Quarter 3 results
Eli Lilly reported a 54% increase in revenue in the third quarter, rising to $17.60 billion in 2025 from $11.439 billion in 2024, which the company largely credited to sales of Mounjaro and Zepbound, the company’s GLP-1 agonist weight-loss treatments.
Zepbound injection for weight loss. Credit: Eli Lilly
Mounjaro revenue saw a 109% increase in revenue from the third quarter of 2024 to this year, increasing to $6.515 billion from $3.112 billion. Zepbound revenue increased 185% to $3.588 billion from $1.257 billion.
Verzenio, Lilly’s breast cancer treatment, revenue increased by 7% to $1.47 billion from $1.369 billion.
Lilly adjusted its expected earnings to $23.70 per share from $23.00 per share, which was up from a previous forecast of $21.75 per share. Annual revenue is projected to come in between $63 billion and $63.5 billion, according to Reuters.
The reported results “should dispel some GLP-1 market concerns and highlights the underlying strength of Lilly’s portfolio,” said J.P. Morgan analyst Chris Schott.
Lilly’s main competitor, Novo Nordisk, is scheduled to release its third-quarter results on Wednesday.
Eli Lilly has pulled ahead significantly in the weight-loss market. Lilly’s drugs, Mounjaro and Zepbound, are dual-agonists that target GIP and GLP-1, while Novo Nordisk’s Wegovy is a single GLP-1 agonist. This could be a key reason for Lilly’s advantage, as its drugs have superior efficacy data. If the momentum continues, Lilly could be the largest pharma company by revenue as soon as next year. It is already the top pharma company by market cap.
While Lilly’s results have been encouraging, some analysts worry about a “GLP-1 bubble”. If more effective treatments emerge or the market peaks unexpectedly, Lilly could be left with overcapacity and debt. New competitors are emerging; Roche and Pfizer appear to be angling to join the weight-loss market, potentially contributing to a bubble effect.
Increasing investments in manufacturing
Eli Lilly announced Monday that it plans to build a new $3 billion manufacturing facility in Katwijk, the Netherlands, within the Leiden Bio Science Park. The site will expand the company’s capacity to produce oral medicines, the company said.
The new site will manufacture orforglipron, Lilly’s oral, small-molecule GLP-1 receptor agonist that could see FDA approval potentially in mid- to late-2026. The company said it expects to submit the drug to global regulatory agencies by the end of the year for the weight-management indication, with a diabetes regulatory submission potentially to follow in 2026.
The facility will create 500 high-wage jobs, Lilly said, plus approximately 1,500 jobs during the construction, which is expected to begin next year.
Since 2020, the company has announced three additional sites in Europe, including an expansion of its manufacturing facilities in Limerick, Ireland and Alzey, Rhineland-Palatinate, Germany. In the U.S., Lilly announced plans to expand a site in Puerto Rico as well as construct two new locations in Texas and Virginia. The locations in Puerto Rico and Texas will also manufacture drugs like orforglipron while the Virginia site is will specialize in APIs/advanced therapies. The company plans to announce two additional U.S. locations in the next few months.
Lilly is gearing up for orforglipron’s approval and investing heavily in U.S. manufacturing. Donald Trump has emphasized onshoring drug manufacturing, threatening 100% tariffs on imported, branded drugs for companies that are not building manufacturing facilities in the U.S., though the tariffs are currently on hold while companies negotiate drug pricing with the White House. Unlike competitors Pfizer and AstraZeneca, Eli Lilly has not announced a pricing deal with the White House.
Orforglipron: Lilly’s oral GLP-1
Orforglipron showed positive results in four Phase 3 trials, Lilly said last Thursday. In the trials, orforglipron demonstrated superior glycemic control, superiority to oral semaglutide and weight loss and cardiometabolic improvements.
The oral treatment could be a game-changer by removing the need for injections. It is also possible that the treatment could be offered at a lower price point than its injectable counterparts.
Eli Lilly said orforglipron meets most of the criteria for the FDA’s new National Priority Voucher, which would accelerate the drug’s approval review. The company plans to submit the drug for FDA approval by the end of 2025.
The Commissioner’s National Priority Voucher (CNPV) program was announced this June. The program could reduce drug review times to just one to two months, compared to the typical timeframe of 10 to 12 months. The program will accelerate the approval for “companies aligned with critical U.S. national health priorities,” according to the FDA website.
To be eligible for the program, a company must demonstrate alignment with one or more of the program priorities. The priorities are addressing a U.S. public health crisis, delivering more innovative cures, addressing an unmet need, onshoring drug development and manufacturing and increasing affordability.
Filed Under: Endocrinology, Metabolic disease/endicrinology
