October 31, 2026·45 min read
Eli Lilly (LLY), Financial Analysis
Insights derived from analysing SEC filings. Independent analysis, not a publication of the SEC.
Revenue Q3 2026
$24.4bn
+38.6% year on year (Q3 2025 $17.6bn)
Costs and expenses Q3 2026
$15.8bn
+54.2% year on year (Q3 2025 $10.2bn)
Operating margin Q3 2026
35.3%
(6.6 pts) year on year (Q3 2025 41.8%)
Key findings
- Incretins were two thirds of revenue. Mounjaro $10.7bn (+64.6%), Zepbound $5.4bn (+49.2%) and the oral Foundayo $184m made up 66.6% of Q3 2026 revenue of $24.4bn (+38.6%), against 57.4% a year earlier. Novo Nordisk obesity care sales grew 15% in Danish kroner in Q2 2026, its latest filed quarter.
- Volume rises, price falls. Volume +53% and realized price (15%) in Q3 2026: U.S. price (7%), outside U.S. price (29%) after Mounjaro's listing on China's reimbursement list. Q3 revenue includes about $900m of benefits from Jardiance milestones ($410m; none remain) and rebate estimate changes.
- Other areas grow more slowly. Oncology +8.0% with Verzenio +2.8% against Novartis Kisqali +37% at constant currency; immunology +5.4% with Taltz (5.1%); neuroscience +40.5% incl. Kisunla ($193m).
- Acquired IPR&D lowered reported earnings. Acquired IPR&D of $4.18bn in Q3 2026 ($4.57 per share) lowered operating margin to 35.3% from 41.8%; before acquired IPR&D and special charges the margin was 53.7% against 47.6%. Business development cash in 9M 2026 was $18.2bn; debt rose $7.0bn to $49.5bn.
- Revenue guidance raised three times. FY2026 revenue from $80bn to $83bn (Feb) to $91bn to $92bn (Oct). Non GAAP EPS guidance went from $33.50 to $35.00 (Feb) to $35.50 to $37.00 (Apr), $35.50 to $36.50 (Aug) and $35.00 to $36.00 (Oct); the Aug and Oct ranges absorb acquired IPR&D of $3.03 and $4.57 per share, while underlying EPS was raised $2.78 and $4.07 at the midpoint.
- Shares at $1,414.51 on 30 Oct 2026, 45.9x TTM diluted EPS and 39.8x the FY2026 non GAAP EPS guidance midpoint. Three year scenarios: base $1,445, best $2,460, worst $564.
Figures are read from the Forms 10-K for FY2022 to FY2025, the Forms 10-Q for Q3 2025 and Q1 to Q3 2026, the Forms 8-K with all their exhibits, incl. the quarterly earnings releases (Ex 99 and 99.1), the May 2026 underwriting agreement (Ex 1.1), the officers' certificates for eight notes series (Ex 4.3, 4.4) and two legal opinions (Ex 5.1, 5.2), the Form 8-K Item 5.07 vote results, Schedules 13G and Forms 4 on the record for central index key 59478, and the filings of 11 other companies used in chapters 2 to 5 and 8. Lilly files no CFO commentary exhibit: CFO commentary comes from the Q4 2025, Q1 2026 and Q2 2026 earnings calls; no Q3 2026 call transcript was available on 31 Oct 2026, so Q3 2026 management commentary is taken from the release and the Form 10-Q. Accession numbers for every filing used appear in the Sources appendix. Market prices are the last trades of 30 October 2026.
1 Revenue & Business Model
- Storyline: revenue now depends on incretin medicines, and volume growth outweighs falling prices. Mounjaro, Zepbound and Foundayo were 66% of 9M 2026 revenue (10-Q). Chapters 2 to 5 cover the four revenue drivers by therapeutic area: incretins in cardiometabolic health, oncology, immunology and neuroscience; chapter 6 covers the cost of the acquisitions behind the pipeline in the financial analysis.
- One segment, human pharmaceuticals, sold in about 90 countries; McKesson, Cencora and Cardinal Health are the three main U.S. wholesalers, and LillyDirect self pay sales are a growing share (10-K FY2025). Revenue is net of U.S. rebates, discounts and returns of $62.1bn in FY2025 against $41.5bn in FY2024.
- Revenue FY2021 $28.3bn to FY2025 $65.2bn, a 23.2% CAGR; TTM Q3 2026 $86.5bn, +45.5% on the prior twelve months.
- Therapeutic areas FY2025: cardiometabolic health $48.2bn (74.0%), oncology $9.4bn (14.4%), immunology $5.2bn (8.1%), neuroscience $1.4bn (2.1%). In Q3 2026 cardiometabolic health was 81.0% of revenue.
- Regions FY2025: U.S. $43.5bn (66.7%), Europe $11.6bn (17.7%, +67.0%), Japan $2.1bn, China $2.0bn, rest of world $6.1bn.
- Concentration: six products above $3bn each made up 82% of FY2025 revenue and Mounjaro and Zepbound 56% (10-K FY2025, Item 1A). Jardiance is a collaboration with Boehringer Ingelheim in which Lilly records a share of net sales as collaboration revenue.
Table 1.1 Revenue by therapeutic area and product ($bn)
| Line | FY2023 | FY2024 | FY2025 | 9M 2025 | 9M 2026 | 9M change (%) |
|---|---|---|---|---|---|---|
| Mounjaro | 5.16 | 11.54 | 22.97 | 15.56 | 29.33 | 88.5 |
| Zepbound | 0.18 | 4.93 | 13.54 | 9.28 | 14.44 | 55.6 |
| Trulicity | 7.13 | 5.25 | 4.28 | 3.24 | 3.04 | (6.1) |
| Jardiance | 2.75 | 3.34 | 3.43 | 2.66 | 3.92 | 47.4 |
| Other cardiometabolic health | 4.45 | 4.46 | 4.01 | 2.99 | 3.14 | 5.2 |
| Cardiometabolic health | 19.67 | 29.52 | 48.22 | 33.73 | 53.88 | 59.7 |
| Verzenio | 3.86 | 5.31 | 5.72 | 4.12 | 4.29 | 4.1 |
| Other oncology | 2.80 | 3.45 | 3.65 | 2.65 | 3.15 | 18.9 |
| Oncology | 6.66 | 8.75 | 9.38 | 6.77 | 7.44 | 9.9 |
| Taltz | 2.76 | 3.26 | 3.56 | 2.51 | 2.44 | (2.7) |
| Other immunology | 1.04 | 1.13 | 1.68 | 1.20 | 1.61 | 34.8 |
| Immunology | 3.80 | 4.39 | 5.25 | 3.71 | 4.06 | 9.4 |
| Neuroscience | 2.88 | 1.47 | 1.39 | 0.93 | 1.25 | 34.5 |
| Other | 1.12 | 0.90 | 0.94 | 0.75 | 0.55 | (27.4) |
| Total revenue | 34.12 | 45.04 | 65.18 | 45.89 | 67.17 | 46.4 |
Product revenue includes collaboration revenue. FY2021 and FY2022 are omitted because Lilly changed its category definitions in FY2024. Other is revenue outside the lines shown. Q4 2025 product values equal FY2025 less 9M 2025.
Table 1.2 Revenue by therapeutic area, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Cardiometabolic health ($bn) | 13.18 | 14.49 | 15.76 | 18.35 | 19.76 |
| Oncology ($bn) | 2.41 | 2.61 | 2.27 | 2.57 | 2.60 |
| Immunology ($bn) | 1.36 | 1.54 | 1.20 | 1.42 | 1.44 |
| Neuroscience ($bn) | 0.32 | 0.46 | 0.38 | 0.43 | 0.44 |
| Other ($bn) | 0.34 | 0.19 | 0.19 | 0.21 | 0.15 |
| Total revenue ($bn) | 17.60 | 19.29 | 19.80 | 22.97 | 24.40 |
| Mounjaro, Zepbound and Foundayo share (%) | 57.4 | 60.5 | 64.8 | 65.2 | 66.6 |
2 Incretins: Mounjaro, Zepbound and the Oral Foundayo Launch
- Mounjaro $10.72bn in Q3 2026, +64.6%: U.S. $5.00bn (+40.8%), outside U.S. $5.73bn (+93.1%). Zepbound $5.35bn, +49.2%, almost all in the U.S. Foundayo $184m after $98m in its launch quarter.
- Cardiometabolic health $19.76bn, +50.0%, 81.0% of revenue. Trulicity $0.90bn ((14.1%)); Jardiance $1.58bn (+64.5%) incl. $410m of milestones.
- Price and volume: 9M 2026 outside U.S. volume +93%, driven by Mounjaro, and price (30%), mainly from Mounjaro's listing on China's National Reimbursement Drug List in Q1 2026; U.S. volume +42% and price (5%).
- Channels: about 45% of Zepbound prescriptions were self pay in Q1 and Q2 2026; LillyDirect self pay prices $299 to $449 a month and the Medicare Bridge price $245 (Q2 2026 call). The Medicare GLP 1 Bridge runs from 1 Jul 2026 to 31 Dec 2027.
- Pipeline: orforglipron submitted for type 2 diabetes in the U.S. and Japan, with a positive CHMP opinion in the EU; retatrutide met primary endpoints in Phase 3, incl. a head to head trial against Ozempic 2 mg, with a U.S. BLA planned for Q1 2027; EloraTZP Phase 3 trials start in Q4 2026.
How the incretin market is changing
- Branded obesity volume grew 81% globally and 87% in the U.S. on a moving annual total to May 2026, per prescription data cited in Novo Nordisk's H1 2026 report (6-K, 4 Aug 2026).
- Oral competition: Lilly launched Foundayo in the U.S. in Q2 2026 ($98m and $184m in Q2 and Q3); Novo Nordisk launched the Wegovy pill in the U.S. on 5 Jan 2026, with DKK 3.22bn of Q2 2026 sales and over 265,000 weekly prescriptions in the week to 17 Jul 2026.
