Eli Lilly Q2 2025 Revenue Soars 38% on Demand for Zepbound and Mounjaro

Eli Lilly and Company has reported a robust performance for the second quarter of 2025, showcasing significant growth across various dimensions of its business. The pharmaceutical giant recorded a 38% increase in revenue, amounting to $15.56 billion, primarily fueled by the increasing demand for key products like Zepbound and Mounjaro. This growth was predominantly driven by a 42% surge in sales volume, which was slightly offset by a 6% reduction due to lower realized prices.

Eli Lilly's U.S. revenue rose by 38% to $10.81 billion, attributed to a 46% hike in volume. This substantial growth was supported by the performance of Zepbound and Mounjaro, though tempered by an 8% drop due to lower prices. International revenue also ascended by 37% to $4.74 billion, with a 35% rise in volume being the main contributor, supplemented by favorable foreign exchange impacts.

The quarter saw Eli Lilly’s gross margin escalate by 44% to $13.11 billion, equating to 84.3% of revenue—a 3.5 percentage point increase, attributed to improved production costs and a favorable product mix. Research and development expenses also grew 23% to $3.34 billion, driven by ongoing investments across the company's early and late-stage development pipeline.

The company's reported net income reached $5.66 billion, marking a 91% rise compared to the previous year. Earnings per share on a reported basis leaped 92% to $6.29. On a non-GAAP basis, net income increased 60% to $5.68 billion, with non-GAAP EPS climbing to $6.31, both results being inclusive of $0.14 of acquired IPR&D charges.

Among key product highlights, Mounjaro’s worldwide revenue soared 68% to $5.20 billion, heavily supported by its U.S. performance, which saw a 37% increase. Non-U.S. markets contributed significantly with revenue leaping from $677.2 million in Q2 2024 to $1.90 billion. Zepbound shone brightly with a 172% growth in U.S. sales, driven by increased demand. Verzenio also contributed with a 12% uplift in global revenues.

Lilly also reported strategic milestones, including advancements in their research pipeline. Significant developments were noted in obesity treatments with positive Phase 3 results from orforglipron and encouraging cardiovascular data from Mounjaro. The company’s oncology pipeline also progressed, highlighted by the success of Jaypirca versus Imbruvica in CLL/SLL trials, and developments in Alzheimer's treatments were marked by several approvals and marketing authorizations.

The quarter also highlighted several business moves, including the acquisitions of SiteOne Therapeutics and Verve Therapeutics, aimed at enhancing their cardiovascular treatment pipeline.

Given these developments, Lilly upwardly revised its 2025 financial guidance. The company now expects full-year revenue to be between $60 billion and $62 billion, up from previous estimates. Reported EPS is anticipated to be between $20.85 and $22.10, with non-GAAP EPS forecasted between $21.75 and $23.00. These adjustments reflect the company's strengthened market position and strategic initiatives.

In summary, Eli Lilly's Q2 2025 results and strategic actions underline its growth trajectory and potential for sustained performance. The firm’s significant advancements in key therapeutic areas and operational expansion have set a positive tone for future achievements.