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- **Revenue Super Growth**: 54% YoY to $12.3B, driven by Mounjaro (+100% Europe), Zepbound (U.S. prescriptions tripled), and LillyDirect (40% vial share).
- **Pipeline Breakthroughs**: Orforglipron global submissions for obesity; retatrutide Phase III starts; Kisunla EU approved.
- **Expanded Manufacturing**: $1.3B in dividends, $700M buybacks; new U.S. facilities for bioconjugates and small molecules.
- **Strategic Pricing**: Orforglipron poised for 100M+ patients via direct-to-consumer and PBM channels; Mounjaro 75% non-U.S. revenue from out-of-pocket obesity.

**【CEO Summary Section】**
- Q3 2025 revenue grew 54% YoY, driven by key products like Mounjaro and Zepbound. U.S. market share in incretin analogs reached 60%, with Lilly medicines accounting for 60% of new prescriptions.
- Pipeline milestones included FDA approval for Inluriyo (imlunestrant) and Kisunla in Europe, positive Phase III results for Jaypirca and Verzenio, and global regulatory submissions for orforglipron in obesity.
- Manufacturing expansion announced: new facilities in Virginia (bioconjugate/monoclonal antibodies) and Texas (small molecules), plus Puerto Rico expansion.

**【CFO Financial Commentary】**
- Q3 revenue: $12.3B (54% YoY growth). Non-GAAP EPS: $7.02 (vs. $1.18 YoY). Gross margin: 83.6% (up 1.4pp YoY) due to favorable product mix.
- U.S. revenue +45% YoY (Mounjaro, Zepbound growth), Europe +100% (Mounjaro uptake). Japan/China/ROW: 24%/22%/51% growth.
- Full-year guidance updated: Revenue $63-63.5B (midpoint +$2B), non-GAAP EPS $23-23.70.

**【R&D & Pipeline Update】**
- **Cardiometabolic:**
  - Orforglipron: 4 Phase III trials completed (obesity, type 2 diabetes). Global submissions for obesity underway; U.S. launch expected 2026.
  - Retatrutide: Phase III trials for obesity and knee osteoarthritis. First readout (TRIUMPH-4) expected late 2025.
  - Muvalaplin: Phase III for Lp(a) reduction in cardiovascular disease.
- **Oncology:**
  - Jaypirca: Phase III data shows PFS benefit in CLL. Inluriyo approved for ER+/ESR1-mutated breast cancer.
  - Verzenio: Positive OS data in high-risk early breast cancer.
- **Neuroscience:**
  - Kisunla EU approval; U.S. prescriptions +50% QoQ. Remternetug Phase III for preclinical Alzheimer's.
  - Brenipatide: Phase II for alcohol use disorder; Phase III for obesity expected 2026.

**【International Growth】**
- Mounjaro launched in 55 countries, 75% of non-U.S. revenue from obesity (out-of-pocket). Strong uptake in China, Brazil, India.
- LillyDirect (direct-to-consumer) accounts for 40% of U.S. Zepbound vial prescriptions.

**【Q&A Highlights】**
- **Orforglipron Launch Strategy:**
  - U.S. and global launches in 2026; pricing strategy to balance consumer access and payer coverage.
  - Potential for 100M+ patients globally, leveraging LillyDirect and PBM partnerships.
- **Mounjaro International Growth:**
  - 75% of non-U.S. revenue from obesity; 55 country launches. Reimbursement discussions ongoing in Europe.
- **GLP-1 Pricing Dynamics:**
  - Semaglutide IRA negotiations may impact 2027 Part D pricing, but Lilly focuses on differentiation (efficacy, convenience).
  - Orforglipron's oral, once-daily profile positions it for broader market share.


Eli Lilly and Company (LLY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

LLY

LLY fundamentals

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