- Novo Nordisk obesity care sales DKK 23.15bn in Q2 2026, +15% (Wegovy injectable +1%), and 2026 guidance for adjusted sales growth of 0% to (6%) at constant exchange rates; Lilly raised FY2026 revenue guidance to $91bn to $92bn.
- Medicare: the Bridge program also covers semaglutide under Novo Nordisk's Nov 2025 most favored nation agreement with the U.S. Administration; state Medicaid programs may opt in.
- Generics and compounding: ANDA filings for tirzepatide in Jul 2026 (Lilly 10-Q); Novo Nordisk cites loss of exclusivity for semaglutide in certain International Operations markets (6-K, 4 Aug 2026); Lilly reports continued sale of mass compounded and counterfeit incretins (10-Q Q3 2026).
Table 2.1 Incretin and diabetes revenue against competitors
| Company and product | Period | Revenue | Growth (%) | Filed detail |
|---|---|---|---|---|
| Lilly: Mounjaro | Q3 2026 | $10.72bn | 64.6 | U.S. $5.00bn (+40.8%); outside U.S. $5.73bn (+93.1%) |
| Lilly: Zepbound | Q3 2026 | $5.35bn | 49.2 | U.S. $5.27bn (+47.6%) |
| Lilly: Foundayo (oral orforglipron) | Q3 2026 | $184m | launch Q2 2026 | Q2 2026 $98m |
| Lilly: Trulicity | Q3 2026 | $0.90bn | (14.1) | Medicare set price from 2028 (IRA) |
| Novo Nordisk: Obesity care sales (adjusted) | Q2 2026 | DKK 23.15bn | 15.0 | Wegovy injectable DKK 19.48bn (+1%); Wegovy pill DKK 3.22bn; growth +16% at CER; US obesity care +4% at CER |
| Novo Nordisk: GLP 1 diabetes sales (adjusted) | Q2 2026 | DKK 36.78bn | 0.0 | Ozempic DKK 31.38bn (+3%); Ozempic pill and Rybelsus DKK 5.23bn (7%); +2% at CER |
| Novo Nordisk: Adjusted net sales | Q2 2026 | DKK 78.49bn | 6.0 | Adjusted operating margin 42.5%; H1 2026 adjusted sales +2% at CER |
| Merck: Januvia/Janumet sales | Q3 2026 | $380m | (39.1) | Decline from US generic competition after loss of exclusivity |
| Sanofi: Tzield/Teizeild sales | Q3 2026 | EUR 42m | 127.8 | Type 1 diabetes delay therapy; almost 1,100 patients treated to date |
| Amgen: Total revenues | Q2 2026 | $10.10bn | 10.0 | No incretin revenue filed; Repatha $953m (+37%) |
Novo Nordisk values and growth are in Danish kroner (adjusted, Q2 2026, latest filed quarter); constant exchange rate growth is in the detail column. Sanofi is in euros. Amgen has no marketed incretin and shows total revenue for scale. Novo Nordisk and Amgen Q3 2026 results were not filed by 31 Oct 2026.
Table 2.2 Cardiometabolic health revenue, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Mounjaro ($bn) | 6.52 | 7.41 | 8.66 | 9.94 | 10.72 |
| Zepbound ($bn) | 3.59 | 4.26 | 4.16 | 4.93 | 5.35 |
| Trulicity ($bn) | 1.05 | 1.04 | 0.92 | 1.22 | 0.90 |
| Jardiance ($bn) | 0.96 | 0.77 | 1.11 | 1.23 | 1.58 |
| Other cardiometabolic health ($bn) | 1.06 | 1.02 | 0.91 | 1.03 | 1.21 |
| Foundayo, from the releases ($m) | 0 | 0 | 0 | 98 | 184 |
| Cardiometabolic health ($bn) | 13.18 | 14.49 | 15.76 | 18.35 | 19.76 |
Foundayo revenue is part of the Form 10-Q product lines above.
Table 2.3 Revenue change by volume, price and currency (%)
| Period and region | Volume | Price | Currency | Total |
|---|---|---|---|---|
| FY2025, U.S. | 53 | (10) | 0 | 43 |
| FY2025, Outside U.S. | 46 | 0 | 2 | 48 |
| FY2025, Worldwide | 50 | (6) | 1 | 45 |
| Q4 2025, U.S. | 50 | (7) | not stated | 43 |
| Q4 2025, Outside U.S. | 38 | not stated | 4 | 43 |
| Q4 2025, Worldwide | 46 | (5) | not stated | 43 |
| Q1 2026, U.S. | 49 | (7) | not stated | 43 |
| Q1 2026, Outside U.S. | 95 | (25) | not stated | 81 |
| Q1 2026, Worldwide | 65 | (13) | not stated | 56 |
| Q2 2026, U.S. | 37 | (3) | not stated | 33 |
| Q2 2026, Outside U.S. | 113 | (36) | not stated | 80 |
| Q2 2026, Worldwide | 60 | (13) | not stated | 48 |
| Q3 2026, U.S. | 41 | (7) | 0 | 34 |
| Q3 2026, Outside U.S. | 76 | (29) | 0 | 47 |
| Q3 2026, Worldwide | 53 | (15) | 0 | 39 |
| 9M 2026, U.S. | 42 | (5) | 0 | 36 |
| 9M 2026, Outside U.S. | 93 | (30) | 4 | 67 |
| 9M 2026, Worldwide | 59 | (14) | 1 | 46 |
Q2 2026 U.S. price would have been about (9%) and Q1 2026 about (10%) excluding rebate and discount estimate changes.
3 Oncology: Verzenio Up 3% as Jaypirca and Inluriyo Grow
- Oncology $2.60bn in Q3 2026, +8.0%, 10.7% of revenue. Verzenio $1.51bn, +2.8%; Jaypirca $228m, +59.4%; Inluriyo $73m.
- Verzenio FY2025 $5.7bn, 8.8% of revenue; selected for a Medicare set price from 2028; estimated U.S. compound patent expiry 2031; Cipla ANDA with trial set for May 2028.
- Q3 2026 approvals: Inluriyo with Verzenio for ER positive, HER2 negative, ESR1 mutated advanced breast cancer; Jaypirca in untreated CLL/SLL. Phase 3 trials started for sofetabart mipitecan and tersolisib.
How the oncology market is changing
- CDK4/6 inhibitors: Novartis Kisqali grew 37% at constant currency to $1.82bn in Q3 2026 with share gains in early breast cancer, against Verzenio +3% to $1.51bn (Novartis 6-K 27 Oct 2026; Lilly 10-Q 29 Oct 2026).
- BTK inhibitors: AbbVie Imbruvica fell 26.1% to $522m in Q3 2026; BeOne Brukinsa rose 31% to about $1.2bn in Q2 2026; Lilly Jaypirca rose 59% to $228m and gained an FDA indication in untreated CLL/SLL (company filings).
- Immunotherapy shift to subcutaneous dosing: Merck Keytruda QLEX sold $830m in Q3 2026 within Keytruda total $8.60bn (+6%) (Merck 8-K, 29 Oct 2026).
- New modalities: Merck and Moderna reported intismeran plus Keytruda cut the risk of recurrence or death by 42% (HR 0.58) in Phase 3; Lilly started Phase 3 trials for sofetabart mipitecan (FRα ADC) and tersolisib (company filings, Oct 2026).
Table 3.1 Oncology revenue against competitors
| Company and product | Period | Revenue | Growth (%) | Filed detail |
|---|---|---|---|---|
| Lilly: Oncology total | Q3 2026 | $2.60bn | 8.0 | 10.7% of Lilly revenue |
| Lilly: Verzenio (CDK4/6) | Q3 2026 | $1.51bn | 2.8 | Medicare set price from 2028 (IRA); U.S. patent 2031 |
| Lilly: Jaypirca (BTK) | Q3 2026 | $228m | 59.4 | first line CLL/SLL approval in Q3 2026 |
| Lilly: Inluriyo | Q3 2026 | $73m | launch Q2 2026 | approved with Verzenio in Q3 2026 |
| Merck: Keytruda/Keytruda QLEX sales | Q3 2026 | $8.60bn | 5.6 | Keytruda QLEX $830m; Merck total sales $18.09bn (+5%) |
| Novartis: Kisqali net sales | Q3 2026 | $1.82bn | 37.0 | Direct CDK4/6 competitor to Verzenio; 9M 2026 $5.03bn (+45%); Novartis core operating margin 41.6% |
| AbbVie: Oncology portfolio net revenues | Q3 2026 | $1.70bn | 0.8 | Venclexta $803m (+10.7%); Imbruvica $522m (26.1%); Elahere $224m (+31.0%) |
| BeOne Medicines: Brukinsa global revenues | Q2 2026 | $1.20bn | 31.0 | BTK inhibitor competing with Jaypirca; total revenue $1.71bn (+30%); 2026 revenue guidance $6.6bn to $6.8bn |
| Sanofi: Sarclisa sales | Q3 2026 | EUR 196m | 25.8 | Multiple myeloma; growth at CER |
Novartis growth at constant currency; Sanofi in euros at constant exchange rates. BeOne Q3 2026 results were not filed by 31 Oct 2026.
4 Immunology: Taltz Declines as Ebglyss and Omvoh Grow
- Immunology $1.44bn in Q3 2026, +5.4%, 5.9% of revenue. Taltz $0.86bn, (5.1%); other immunology $0.58bn, +25.6%, incl. Ebglyss $202m (+59.1%) and Omvoh $114m (+75.4%).
- Taltz 9M 2026 $2.44bn against $2.51bn in 9M 2025.
- Ebglyss economics: Roche receives royalties from high single digits to high teens on worldwide sales and is eligible for up to $900m of sales milestones; Almirall pays Lilly royalties on European sales.
- Combination and deals: Phase 3b data for Taltz plus Zepbound in psoriatic disease and obesity in Q3 2026; Merida Biosciences (autoimmune and allergic diseases) acquired in Oct 2026; Ventyx acquired in Mar 2026.
