Eli Lilly and Company reported significant financial growth in its latest quarterly results, with total revenue reaching $17.6 billion for the three months ended September 30, 2025, a 54% increase from $11.4 billion in the same period last year. For the nine months ending September 30, 2025, revenue also rose by 46% to $45.9 billion, compared to $31.5 billion in 2024. The company's net income surged to $5.6 billion for the third quarter, up from $970.3 million a year earlier, while earnings per share (EPS) increased to $6.21 from $1.07, reflecting a 128% rise.
The substantial revenue growth was primarily driven by increased sales volumes of key products, particularly Mounjaro and Zepbound, despite lower realized prices. Mounjaro's revenue alone saw a 109% increase in the third quarter, contributing significantly to the overall performance. The company also noted that its international sales grew by 74%, indicating strong demand outside the U.S. The gross margin improved to 82.9% for the quarter, up from 81.0% in the previous year, attributed to a favorable product mix and improved production costs.
Strategically, Eli Lilly has been active in expanding its product pipeline and capabilities through acquisitions. Notably, the company acquired Verve Therapeutics for approximately $549.4 million, focusing on genetic medicines for cardiovascular diseases. Additionally, Lilly's acquisition of NexPharm Parent HoldCo, LLC in May 2024 for $924.7 million enhanced its manufacturing capabilities. The company has also made significant investments in research and development, with R&D expenses increasing by 27% in the third quarter, reflecting ongoing efforts to innovate and expand its therapeutic offerings.
Operationally, Eli Lilly's total assets increased to $114.9 billion as of September 30, 2025, up from $78.7 billion at the end of 2024. The company reported a cash and cash equivalents balance of $9.79 billion, significantly higher than $3.27 billion at the end of the previous year. This liquidity positions the company well for future investments and operational needs. Furthermore, Eli Lilly has continued its share repurchase program, having repurchased $2.6 billion in shares during the nine months ended September 30, 2025, with $12.4 billion remaining under the authorized program.
Looking ahead, Eli Lilly anticipates continued growth driven by its expanding product portfolio and ongoing clinical trials. The company is focused on addressing global healthcare challenges, particularly in the areas of diabetes and oncology, while navigating the complexities of pharmaceutical pricing and regulatory environments. The recent enactment of the One Big Beautiful Bill Act (OBBBA) and the Inflation Reduction Act of 2022 may impact pricing strategies, but Lilly remains committed to delivering innovative solutions to improve patient outcomes.
About ELI LILLY & Co
Eli Lilly and Company is a global pharmaceutical firm focused on discovering, developing, manufacturing, and marketing human medicines. Its core segments include cardiometabolic health, oncology, immunology, and neuroscience, offering products like insulin, diabetes treatments, cancer therapies, and immunomodulators. Serving worldwide markets, Lilly emphasizes innovation, intellectual property protection, and strategic collaborations to deliver value-driven, effective therapies for diverse patient needs.
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