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$1,174.61
Market Capi
$1.0T
Growth-adj P/E (3-yr hist)i
1.0x
Growth-adj P/E (3-yr proj)i
0.8x
P/S 26Ei
12x
P/S 28Ei
9.2x
EV/EBIT 26Ei
26x
EV/EBIT 28Ei
18x
P/E 26Ei
33x
P/E 28Ei
23x
P/S 26Ei
12x
EV/EBIT 26Ei
26x
P/E 26Ei
33x
P/S 28Ei
9.2x
EV/EBIT 28Ei
18x
P/E 28Ei
23x
Revenue
2026E
$85B
Gross Margini
83%
Hist. CAGRi
32%
Proj. CAGRi
19%
EBIT
2026E
$41B
Op. Margini
46%
Hist. CAGRi
51%
Proj. CAGRi
23%
Net profit
2026E
$31B
Net Margini
32%
Hist. CAGRi
49%
Proj. CAGRi
29%
Business Model
Recent Developments
Average Targeti
$1,276.96+14%
Consensusi
Buy
27 analysts covering
Net debti
$23B
Div. Yieldi
0.6%
Buyback Yldi
0.6%
Market Capi
$1.0T
P/E 26Ei
33x
Adj. P/E (fwd.)i
0.8x
Revenue 26E
$85B
Proj. CAGRi
19%
Gross Margini
83%
EBIT 26E
$41B
Proj. CAGRi
23%
Op. Margini
46%
Net Profit 26E
$31B
Proj. CAGRi
29%
Net Margini
32%
Average Targeti
$1,276.96+14%
Consensusi
Buy
27 analysts covering
Profile
Eli Lilly is a global pharmaceutical company that discovers, develops, and commercializes medicines across four therapeutic areas. Revenue is generated almost entirely through drug sales; there is no meaningful services or licensing segment.
Industry
Lilly sells primarily to specialty pharmacies, hospital networks, pharmacy benefit managers, and government payers in the U.S., which accounts for roughly two-thirds of revenue. International revenue is distributed across Europe (~18%), Japan (~3%), and China (~3%). The pharmaceutical industry is characterized by high barriers to entry driven by R&D intensity, regulatory approval timelines, and patent protection. Competition is concentrated — the GLP-1 market is effectively a two-player contest between Lilly and Novo Nordisk, with each holding meaningful share in obesity and diabetes.
Key metrics
Economic moat
Lilly's moat rests primarily on patent-protected molecular IP — tirzepatide's dual GIP/GLP-1 agonism mechanism is distinct from semaglutide, providing both regulatory differentiation and patent runway into the 2030s. The company's scale in clinical development and manufacturing creates a second layer: running Phase 3 trials across multiple indications simultaneously and building out injectable and oral delivery platforms requires capital and regulatory expertise that limits new entrants. Brand recognition among prescribers reinforces switching costs, particularly in specialist-driven therapeutic areas like oncology.
David Ricks
Ricks has led Lilly as CEO since January 2017 and as Chairman since May 2017, making him one of the longer-tenured CEOs among large-cap pharma. He spent his entire career at Lilly, rising through commercial and international roles before taking the top job. His tenure has been defined by the strategic pivot toward GLP-1 and metabolic disease, the Mounjaro and Zepbound launches, and a sharp expansion in R&D spend and manufacturing capacity to support the GLP-1 scale-up.
Lucas Montarce
Montarce joined Lilly as CFO in September 2024, bringing experience in large-scale financial operations within the pharma sector. As the company transitions from high-investment GLP-1 buildout toward an expected free cash flow inflection, his mandate centers on capital allocation discipline, manufacturing investment oversight, and managing the increasing complexity of international reimbursement negotiations.
Daniel Skovronsky
Skovronsky is Lilly's chief scientific and medical officer, overseeing the R&D organization. His background is in neurodegeneration research, and he has been central to Lilly's Alzheimer's franchise (donanemab) as well as the broader pipeline expansion into obesity, cardiovascular, and oncology. His scientific credibility is a meaningful factor in how the investment community evaluates Lilly's pipeline depth.
Other key figures
Diogo Rau (Chief Information and Digital Officer, joined May 2021) leads Lilly's technology and AI strategy, relevant given the company's investment in digital health and manufacturing automation. Thomas Fuchs (joined October 2024) brings AI and computational pathology expertise to the R&D organization.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Q2 2026 revenue (reported August 5, 2026) rose 48% year-over-year to $23.0 billion, comfortably ahead of Street expectations.
Non-GAAP EPS came in at $8.38, well above consensus near $6.07, while GAAP EPS of $7.94 was up 26% year-over-year.
Worldwide Mounjaro revenue climbed 91% to $9.9 billion, and U.S. Zepbound revenue grew 44% to $4.9 billion, together driving nearly all of the quarter's growth.
Management raised full-year 2026 revenue guidance to $85–87 billion (from $82–85 billion) and lifted its EPS outlook, while acknowledging that higher rebates and discounts are weighing on realized prices.
Recent developments
On July 16, 2026, Lilly agreed to acquire AtaiBeckley for up to $3.8 billion, adding a clinical-stage neuroplastogen pipeline aimed at treatment-resistant depression.
The FDA approved an extended eight-week maintenance dosing regimen for Ebglyss in moderate-to-severe atopic dermatitis on June 9, 2026, cutting the drug's annual injection burden.
Retatrutide delivered positive Phase 3 results across obesity, sleep apnea, and knee osteoarthritis trials in June 2026, with a regulatory submission targeted for early 2027.
Lilly also closed several smaller biotech acquisitions during the quarter, broadening its pipeline beyond metabolic disease into genetic medicine and oncology platforms.
Debate & sentiment
Bulls point to the depth of Lilly's incretin pipeline — retatrutide alongside the oral candidate orforglipron — as evidence the growth runway extends well beyond Mounjaro and Zepbound.
Skeptics highlight stretched valuation multiples relative to the broader pharmaceutical sector, leaving little margin for execution missteps.
Rising rebates and discounting on GLP-1 products have compressed realized prices, a dynamic management expects to persist as volumes scale further.
A newly approved rival oral obesity pill from a competitor adds fresh uncertainty about how long Lilly can sustain its current category lead.
Consensusi
Buy
Average targeti
$1,276.96+14%
Highest targeti
$1,600.00+43%
Lowest targeti
$850.00-24%
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