How the immunology market is changing
- AbbVie immunology: Skyrizi (IL 23) rose 22.7% to $5.78bn and Rinvoq (JAK) 23.9% to $2.71bn in Q3 2026, while Humira fell 31.2% to $683m (AbbVie 8-K, 30 Oct 2026).
- IL 17 class: Novartis Cosentyx grew 9% at constant currency to $1.86bn in Q3 2026, against Taltz (5%) to $856m (Novartis 6-K; Lilly 10-Q).
- Atopic dermatitis: Sanofi Dupixent grew 34.8% at CER to EUR 5.69bn in Q3 2026; Sanofi says it is preparing for Dupixent's loss of exclusivity over the next decade. Lilly Ebglyss rose 59% to $202m (company filings).
- IRA pricing reaches immunology: Amgen Enbrel net selling price fell 22% in Q2 2026 after Medicare Part D price setting took effect on 1 Jan 2026 (Amgen 8-K, 4 Aug 2026).
Table 4.1 Immunology revenue against competitors
| Company and product | Period | Revenue | Growth (%) | Filed detail |
|---|---|---|---|---|
| Lilly: Immunology total | Q3 2026 | $1.44bn | 5.4 | 5.9% of Lilly revenue |
| Lilly: Taltz (IL 17A) | Q3 2026 | $0.86bn | (5.1) | 9M 2026 $2.44bn |
| Lilly: Ebglyss (IL 13) | Q3 2026 | $202m | 59.1 | Roche receives royalties on worldwide sales |
| Lilly: Omvoh (IL 23) | Q3 2026 | $114m | 75.4 | inflammatory bowel disease |
| AbbVie: Immunology portfolio net revenues | Q3 2026 | $9.17bn | 16.3 | Skyrizi $5.78bn (+22.7%); Rinvoq $2.71bn (+23.9%); Humira $683m (31.2%) |
| Novartis: Cosentyx net sales | Q3 2026 | $1.86bn | 9.0 | IL 17A competitor to Taltz; 9M 2026 $5.25bn (+8% in U.S. dollars) |
| Sanofi: Dupixent sales | Q3 2026 | EUR 5.69bn | 34.8 | Competes with Ebglyss in atopic dermatitis; 9M 2026 EUR 15.01bn |
| Amgen: Otezla sales | Q2 2026 | $491m | (21.0) | Net selling price (9%), volume (6%); Tezspire $486m (+42%) |
| Johnson & Johnson: Innovative Medicine segment sales | Q3 2026 | $16.76bn | 7.7 | Segment includes Tremfya and Stelara; product split not captured here |
Sanofi in euros, growth at constant exchange rates; Novartis growth at constant currency. Johnson & Johnson does not split Tremfya in the data used here.
5 Neuroscience: Kisunla and the Alzheimer's Antibody Market
- Neuroscience $0.44bn in Q3 2026, +40.5%, 1.8% of revenue, the smallest therapeutic area.
- Kisunla $193m, +175.7%; 9M 2026 $484m against $141m. Eisai recorded Leqembi in market sales of $202m in Q3 2026 (+67%), $107m of it in the U.S. (Biogen 8-K).
- Deals: AtaiBeckley acquired in Q3 2026 for treatment resistant depression ($2.61bn acquired IPR&D charge); Phase 3 trial of brenipatide started in major depressive disorder.
- Emgality: the Federal Circuit reversed the invalidity ruling on Teva patents in Apr 2026, with a charge in Q1 2026; rehearing denied in Sep 2026.
How the neuroscience market is changing
- Migraine: AbbVie Qulipta grew 38.2% to $398m and Ubrelvy 26.9% to $449m in Q3 2026; Teva Ajovy held 32.5% of US prescriptions in the subcutaneous anti CGRP class in Q2 2026, competing with Lilly's Emgality (company filings).
- AbbVie neuroscience portfolio grew 19.4% to $3.39bn in Q3 2026 (AbbVie 8-K, 30 Oct 2026).
- Deal activity: Lilly completed the AtaiBeckley acquisition in Q3 2026 (treatment resistant depression) and started a Phase 3 trial of brenipatide in major depressive disorder; Biogen closed the Apellis acquisition in May 2026; Teva bought Emalex for about $700m (company filings).
Table 5.1 Neuroscience revenue against competitors
| Company and product | Period | Revenue | Growth (%) | Filed detail |
|---|---|---|---|---|
| Lilly: Neuroscience total | Q3 2026 | $0.44bn | 40.5 | 1.8% of Lilly revenue |
| Lilly: Kisunla (amyloid antibody) | Q3 2026 | $193m | 175.7 | 9M 2026 $484m against $141m |
| Biogen: Leqembi global in market sales (Eisai recorded) | Q3 2026 | $202m | 67.0 | Biogen books 50% of collaboration economics; Biogen total revenue $2.80bn (+11%) |
| AbbVie: Neuroscience portfolio net revenues | Q3 2026 | $3.39bn | 19.4 | Vraylar $1.07bn; Botox Therapeutic $1.08bn; Ubrelvy $449m; Qulipta $398m |
| Teva: Ajovy global revenues | Q2 2026 | $244m | 56.0 | Growth in local currency; US share 32.5% of subcutaneous anti CGRP prescriptions |
| Novartis: Kesimpta net sales | Q3 2026 | $1.48bn | 22.0 | Multiple sclerosis; growth at constant currency |
Teva and Novartis growth in local or constant currency. Lilly does not report Emgality quarterly revenue separately.
6 Financial Analysis & Ratios
- Operating margin 40.3% TTM against 40.4% in FY2025 and 18.9% in FY2023; Q3 2026 35.3% against 41.8%, after acquired IPR&D of 17.1% of revenue.
- Gross margin 83.9% in Q3 2026 (non GAAP 84.4%), against 82.9% in Q3 2025 and 74.2% in FY2021; the release attributes the Q3 increase to product mix and lower production cost, partly offset by lower realized prices.
- Net income TTM $27.6bn, 31.9% of revenue; Q3 2026 $6.45bn, +15.5%; effective tax rate 23.3% as acquired IPR&D is largely not deductible (non GAAP rate 24.0%).
- Cash flow TTM: operating cash flow $30.6bn, capital expenditure $11.0bn (12.7% of revenue) against $1.3bn in FY2021, free cash flow $19.7bn (22.7% of revenue).
- Balance sheet at 30 Sep 2026: cash $4.9bn plus investments of $4.1bn, mostly noncurrent; debt $49.5bn (up $7.0bn in 9M 2026); goodwill $9.9bn and intangibles $18.1bn after the Centessa, Kelonia and Ventyx acquisitions, against $5.9bn and $6.5bn at FY2025; sales rebate and discount accrual $24.2bn.
- Capital returns 9M 2026: buybacks $4.3bn ($0.38bn in Q3) with $6.6bn left on the $15bn authorization; dividends $4.6bn, $5.19 per share.
- Market value $1.26tn uses the 893.4m diluted shares behind Q3 2026 EPS; the Form 10-Q cover count of 940.7m includes about 50m shares in an employee benefit trust that are excluded from EPS. Enterprise value $1.31tn.
Table 6.1 Income statement, cash flow and balance sheet summary ($bn unless stated)
| Line item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Revenue | 28.3 | 28.5 | 34.1 | 45.0 | 65.2 | 86.5 |
| Gross profit | 21.0 | 21.9 | 27.0 | 36.6 | 54.1 | 72.3 |
| Research and development | 6.9 | 7.2 | 9.3 | 11.0 | 13.3 | 15.4 |
| Selling, general and administrative | 6.4 | 6.4 | 7.4 | 8.6 | 11.1 | 12.6 |
| Operating income | 6.4 | 7.1 | 6.5 | 12.9 | 26.3 | 34.9 |
| Net income | 5.6 | 6.2 | 5.2 | 10.6 | 20.6 | 27.6 |
| Diluted EPS ($) | 6.12 | 6.90 | 5.80 | 11.71 | 22.95 | 30.81 |
| Operating cash flow | 7.4 | 7.6 | 4.2 | 8.8 | 16.8 | 30.6 |
| Capital expenditure | (1.3) | (1.9) | (3.4) | (5.1) | (7.8) | (11.0) |
| Free cash flow | 6.1 | 5.7 | 0.8 | 3.8 | 9.0 | 19.7 |
| Stock based compensation | 0.3 | 0.4 | 0.6 | 0.6 | 0.6 | 0.7 |
| Cash and investments | 3.9 | 2.2 | 2.9 | 3.4 | 7.3 | 4.9 |
| Total debt | 16.9 | 16.2 | 25.2 | 33.6 | 42.5 | 49.5 |
| Total equity | 9.0 | 10.7 | 10.8 | 14.3 | 26.5 | 40.3 |
Selling, general and administrative is marketing, selling and administrative. Operating income is after acquired IPR&D and asset impairment, restructuring and other special charges. Cash and investments are cash and current investments; FY2025 and TTM show cash only because current investments are not a separate balance sheet line. Total debt is short and long term debt. TTM equals Q4 2025 plus Q1 to Q3 2026; balance sheet items at 30 Sep 2026.
