Eli Lilly (LLY) Q4 2025 (USD): adj. EPS 7.54 (exp. 6.95), Revenue 19.3bln (exp. 17.92bln)

COMMENTARY:

• R&D expenses will continue to accelerate in 2026, driven by ongoing and new late-phase programmes
• Expected Orforglipron US launch in Q2, pending FDA approval
• Sees global pricing decline in low- to mid- teens

PHARMA SALES: 

• Q4 Verzenio sales USD (prev. 1.47bln)
• Q4 US Zepbound sales USD 4.2bln (prev. 3.57bln)
• Q4 Mounjaro sales USD 7.4bln (prev. 6.52bln)

GUIDANCE:

• FY EPS view 32.50-35.00 (exp. 32.96)
• FY Rev. view 80-83bln (exp. 77.55bln)