45,887.0 million, up 46% from $31,509.9 million in the same period in 2024.
The net income for ELI LILLY & Co. also saw substantial growth, reaching $5,582.5 million for the third quarter of 2025, compared to $970.3 million in the third quarter of 2024. For the nine months ended September 30, 2025, net income stood at $14,002.3 million, a significant increase from $6,180.2 million in the same period in 2024. Earnings per share * diluted also showed remarkable growth, reaching $6.21 for the third quarter of 2025, compared to $1.07 in the third quarter of 2024. For the nine months ended September 30, 2025, earnings per share * diluted stood at $15.56, up from $6.83 in the same period in 2024.
The company attributed the increase in revenue to higher volume, partially offset by lower realized prices, driven primarily by Mounjaro and Zepbound. The growth in net income and earnings per share was primarily due to higher gross margin, partially offset by increased marketing, selling, and administrative expenses, as well as research and development expenses.
ELI LILLY & Co. also provided updates on its clinical development pipeline, including the submission of applications for various products such as tirzepatide and insulin efsitora alfa for regulatory approval in the U.S. and European Commission. Additionally, the company announced successful Phase 3 trials for various products targeting different medical conditions, including type 1 diabetes, obesity, hypertension, osteoarthritis pain, and chronic low back pain.
The company also highlighted certain regulatory and market trends affecting pharmaceutical pricing, reimbursement, and access, including the impact of U.S. presidential administration executive orders and the enactment of the OBBBA, which is expected to result in added pressure on cost, pricing, reimbursement, and access for ELI LILLY & Co.'s products.
ELI LILLY & Co. expressed concerns over the impact of global concern over access to pharmaceutical products, cost containment efforts by governmental authorities, and scrutiny of pricing and access disparities. The company also noted that private payers and pharmacy benefit managers in the U.S. continue to significantly impact the market for pharmaceuticals through negotiation of access, manufacturer price or rebate concessions, and pharmacy reimbursement rates.
In addition, the company highlighted issues related to supply and demand for its incretin medicines, as well as tax matters, including the impact of the OBBBA on its income tax expense for the three months ended September 30, 2025.
ELI LILLY & Co. emphasized its continued focus on acquisitions, collaborations, investments, and licensing arrangements to enhance its pipeline and strengthen its business, while acknowledging the regulatory focus on business combinations in the pharmaceutical industry.
The company also noted its exposure to foreign currency risk due to fluctuating currency exchange rates, primarily the U.S. dollar against the euro, Japanese yen, Chinese yuan, and British pound sterling.
ELI LILLY & Co.'s latest 10-Q filing provides a comprehensive overview of its financial performance, clinical development pipeline, and the regulatory and market trends impacting its business. Following these announcements, the company's shares moved -0.8%, and are now trading at a price of $813.53. For the full picture, make sure to review ELI LILLY & Co's 10-Q report.