Table 6.2 What changed, Q3 2026 against Q3 2025
| Metric | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue ($bn) | 17.60 | 24.40 | 38.6% |
| Gross profit ($bn) | 14.59 | 20.46 | 40.2% |
| Operating income ($bn) | 7.37 | 8.61 | 16.9% |
| Net income ($bn) | 5.58 | 6.45 | 15.5% |
| Diluted EPS ($) | 6.21 | 7.22 | 16.3% |
| Operating cash flow ($bn) | 8.84 | 11.40 | 29.0% |
| Free cash flow ($bn) | 6.75 | 8.22 | 21.8% |
| Operating margin (%) | 41.8 | 35.3 | (6.6 pts) |
| Net margin (%) | 31.7 | 26.4 | (5.3 pts) |
Table 6.3 Ratio analysis
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM Q3 2026 |
|---|---|---|---|---|---|---|
| Growth and margins | ||||||
| Revenue growth (%) | n/a | 0.8 | 19.6 | 32.0 | 44.7 | n/a |
| Gross margin (%) | 74.2 | 76.8 | 79.2 | 81.3 | 83.0 | 83.6 |
| Operating margin (%) | 22.5 | 25.0 | 18.9 | 28.6 | 40.4 | 40.3 |
| Net margin (%) | 19.7 | 21.9 | 15.4 | 23.5 | 31.7 | 31.9 |
| FCF margin (%) | 21.4 | 20.1 | 2.3 | 8.3 | 13.8 | 22.7 |
| Cost and investment intensity | ||||||
| R&D (%) revenue | 24.5 | 25.2 | 27.3 | 24.4 | 20.5 | 17.8 |
| SBC (%) revenue | 1.2 | 1.3 | 1.8 | 1.4 | 1.0 | 0.8 |
| Capex (%) revenue | 4.6 | 6.5 | 10.1 | 11.2 | 12.0 | 12.7 |
| Effective tax rate (%) | 9.3 | 8.3 | 20.0 | 16.5 | 19.8 | 20.7 |
| Returns | ||||||
| ROE (%) | 62.2 | 63.6 | 48.9 | 84.6 | 101.2 | 68.5 |
| ROA (%) | 11.4 | 12.7 | 9.2 | 14.8 | 21.6 | 18.6 |
| ROIC (%) | 26.3 | 26.5 | 15.6 | 24.2 | 34.2 | 32.6 |
| Asset turnover (x) | 0.58 | 0.58 | 0.53 | 0.57 | 0.58 | 0.58 |
| Liquidity and leverage | ||||||
| Current ratio (x) | 1.23 | 1.05 | 0.94 | 1.15 | 1.58 | 1.39 |
| Debt to equity (x) | 1.88 | 1.52 | 2.34 | 2.36 | 1.60 | 1.23 |
| Net cash ($bn) | (13.0) | (14.0) | (22.3) | (30.2) | (35.2) | (44.6) |
| Efficiency and cash quality | ||||||
| Days sales outstanding | 86 | 88 | 97 | 89 | 99 | 93 |
| Inventory days | 194 | 237 | 298 | 329 | 454 | 469 |
| FCF to net income (x) | 1.08 | 0.92 | 0.15 | 0.36 | 0.43 | 0.71 |
| Shareholder returns (%) FCF | 72 | 88 | 608 | 191 | 106 | 60 |
ROE and ROA use average balances for FY2022 to FY2025 and period end balances for FY2021 and TTM. Net cash is negative because debt exceeds cash. Shareholder returns are buybacks and dividends.
Table 6.4 Valuation snapshot at $1,414.51 per share, 30 Oct 2026
| Measure | Value |
|---|---|
| Market cap ($bn) | 1,263.7 |
| Enterprise value ($bn) | 1,308.3 |
| P/E (TTM) (x) | 45.9 |
| P/E on FY2026 non GAAP EPS guidance midpoint (x) | 39.8 |
| EV/Sales (TTM) (x) | 15.1 |
| EV/EBITDA (TTM) (x) | 35.3 |
| FCF yield (%) | 1.6 |
| Price/Book (x) | 31.4 |
| Dividend yield (%) | 0.5 |
Cost structure and profitability
- Cost of sales 16.1% of Q3 2026 revenue against 17.1% a year earlier; non GAAP gross margin 84.4% (+0.8 pts) per the release.
- R&D $4.25bn, +22.5%, 17.4% of revenue against 19.7%; marketing, selling and administrative $3.13bn, +14.0%, 12.8% of revenue.
- Acquired IPR&D: $0.58bn in Q1, $2.78bn in Q2 (Orna, Ajax) and $4.18bn in Q3 2026 (AtaiBeckley $2.61bn, Curevo $954m); TTM $8.07bn, 9.3% of revenue. Lilly expenses these charges and keeps them in non GAAP EPS.
- Special charges $0.30bn in Q3 2026 (partial impairment of an intangible for a molecule in development) and $0.70bn in Q2 (Centessa and Kelonia acquisition costs).
- Operating income before acquired IPR&D and special charges (computed) $13.09bn, 53.7% of revenue, against 47.6% in Q3 2025. Lilly's non GAAP performance margin was 47.2% in Q4 2025, about 50% in Q1 2026 and 54.8% in Q2 2026 (CFO); FY2026 guidance 52.0% to 52.5%.
- Cash: operating cash flow $11.40bn in Q3 2026, +29.0%; capital expenditure $3.18bn; free cash flow $8.22bn; cash paid for acquired IPR&D $4.06bn and for acquisitions $0.89bn.
Table 6.5 Costs as % of revenue, last five quarters
| Line | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Cost of sales (% of revenue) | 17.1 | 17.5 | 18.1 | 14.2 | 16.1 |
| Research and development (% of revenue) | 19.7 | 19.7 | 17.7 | 16.6 | 17.4 |
| Marketing, selling and administrative (% of revenue) | 15.6 | 16.2 | 14.8 | 14.9 | 12.8 |
| Acquired IPR&D (% of revenue) | 3.7 | 2.7 | 2.9 | 12.1 | 17.1 |
| Impairment, restructuring and special charges (% of revenue) | 2.1 | 0.4 | 1.4 | 3.1 | 1.2 |
| Operating income (% of revenue) | 41.8 | 43.4 | 45.0 | 39.1 | 35.3 |
| Capital expenditure (% of revenue) | 11.9 | 13.2 | 11.7 | 12.8 | 13.0 |
| Operating income before acquired IPR&D and special charges (% of revenue) | 47.6 | 46.6 | 49.4 | 54.2 | 53.7 |
| Effective tax rate (%) | 22.8 | 19.7 | 16.4 | 23.3 | 23.3 |
Table 6.6 Operating income to net income ($bn)
| Line | Q3 2025 | Q3 2026 | 9M 2026 |
|---|---|---|---|
| Operating income before acquired IPR&D and special charges | 8.39 | 13.09 | 35.33 |
| Acquired IPR&D | (0.66) | (4.18) | (7.54) |
| Impairment, restructuring and special charges | (0.37) | (0.30) | (1.29) |
| Operating income | 7.37 | 8.61 | 26.50 |
| Other income (expense) | (0.13) | (0.20) | 0.00 |
| Income taxes | (1.65) | (1.96) | (5.56) |
| Net income | 5.58 | 6.45 | 20.94 |
Operating income before acquired IPR&D and special charges is computed from the income statement and is not a company measure.
7 MD&A & Management Commentary
Q3 2026 results release and Form 10-Q (no Q3 2026 call transcript available)
- Q3 2026 (8-K and Form 10-Q, 29 Oct 2026): revenue $24.40bn, +38.6%; U.S. $15.14bn, +34% (volume +41%, price (7%)); outside U.S. $9.26bn, +47% (volume +76%, price (29%)); currency effect 0%.
- Products: Mounjaro $10.72bn, of which U.S. $5.00bn and outside U.S. $5.73bn; Zepbound $5.35bn, where lower realized prices partly offset volume; Foundayo $184m against $98m in Q2 2026; Key Products $17.1bn.
- One time items: about $900m of Q3 revenue came from Jardiance sales milestones ($410m, with no further milestones to be earned) and favorable changes to rebate and discount estimates.
- Earnings: reported EPS $7.22 and non GAAP EPS $7.48, both after $4.57 of acquired IPR&D; non GAAP gross margin 84.4% (+0.8 pts); R&D +23%, marketing, selling and administrative +14%.
- Policy: the Medicare GLP 1 Bridge gives beneficiaries access to discounted Lilly obesity medicines from 1 Jul 2026 to 31 Dec 2027; long term Medicare coverage remains under discussion with CMS. Jardiance has a government set Medicare price from 2026; Trulicity and Verzenio from 2028.
- Q2 2026 call (5 Aug 2026): revenue +48%; about 45% of Zepbound prescriptions self pay; Lilly about 6 in 10 U.S. obesity incretin prescriptions and about 55% of the international incretin market; Foundayo prescribers rose from 8,000 to 36,000.
- Q1 2026 call (30 Apr 2026): revenue +56%; price guided as a low to mid teens percentage headwind for 2026; 42 active Phase 3 programs.
Table 7.1 FY2026 guidance, all four versions as filed, and other outlook items
| Item | Outlook | Source |
|---|---|---|
| 4 Feb 2026, initial (Q4 2025 results) | Revenue $80.0bn to $83.0bn; performance margin 46.0% to 47.5%; tax rate 18% to 19%; non GAAP EPS $33.50 to $35.00; about 894m shares; includes acquired IPR&D to 31 Dec 2025 | 8-K 4 Feb 2026, Ex 99.1 |
| 30 Apr 2026, raise 1 (Q1 2026 results) | Revenue $82.0bn to $85.0bn; performance margin 47.0% to 48.5%; tax rate 18% to 19%; non GAAP EPS $35.50 to $37.00; about 895m shares; EUR 1.16, JPY 153, CNY 7.1; includes acquired IPR&D to 31 Mar 2026 | 8-K 30 Apr 2026, Ex 99 |
| 5 Aug 2026, raise 2 (Q2 2026 results) | Revenue $85.0bn to $87.0bn; performance margin 49.0% to 50.5%; tax rate 18% to 19%; non GAAP EPS $35.50 to $36.50; about 894m shares; EUR 1.14, JPY 153, CNY 7.1; includes acquired IPR&D to 30 Jun 2026 | 8-K 5 Aug 2026, Ex 99.1 |
| 29 Oct 2026, raise 3 (Q3 2026 results) | Revenue $91.0bn to $92.0bn; performance margin 52.0% to 52.5%; tax rate 19% to 20%; non GAAP EPS $35.00 to $36.00; about 894m shares; EUR 1.13, JPY 157, CNY 6.7; includes acquired IPR&D to 30 Sep 2026 | 8-K 29 Oct 2026, Ex 99.1 |
| Implied Q4 2026 revenue | $23.83bn to $24.83bn (FY2026 range less 9M 2026 revenue of $67.17bn) | computed from the 8-K and Form 10-Q |
| Retatrutide | U.S. BLA submission planned for Q1 2027 (obesity, obstructive sleep apnea, knee osteoarthritis pain) | 8-K 5 Aug 2026, Ex 99.1 |
| Investment Community Meeting | 7 Dec 2026 | 8-K 30 Apr 2026, Ex 99 |
| Dividend | $1.73 per share for Q4 2026 | Form 10-Q Q3 2026; 8-K 29 Oct 2026 |
Management and CFO commentary
- CFO Lucas Montarce, Q4 2025 call (4 Feb 2026): FY2026 revenue $80bn to $83bn, a midpoint about 25% above 2025; price a low to mid teens percentage headwind from the U.S. government obesity agreement, lower LillyDirect Zepbound prices, lower Medicaid prices on older medicines and the China listing of Mounjaro.
- CFO, Q4 2025 call: Medicare obesity coverage expected by 1 Jul 2026, with 10% to 20% of direct to patient users expected to move to Medicare; Medicaid access expected to shrink in 2026; 36 active Phase 3 programs.
- CFO, Q1 2026 call (30 Apr 2026): U.S. price (7%), about (10%) excluding a one time rebate and discount adjustment; non GAAP gross margin 82.6%, down about 1 point on lower prices; performance margin 50%, up about 7 points; Europe +37% and Japan +42% at constant currency.
- CFO, Q2 2026 call (5 Aug 2026): U.S. price (3%), (9%) excluding favorable estimate changes; non GAAP gross margin 86.3%; performance margin 54.8%; Europe +55% at constant currency incl. the $250m Jardiance milestone, China +93%, rest of world +136%.
- CFO, Q2 2026 call: the Q2 rebate one offs will not recur; Q3 European seasonality and Q4 U.S. diabetes seasonality; growth increasingly from outside the U.S.; commercial net price expected to decline, offset by volume.
- CEO David Ricks, 8-K Ex 99.1 of 29 Oct 2026: Q3 2026 exceeded prior expectations; growth from global demand for Mounjaro and Zepbound, Foundayo launches, expanded U.S. obesity coverage and a doubling in the newest oncology, immunology and neuroscience products; expansions in Texas and Virginia.
- CEO, Q2 2026 call: the Medicare Bridge covers 20m eligible people at $50 a month out of pocket; Foundayo under regulatory review in over 40 additional countries.
Table 7.2 Management statements in their own words
| Speaker | Date and source | Statement |
|---|---|---|
| David Ricks, Chair and CEO | 30 Apr 2026, Q1 2026 earnings call | “the unit economics are really driven by fixed costs” |
| Lucas Montarce, EVP and CFO | 5 Aug 2026, Q2 2026 earnings call | “Excluding these adjustments, U.S. price declined by 9%.” |
| Ilya Yuffa, EVP and President Lilly USA | 5 Aug 2026, Q2 2026 earnings call | “we're starting to see an inflection point on Foundayo now” |
Table 7.3 Key disclosures in the Forms 10-Q and 10-K
| Item | Disclosure |
|---|---|
| 10-Q Q3 2026, acquisitions | Business combinations: Kelonia (25 Jun 2026; $3.09bn net cash, up to $3.75bn contingent), Centessa (24 Jun 2026; $5.96bn net, up to $1.54bn contingent), Ventyx (4 Mar 2026; $1.06bn). Asset acquisitions with IPR&D charges: AtaiBeckley $2.61bn, Orna $1.23bn, Curevo $954m, Ajax $909m. |
| 10-Q Q3 2026, liquidity | Cash $4.9bn and investments $4.1bn; total debt $49.5bn; $9.0bn of notes issued in May 2026; $18.2bn paid for business development in 9M 2026. |
| 10-Q Q3 2026, Jardiance | Sales based milestones of $910m in 9M 2026 ($410m in Q3); no further milestones remain to be earned. |
| 10-Q Q3 2026, tirzepatide patents | Several generic companies sent ANDA notices for Mounjaro or Zepbound in Jul 2026; Lilly sued in Delaware in Aug 2026. Compound patent U.S. 2036; U.S. data protection 2027 (10-K). |
| 10-Q Q3 2026, other litigation | Verzenio: Cipla ANDA, trial set for May 2028. Emgality: Federal Circuit reversed the invalidity ruling on Teva patents in Apr 2026; charge in Q1 2026. Incretin product liability cases (gastrointestinal injuries, NAION), 340B, insulin pricing and a Texas Medicaid qui tam covering 15 products. |
| 10-Q Q3 2026, special charges | Asset impairment, restructuring and other special charges $1.29bn in 9M 2026, incl. a partial impairment of an intangible for a molecule in development in Q3 and $703m of acquisition related costs in Q2. |
| 10-K FY2025, critical estimates | U.S. rebate, discount and return liabilities rose from $10.31bn to $15.15bn in 2025; a 5% change in the consolidated liability equals about $897m of revenue; 87% of the consolidated liability relates to U.S. sales. |
| 10-K FY2025, capacity | Construction in progress $13.0bn at 31 Dec 2025 against $8.2bn a year earlier; supply and contract manufacturing agreements could require payments of up to about $10bn over up to 8 years if volumes are not purchased. |
Table 7.4 FY2026 guidance midpoints and the acquired IPR&D effect
| Measure | 4 Feb 2026 | 30 Apr 2026 | 5 Aug 2026 | 29 Oct 2026 |
|---|---|---|---|---|
| Revenue midpoint ($bn) | 81.50 | 83.50 | 86.00 | 91.50 |
| Change in revenue midpoint ($bn) | initial | +2.00 | +2.50 | +5.50 |
| Performance margin midpoint (%) | 46.75 | 47.75 | 49.75 | 52.25 |
| Non GAAP EPS midpoint ($) | 34.25 | 36.25 | 36.00 | 35.50 |
| Change in EPS midpoint ($) | initial | +2.00 | (0.25) | (0.50) |
| Underlying EPS change at midpoint, as stated ($) | initial | not stated | +2.78 | +4.07 |
| Acquired IPR&D of the latest quarter absorbed ($ per share) | none | 0.52 | 3.03 | 4.57 |
| FY2026 acquired IPR&D in the EPS range, cumulative ($ per share) | 0.00 | 0.52 | 3.55 | 8.12 |
Each EPS range includes acquired IPR&D charges incurred up to the quarter end before the update and none after it, as filed. Underlying EPS changes are the company's figures from the 5 Aug and 29 Oct 2026 releases.
8 Peer Valuation & Sector Summary
- Sector: large pharmaceuticals and the incretin market. Lilly 9M 2026 revenue +46.4% against Bristol Myers Squibb 9M 2026 +5.2%; Merck Q3 2026 sales +4.7%; Novo Nordisk Q2 2026 adjusted sales +6% in Danish kroner, with 2026 guidance for adjusted sales growth of 0% to (6%) at constant exchange rates.
- Margins: Lilly operating margin 40.3% TTM after $8.07bn of acquired IPR&D; Merck 8.1% TTM after charges; Novo Nordisk adjusted operating margin 42.5% in Q2 2026. Gross margin TTM Lilly 83.6%, Merck 71.8%; Bristol Myers Squibb 69.9% in 9M 2026.
- Valuation: Lilly market value $1.26tn at 15.1x EV/Sales and 45.9x TTM P/E; Johnson & Johnson $658.3bn; Merck $368.8bn at 6.2x EV/Sales; Bristol Myers Squibb $127.9bn.
- Net debt: Lilly $44.6bn at 30 Sep 2026, Merck $46.8bn at 30 Jun 2026 (latest filed balance sheet), Johnson & Johnson $27.4bn at 27 Sep 2026.
Table 8.1 Peer comparison, latest reported trailing twelve months
| Company | Revenue TTM ($bn) | Revenue growth (%) | Gross margin (%) | Operating margin (%) | Net margin (%) | Net cash ($bn) | Market value ($bn) | EV/Sales (x) |
|---|---|---|---|---|---|---|---|---|
| LLY | 86.5 | 38.6 | 83.6 | 40.3 | 31.9 | (44.6) | 1,264 | 15.1 |
| MRK | 67.4 | 4.7 | 71.8 | 8.1 | 3.6 | (46.8) | 369 | 6.2 |
| BMY | n/a | 6.9 | 69.9 | n/a | 21.7 | n/a | 128 | n/a |
| JNJ | n/a | n/a | n/a | n/a | n/a | (27.4) | 658 | n/a |
| NVO | n/a | 6.0 | n/a | 42.5 | n/a | n/a | n/a | n/a |
Growth is the latest reported quarter year on year: LLY, MRK and BMY Q3 2026, NVO Q2 2026 adjusted sales in Danish kroner. LLY and MRK margins TTM Q3 2026; BMY margins 9M 2026; NVO operating margin adjusted, Q2 2026. MRK net cash is at 30 Jun 2026 and JNJ at 27 Sep 2026; JNJ shows balance sheet and market value only; NVO 9M 2026 results were not yet filed. LLY market value uses the EPS share count. Prices are last trades of 30 Oct 2026.
9 Material Events & Contracts
- Seven Forms 8-K in twelve months: four earnings releases, one board election, the annual meeting results and the May 2026 $9.0bn notes offering with its underwriting agreement, two officers' certificates and two legal opinions.
- Business development: $18.2bn of cash paid in 9M 2026 for Centessa, Kelonia, AtaiBeckley, Orna, Ventyx, Curevo and Ajax; Merida Biosciences acquired in Oct 2026 for up to $2.9bn incl. milestones.
- Notes terms: the Item 8.01 text gives the 2029 fixed rate coupon as 4.150% in one place and 4.650% in another; Ex 4.3, Ex 1.1 and both legal opinions state 4.150%.
Table 9.1 Forms 8-K filed in the last twelve months
| Date | Items | Event |
|---|---|---|
| 21 Nov 2025 | 5.02 | Carolyn R. Bertozzi, Stanford chemistry professor, elected to the board from 8 Dec 2025; board size increased. Only exhibit: Ex 104 cover page. |
| 4 Feb 2026 | 2.02, 9.01 | Q4 2025 results (Ex 99.1): revenue $19.29bn (+43%); EPS $7.39 reported and $7.54 non GAAP, both after $0.52 of acquired IPR&D; FY2025 revenue $65.18bn (+45%). Initial FY2026 guidance: revenue $80bn to $83bn, non GAAP EPS $33.50 to $35.00. |
| 30 Apr 2026 | 2.02, 9.01 | Q1 2026 results (Ex 99): revenue $19.80bn (+56%; volume +65%, price (13%)); EPS $8.26 reported, $8.55 non GAAP. Guidance raised to revenue $82bn to $85bn and non GAAP EPS $35.50 to $37.00. FDA approved Foundayo for obesity; agreements to acquire Orna, Centessa, Kelonia and Ajax. |
| 7 May 2026 | 5.07 | Annual meeting of 4 May 2026: four directors elected; say on pay approved; EY ratified; amendments to declassify the board and remove supermajority provisions received about 70% of outstanding shares against the 80% required; independent chair and lobbying report proposals rejected. |
| 20 May 2026 | 8.01, 9.01 | $9.0bn senior notes in eight series, net proceeds about $8.94bn; Ex 1.1 underwriting agreement, Ex 4.3 and 4.4 officers' certificates, Ex 5.1 and 5.2 legal opinions. Four fixed series and the 2029 floating notes carry a 101% special mandatory redemption tied to the Centessa acquisition, which closed in Q2 2026. |
| 5 Aug 2026 | 2.02, 9.01 | Q2 2026 results (Ex 99.1): revenue $22.97bn (+48%; volume +60%, price (13%)); EPS $7.94 reported, $8.38 non GAAP after $3.03 of acquired IPR&D (Orna, Ajax). Guidance: revenue $85bn to $87bn, non GAAP EPS $35.50 to $36.50. Additional $4.5bn for Indiana manufacturing; retatrutide BLA planned for Q1 2027. |
| 29 Oct 2026 | 2.02, 9.01 | Q3 2026 results (Ex 99.1): revenue $24.40bn (+39%; volume +53%, price (15%)), incl. about $900m of benefits; EPS $7.22 reported, $7.48 non GAAP after $4.57 of acquired IPR&D (AtaiBeckley, Curevo). Guidance: revenue $91bn to $92bn, non GAAP EPS $35.00 to $36.00. FDA approvals for Mounjaro (cardiovascular risk), Onswik, Inluriyo with Verzenio and Jaypirca; Merida acquired after quarter end. |
Table 9.2 Material contracts and financing arrangements
| Contract | Terms |
|---|---|
| Senior notes | Debt $49.5bn at 30 Sep 2026, incl. $2.5bn current. May 2026: $750m floating 2028 (SOFR plus 0.35%), $500m floating 2029 (SOFR plus 0.46%), $750m 4.150% 2029, $1.5bn 4.375% 2031, $1.25bn 4.650% 2033, $1.5bn 4.850% 2036, $1.75bn 5.600% 2056, $1.0bn 5.700% 2066; underwriters led by Morgan Stanley, Citigroup, Deutsche Bank and Goldman Sachs. |
| Credit facilities and commercial paper | $10.1bn of unused committed bank credit facilities at 31 Dec 2025 and 30 Sep 2026, $10.0bn of it available to support the commercial paper program; the $6.0bn 364 day facility was renewed and the $4.0bn multi year facility extended to Aug 2031 in Aug 2026 (10-K; 10-Q Q3 2026). |
| Share repurchase program | $15bn authorization; $6.6bn remaining at 30 Sep 2026. |
| Boehringer Ingelheim (Jardiance) | Collaboration in the main markets through 31 Dec 2028; Lilly records a share of net sales; $910m of sales milestones in 9M 2026, none remaining. |
| Roche and Almirall (Ebglyss) | Roche receives royalties from high single digits to high teens on worldwide Ebglyss sales and is eligible for up to $900m of sales milestones; Almirall pays Lilly royalties on European sales. |
| Supply and contract manufacturing | Payments of up to about $10bn if specified volumes are not purchased, terms generally up to 8 years (10-K FY2025). |
| Acquisition contingent consideration | Kelonia up to $3.75bn and Centessa up to $1.54bn (10-Q Q3 2026); Merida up to $2.9bn incl. milestones. |
| U.S. government agreements (Nov 2025) | Lower Medicaid and other prices, Medicare access to discounted obesity medicines from 1 Jul 2026, a government direct to patient platform and a three year Section 232 tariff grace period tied to U.S. manufacturing commitments. |
10 Ownership, Voting Power & Annual Meeting
- One class of common stock. Lilly Endowment, a private foundation, held 90.1m shares, 9.6%, at 30 Sep 2026 (Schedule 13G/A of 19 Oct 2026), against 10.2% at end 2024; it sold about 5.4m shares between the 30 Sep 2025 and 30 Sep 2026 reports. Vanguard Capital Management reported 6.48% at 31 Mar 2026.
- Board structure: the board is classified and 80% supermajority provisions remain; management proposals to remove both received about 70% of outstanding shares in May 2026, below the 80% threshold.
- 2026 annual meeting (4 May 2026, virtual): 847.3m shares voted, 89.7% of shares outstanding at the record date; four directors elected; say on pay approved with 96.0% of for and against votes; independent chair proposal received 33.7%.
- Insiders, 12 months: no open market purchases by officers or directors; officer sales read total about $18.8m, all under preset trading plans, the largest by Patrik Jonsson ($7.6m) and Anat Hakim via spouse ($6.0m). Directors receive deferred stock units monthly in lieu of cash fees.
Table 10.1 Annual meeting vote results, 4 May 2026
| Proposal | For (bn votes) | Against (bn votes) | Abstain (bn votes) | For as % of votes cast | Result |
|---|---|---|---|---|---|
| Elect Carolyn Bertozzi (term to 2029) | 0.762 | 0.002 | 0.001 | 99.8 | Elected |
| Elect William Kaelin, Jr. | 0.726 | 0.037 | 0.001 | 95.1 | Elected |
| Elect Jon Moeller | 0.750 | 0.014 | 0.001 | 98.2 | Elected |
| Elect David Ricks | 0.735 | 0.029 | 0.001 | 96.2 | Elected |
| Advisory vote on executive compensation | 0.732 | 0.030 | 0.002 | 96.0 | Approved |
| Ratify Ernst & Young LLP as auditor for 2026 | 0.803 | 0.043 | 0.001 | 94.9 | Ratified |
| Amend Articles to eliminate classified board | 0.665 | 0.098 | 0.002 | 87.2 | Failed (needs 80% of outstanding shares; received about 70.4%) |
| Amend Articles to eliminate supermajority voting provisions | 0.664 | 0.099 | 0.002 | 87.1 | Failed (needs 80% of outstanding shares; received about 70.3%) |
| Shareholder proposal: independent board chair | 0.257 | 0.505 | 0.002 | 33.7 | Not approved |
| Shareholder proposal: annual lobbying report | 0.113 | 0.645 | 0.006 | 14.9 | Not approved |
Broker non votes 82.5m on each item except the auditor ratification. The two charter amendments required 80% of outstanding shares.
2026 annual meeting
- Virtual meeting of 4 May 2026; record date 25 Feb 2026; no live shareholder questions were taken because none had been received for the meeting.
- CEO remarks: FY2025 revenue +45%; R&D $13.3bn, nearly 20% of revenue; quarterly dividend raised 15% for the eighth year in a row; more than $55bn committed to manufacturing since 2020; more than 71m people reached in 2025.
- Shareholder proponents: Mercy Investment Services on the independent chair proposal, citing litigation and pricing risk and the combined CEO and chair roles; CommonSpirit Health on lobbying and trade association disclosure. The board recommended against both.
Table 10.2 Large holders from Schedules 13G
| Holder | Shares (m) | % of class | As of |
|---|---|---|---|
| Lilly Endowment, Inc. | 90.1 | 9.6 | 30 Sep 2026 |
| Vanguard Capital Management | 61.3 | 6.48 | 31 Mar 2026 |
| Employee benefit trust (PNC Bank as directed trustee) | 50.0 | 5.26 | 31 Dec 2024 |
The employee benefit trust holds shares that are excluded from the EPS share count; PNC Bank is directed trustee.
Table 10.3 Lilly Endowment holdings over time
| As of | Shares (m) | % of class |
|---|---|---|
| 31 Dec 2024 | 96.89 | 10.2 |
| 31 Mar 2025 | 96.02 | 10.1 |
| 30 Sep 2025 | 95.49 | 10.1 |
| 31 Dec 2025 | 92.19 | 9.8 |
| 31 Mar 2026 | 91.90 | 9.7 |
| 30 Jun 2026 | 90.38 | 9.6 |
| 30 Sep 2026 | 90.07 | 9.6 |
Table 10.4 Insider sales read, last twelve months
| Date | Insider | Transaction | Value ($m) |
|---|---|---|---|
| 17 Aug 2026 | Patrik Jonsson, EVP and President Lilly International | sell 6,500 shares at $1,175.10 (preset trading plan) | 7.6 |
| 10 Aug 2026 | Donald Zakrowski, SVP Finance and CAO | sell 2,000 at $1,185.01 (preset trading plan) | 2.4 |
| 7 Aug 2026 | Anat Hakim, EVP and General Counsel (via spouse) | sell 5,000 at $1,190.00 (preset trading plan) | 6.0 |
| 10 Jun 2026 | Ilya Yuffa, EVP and President Lilly USA | sell 2,500 at $1,150.77 (preset trading plan) | 2.9 |
| 6 May 2026 | Lilly Endowment | sell 15,828 shares at about $995 | 15.8 |
| 7 Jan 2026 | Lilly Endowment | sell about 291,000 shares at $1,085 to $1,117 | not summed |
| 25 Nov 2025 | Lilly Endowment | multiple sales at $1,074 to $1,111 (33 transactions) | not summed |
Partial read of 28 Forms 4 with sale or purchase codes; Lilly Endowment sales are not summed.
11 Risk Factors
- Item 1A of the FY2025 Form 10-K holds 16 risk factors in five groups and 10,811 words. The FY2024 Item 1A text could not be retrieved, so no added, removed or reworded counts are shown. The Forms 10-Q for Q1, Q2 and Q3 2026 each state no material changes from the FY2025 risk factors.
Table 11.1 Risk factors and legal matters with filed figures
| Risk | Disclosure and change |
|---|---|
| Product concentration | Mounjaro, Zepbound and Foundayo 66.6% of Q3 2026 revenue; six products above $3bn each were 82% of FY2025 revenue. |
| U.S. pricing and IRA | Nov 2025 agreements with the U.S. government; Jardiance Medicare set price from 2026, Trulicity and Verzenio from 2028; U.S. price (7%) in Q3 2026; sales rebate and discount accrual $24.2bn at 30 Sep 2026. |
| Rebate estimates | A 5% change in the U.S. rebate, discount and return liability equals about $897m of revenue (10-K); favorable estimate changes lifted U.S. price in Q1, Q2 and Q3 2026. |
| Patent challenges | Tirzepatide ANDA notices in Jul 2026 and Lilly suits in Aug 2026; compound patent U.S. 2036. Verzenio Cipla ANDA, trial May 2028. |
| Compounded and counterfeit incretins | Named in the competition factor; the FDA has declared that compounding pharmacies must cease mass production (10-Q Q3 2026). |
| Manufacturing scale up | Net property and equipment $32.2bn at 30 Sep 2026 against $17.1bn at FY2024; capex TTM $11.0bn; contract manufacturing commitments up to about $10bn; tariff grace period tied to U.S. investment. |
| Business development | Acquired IPR&D $8.07bn TTM; goodwill and intangibles $28.0bn at 30 Sep 2026; contingent consideration up to $5.29bn for Kelonia and Centessa. |
| Litigation | Incretin product liability cases (gastrointestinal injuries, NAION) in the Eastern District of Pennsylvania; 340B; insulin pricing; DOJ, FTC and state investigations; Texas Medicaid qui tam. |
Risk factor section of the FY2025 Form 10-K
- Concentration: six products above $3bn each made up 82% of 2025 revenue, with Mounjaro and Zepbound at 56%.
- Pricing policy: the Nov 2025 US government agreements, Jan 2026 IRA selection of Trulicity and Verzenio (effective 2028) and 340B expansion sit in one 991 word factor.
- AI has its own factor (490 words) on deployment, partnerships for drug discovery and related risks.
- Tariffs are named 16 times and China 11 times; mass compounded and counterfeit incretins are named in the competition factor.
Table 11.2 Risk factors in Item 1A of the FY2025 Form 10-K
| Group | Risk factor | Words |
|---|---|---|
| Business and Industry | Research and development is costly and uncertain | 1,002 |
| Business and Industry | Competition | 729 |
| Business and Industry | Government price controls and access restrictions | 991 |
| Business and Industry | Safety or efficacy concerns | 273 |
| Business and Industry | Revenue concentration in few products | 611 |
| Intellectual Property | Dependence on products with IP protection | 571 |
| Intellectual Property | Long term success depends on IP protection | 703 |
| Operations | IT systems, breaches and cybersecurity | 1,447 |
| Operations | Manufacturing, quality and supply chain | 828 |
| Operations | Third party relationships and outsourcing | 572 |
| Operations | Use of AI and other emerging technologies | 490 |
| Doing Business Internationally | Global operations, trade, tariffs and conflicts | 774 |
| Doing Business Internationally | Currency, interest rates and inflation | 215 |
| Litigation and Government Regulation | Litigation and investigations | 344 |
| Litigation and Government Regulation | Tax laws | 299 |
| Litigation and Government Regulation | Regulatory compliance | 962 |
Table 11.3 Risk factor statements in the 2026 Forms 10-Q
| Filing | Statement |
|---|---|
| 10-Q Q1 2026 filed 30 Apr 2026 | No material changes from the risk factors in the FY2025 10-K. |
| 10-Q Q2 2026 filed 5 Aug 2026 | No material changes from the risk factors in the FY2025 10-K. |
| 10-Q Q3 2026 filed 29 Oct 2026 | No material changes from the risk factors in the FY2025 10-K. |
Interim flags: factors citing events after the FY2024 Form 10-K
- These five factors cite events dated after 19 Feb 2025. They are flagged from dated content; the FY2024 text was not compared.
Table 11.4 Risk factors with content dated after the FY2024 Form 10-K
| Risk factor | Content flagged |
|---|---|
| Government price controls and pricing, reimbursement, access | Text cites the Nov 2025 preliminary voluntary agreements with the US government on Medicaid prices and launch pricing across developed nations, LillyDirect self pay sales as a growing share of 2025 business, and HHS selection in Jan 2026 of Trulicity and Verzenio for Medicare set prices from 2028. |
| Revenue concentration in few products and supply chain | Six products above $3bn each made up 82% of 2025 revenue and Mounjaro and Zepbound 56%; text adds that CVS Caremark stopped covering Zepbound as a preferred obesity medicine on some plans in Jul 2025. |
| Long term success depends on IP protection | Text cites the Dec 2025 EU agreement in principle to revise pharmaceutical legislation, including shorter maximum data protection periods, and USPTO and Congressional proposals limiting patents. |
| Reliance on third parties and outsourcing | Text names expanded relationships with contract manufacturers, consumer directed access channels and AI providers, plus US and China tariffs and sanctions. |
| Global operations, trade, tariffs and conflicts | Text states the US and other countries imposed or reached alignment on new tariffs, some paused but able to return quickly; tariffs appear 16 times across Item 1A. |
12 Stock Price, Scenarios & Sensitivity
- LLY traded at $1,414.51 on 30 Oct 2026, +3.0% on the day, 2.4% below the 52 week high of $1,449.68 and 66.6% above the low of $849.17; +64.3% over twelve months.
- Valuation: 45.9x TTM diluted EPS of $30.81, which is after $8.07bn of acquired IPR&D; 39.8x the FY2026 non GAAP EPS guidance midpoint of $35.50; 15.1x EV/Sales; free cash flow yield 1.6%; dividend $1.73 per quarter.
- Scenario model: revenue grows from TTM Q3 2026 $86.5bn for three years; operating margin as stated, after acquired IPR&D; 20% tax rate; 893.4m shares; price equals TTM Q3 2029 EPS times exit P/E.
Critical factors and core assumptions
Table 12.1 Critical factors behind the best case
| Factor | Current value | Best case requires | Evidence in filings and calls |
|---|---|---|---|
| Incretin volume | Volume +53% in Q3 2026; U.S. obesity incretin prescriptions +78% (Q2 2026 call) | Volume growth above 25% a year through 2028 | 10-Q Q3 2026; Q2 2026 call |
| Realized price | Price (15%) in Q3 2026; U.S. (7%), outside U.S. (29%) | Price decline narrows to single digits from 2027 | 10-Q Q3 2026 MD&A |
| Foundayo uptake | $184m in Q3 2026; 36,000 prescribers by Aug 2026 | Annual sales of several billion dollars by 2028 after launches outside the U.S. in 2027 | 8-K Q3 2026; Q2 2026 call |
| Retatrutide | Three Phase 3 trials met primary endpoints; BLA planned for Q1 2027 | Approval and launch by 2028 | 8-K 5 Aug 2026 |
| Manufacturing capacity | Capex TTM $11.0bn; net property and equipment $32.2bn; construction in progress $13.0bn at FY2025 | Capacity online on schedule without supply limits | 10-Q Q3 2026; 10-K FY2025 |
| Acquired IPR&D | $8.07bn TTM, 9.3% of revenue | Charges below 5% of revenue | 10-Q Q3 2026 |
- Revenue base TTM Q3 2026 $86.5bn; operating income $34.9bn (40.3% margin, after 9.3% of revenue in acquired IPR&D).
- Best case: 22% revenue CAGR, 50% operating margin, 35x P/E; incretin volume continues at 2026 rates, Foundayo launches outside the U.S. in 2027, retatrutide approved, acquired IPR&D back toward FY2025 levels.
- Base case: 14% revenue CAGR, 45% margin, 28x P/E; price declines in the low to mid teens continue and launches add volume; acquired IPR&D near 5% of revenue.
- Worst case: 4% revenue CAGR, 36% margin, 18x P/E; oral and generic competition, deeper U.S. price resets and fixed cost deleverage from new plants.
- Tax rate 20% (FY2026 non GAAP guidance 19% to 20%); share count held at 893.4m (guidance assumes about 894m); no net interest; Mounjaro, Zepbound and Foundayo above 60% of revenue; no loss of U.S. tirzepatide exclusivity before 2036.
Scenarios, three years forward
Table 12.2 Scenario analysis, TTM Q3 2026 to TTM Q3 2029
| Measure | Worst case | Base case | Best case |
|---|---|---|---|
| Revenue CAGR, 3 years (%) | 4.0 | 14.0 | 22.0 |
| Revenue, TTM Q3 2029 ($bn) | 97.3 | 128.1 | 157.0 |
| Operating margin, TTM Q3 2029 (%) | 36.0 | 45.0 | 50.0 |
| Net income, TTM Q3 2029 ($bn) | 28.0 | 46.1 | 62.8 |
| EPS, TTM Q3 2029 ($) | 31.35 | 51.62 | 70.29 |
| Exit P/E (x) | 18.0 | 28.0 | 35.0 |
| Implied price ($) | 564 | 1,445 | 2,460 |
| Change against $1,414.51 (%) | (60) | 2 | 74 |
| Implied annual return (%) | (26.4) | 0.7 | 20.3 |
Implied annual return excludes dividends ($1.73 per share for Q4 2026).
Sensitivity analysis
Table 12.3 Sensitivity of implied price to revenue CAGR and operating margin at 28x P/E
| Revenue CAGR \ Operating margin | 36% | 40% | 45% | 48% | 50% |
|---|---|---|---|---|---|
| 4% | $878 | $975 | $1,097 | $1,170 | $1,219 |
| 9% | $1,011 | $1,123 | $1,263 | $1,348 | $1,404 |
| 14% | $1,156 | $1,285 | $1,445 | $1,542 | $1,606 |
| 18% | $1,282 | $1,425 | $1,603 | $1,710 | $1,781 |
| 22% | $1,417 | $1,575 | $1,771 | $1,890 | $1,968 |
Cells show implied share price in year 3. Current price $1,414.51. Blue cells sit above it, red cells below.
Table 12.4 Sensitivity of implied price to exit P/E and operating margin at 14% revenue CAGR
| Exit P/E \ Operating margin | 36% | 40% | 45% | 48% | 50% |
|---|---|---|---|---|---|
| 18x | $743 | $826 | $929 | $991 | $1,032 |
| 23x | $950 | $1,055 | $1,187 | $1,266 | $1,319 |
| 28x | $1,156 | $1,285 | $1,445 | $1,542 | $1,606 |
| 32x | $1,321 | $1,468 | $1,652 | $1,762 | $1,835 |
| 35x | $1,445 | $1,606 | $1,807 | $1,927 | $2,007 |
Cells show implied share price in year 3. Current price $1,414.51. Blue cells sit above it, red cells below.
Disclaimer
This analysis is for information only and is not financial advice. It is derived from public SEC filings retrieved via sec-api.io and is not a publication of the U.S. Securities and Exchange Commission. Scenario values are model outputs under stated assumptions and are not forecasts. Data as of 30 October 2026.
Sources
All company figures are read from SEC filings retrieved through the sec-api.io MCP server. CFO statements are taken from the Q4 2025, Q1 2026 and Q2 2026 earnings calls held by the company; no Q3 2026 call transcript was available on 31 Oct 2026. Annual meeting remarks are from the virtual meeting of 4 May 2026.
Table A.1 Filings used, with accession numbers
| Form | Period | Filed | Accession number |
|---|---|---|---|
| 10-Q | Q3 2026 | 29 Oct 2026 | 0000059478-26-000108 |
| 8-K Ex 99.1 | Q3 2026 | 29 Oct 2026 | 0000059478-26-000104 |
| 10-Q | Q2 2026 | 5 Aug 2026 | 0000059478-26-000081 |
| 8-K Ex 99.1 | Q2 2026 | 5 Aug 2026 | 0000059478-26-000077 |
| 10-Q | Q1 2026 | 30 Apr 2026 | 0000059478-26-000045 |
| 8-K Ex 99 | Q1 2026 | 30 Apr 2026 | 0000059478-26-000043 |
| 10-K | FY2025 | 12 Feb 2026 | 0000059478-26-000013 |
| 8-K Ex 99.1 | Q4 2025 | 4 Feb 2026 | 0000059478-26-000008 |
| 10-K | FY2024 | 19 Feb 2025 | 0000059478-25-000067 |
| 10-K | FY2023 | 21 Feb 2024 | 0000059478-24-000065 |
| 10-K | FY2022 | 22 Feb 2023 | 0000059478-23-000082 |
| 8-K 5.07 | AGM 2026 | 7 May 2026 | 0000059478-26-000048 |
| 8-K 8.01 | Notes offering | 20 May 2026 | 0001193125-26-232707 |
| 8-K 5.02 | Board | 21 Nov 2025 | 0000059478-25-000271 |
| Schedule 13G/A | 30 Sep 2026 | 19 Oct 2026 | 0000316011-26-000036 |
| Schedule 13G | 31 Mar 2026 | 1 May 2026 | 0002100119-26-001290 |
| 10-Q (peer BMY) | Q3 2026 | 29 Oct 2026 | 0000014272-26-000024 |
| 10-Q (peer JNJ) | Q3 2026 | 21 Oct 2026 | 0000200406-26-000197 |
Table A.2 Further filings used: competitors and comparatives
| Company | Form | Filed | Accession number |
|---|---|---|---|
| AbbVie | Form 8-K Ex 99.1 (Q3 2026 results) | 30 Oct 2026 | 0001551152-26-000033 |
| Amgen | Form 8-K Ex 99.1 (Q2 2026 results) | 4 Aug 2026 | 0000318154-26-000124 |
| BeOne Medicines | Form 8-K Ex 99.1 (Q2 2026 results) | 5 Aug 2026 | 0001628280-26-052877 |
| Biogen | Form 8-K Ex 99.1 (Q3 2026 results) | 28 Oct 2026 | 0000875045-26-000094 |
| Eli Lilly | 10-Q Q3 2025 (Q4 2025 derivation) | 30 Oct 2025 | 0000059478-25-000254 |
| Johnson & Johnson | Form 8-K Ex 99.1 (Q3 2026 results) | 13 Oct 2026 | 0000200406-26-000189 |
| Merck | Form 8-K Ex 99.1 (Q3 2026 results) | 29 Oct 2026 | 0001104659-26-119825 |
| Novartis | Form 6-K Ex 99.1 (Q3 2026 financial report) | 27 Oct 2026 | 0001114448-26-000014 |
| Novo Nordisk | Form 6-K (H1 2026 financial report) | 4 Aug 2026 | 0000353278-26-000023 |
| Sanofi | Form 6-K Ex 99.1 (Q3 2026 press release) | 30 Oct 2026 | 0001121404-26-000009 |
| Teva | Form 8-K Ex 99.1 (Q2 2026 results) | 29 Jul 2026 | 0001171843-26-004974 |
Table B.1 Exhibits to Forms 8-K filed in the last twelve months
| Filed | Exhibit | Document | Content |
|---|---|---|---|
| 21 Nov 2025 | Ex 104 | Cover page (Item 5.02 board election) | No other exhibit |
| 4 Feb 2026 | Ex 99.1 | Q4 2025 earnings release and 2026 guidance | Q4 2025 revenue rose 43% to $19.3bn ($19.29bn vs $13.53bn); volume +46%, realized prices (5%); US revenue +43% to $12.9bn, outside US +43% to $6.4bn; Q4 2025 Mounjaro revenue $7.41bn (+110%), Zepbound $4.26bn (+123%), Verzenio $1.60bn (+3%); FY 2025 Mounjaro $22.96bn, Zepbound $13.54bn, Verzenio $5.72bn |
| 30 Apr 2026 | Ex 99 | Q1 2026 earnings release and raised guidance | Q1 2026 revenue rose 56% to $19.8bn ($19.80bn vs $12.73bn); volume +65%, realized prices (13%); US +43% to $12.1bn, outside US +81% to $7.7bn; Mounjaro $8.66bn (+125%; US $4.2bn, outside US $4.4bn), Zepbound $4.16bn (+80%), Jaypirca $165m, Ebglyss $145m, Kisunla $124m, Omvoh $80m, Inluriyo $35m |
| 20 May 2026 | Ex 1.1 | Underwriting agreement for $9.0bn notes offering (dated 6 May 2026) | $9.0bn of notes in eight series sold to underwriters led by Morgan Stanley, Citigroup, Deutsche Bank and Goldman Sachs (each $1.44bn of the total); 15 underwriters in all; Underwriter purchase prices ranged from 99.850% (2028 floating notes) to 98.641% (2066 notes) of principal |
| 7 May 2026 | Ex 104 | Cover page (Item 5.07 vote results) | Vote counts in the 8-K body |
| 20 May 2026 | Ex 4.3 | Officers' certificate: terms of six fixed rate note series | $750m 4.150% notes due 2029, $1.5bn 4.375% due 2031, $1.25bn 4.650% due 2033, $1.5bn 4.850% due 2036, $1.75bn 5.600% due 2056, $1.0bn 5.700% due 2066 ($7.75bn fixed rate in total); Interest paid semiannually on 20 May and 20 November from 20 November 2026; senior unsecured, ranking equally with other unsecured debt |
| 20 May 2026 | Ex 4.4 | Officers' certificate: terms of two floating rate note series | $750m floating rate notes due 20 May 2028 at Compounded SOFR plus 0.350%; $500m floating rate notes due 20 May 2029 at Compounded SOFR plus 0.460%; Interest reset and paid quarterly (20 February, May, August, November) from 20 August 2026; rate floored at zero |
| 20 May 2026 | Ex 5.1 | Legal opinion of Kirkland & Ellis LLP | Opinion that the $9.0bn of notes will be binding obligations of Lilly once executed, authenticated and paid for, under New York law; Notes registered on Form S-3 under the 1 February 1991 indenture with Deutsche Bank Trust Company Americas as trustee |
| 20 May 2026 | Ex 5.2 | Legal opinion of Jamie Burnett, Lilly assistant general counsel | Opinion under Indiana law that Lilly is validly existing and has duly authorized the indenture, underwriting agreement and issuance of the notes; Prospectus supplement dated 6 May 2026 to the base prospectus of 19 February 2025 |
| 5 Aug 2026 | Ex 99.1 | Q2 2026 earnings release and raised guidance | Q2 2026 revenue rose 48% to $23.0bn ($22.97bn vs $15.56bn); volume +60%, realized prices (13%); US +33% to $14.4bn, outside US +80% to $8.6bn; Mounjaro $9.94bn (+91%), Zepbound $4.93bn (+46%), Jaypirca $192m, Ebglyss $201m, Kisunla $167m, Omvoh $102m, Foundayo $98m, Inluriyo $75m |
| 29 Oct 2026 | Ex 99.1 | Q3 2026 earnings release and raised guidance | Q3 2026 revenue rose 39% to $24.4bn ($24.40bn vs $17.60bn); volume +53%, realized prices (15%); US +34% to $15.1bn, outside US +47% to $9.3bn; included about $900m of benefits incl. $410m Jardiance milestones (none remain); Mounjaro $10.72bn (+65%; US $5.0bn, outside US $5.7bn), Zepbound $5.35bn (+49%), Jaypirca $228m, Ebglyss $202m, Kisunla $193m, Foundayo $184m, Omvoh $114m, Inluriyo $73m; nine month revenue $67.17bn (+46%) |
