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ELI LILLY & Co

CIK: 594781 Annual ReportLatest: 2026-02-12

10-K / February 12, 2026

Eli Lilly and Company

What the company does

  • Global pharmaceutical company focused on a single business segment: human pharmaceutical products.
  • Discovers, develops, manufactures, and markets medicines across multiple therapeutic areas.
  • Sells products worldwide through a mix of internal sales teams, distributors, and third-party arrangements; in the U.S., most products are distributed through wholesale distributors.

Global footprint and scale

  • Principal domestic and international executive offices in Indianapolis, Indiana.
  • Major production sites in Indiana, North Carolina, Puerto Rico, and Wisconsin, with additional manufacturing in Europe and Asia (examples: Ireland, France, Spain, Italy, China, Japan).
  • Research and development facilities primarily in the U.S. (owned facilities in Indiana; leased facilities in California, Massachusetts, Colorado, and New York).
  • Products sold in roughly 90 countries; uses LillyDirect (direct-to-patient platform) where applicable outside the U.S.

Workforce

  • Approximately 50,000 employees at the end of 2025.
  • About 27,000 employees located outside the U.S.
  • Approximately 12,000 employees engaged in research and development.

Product portfolio highlights

Therapeutic areas and representative products:

  • Cardiometabolic Health

    • Basaglar (insulin analog) in collaboration with Boehringer Ingelheim.
    • Humalog and related insulin products (Humalog U-100, U-200, Mix varieties, lispro products).
    • Jardiance (empagliflozin) in collaboration with Boehringer Ingelheim — for type 2 diabetes and to reduce cardiovascular death and related risks.
    • Mounjaro (tirzepatide) receptor agonist — for adults with type 2 diabetes; marketed as Mounjaro in many markets.
    • Trulicity (dulaglutide) — for adults and pediatric patients (10+) with type 2 diabetes; cardiovascular risk reduction in defined populations.
    • Zepbound — for obesity/overweight with weight-related comorbidities, with market-specific guidance outside the U.S.
  • Oncology

    • Cyramza — second-line treatment options for several cancers including gastric/GEJ, NSCLC, colorectal cancer, and hepatocellular carcinoma.
    • Jaypirca — treatment for CLL/SLL, MCL, and RET-rearranged NSCLC in adults.
    • Retevmo — RET gene fusion–targeted therapy for thyroid and other solid tumors in adults and children.
    • Verzenio — HR+, HER2- metastatic breast cancer; also used with endocrine therapy for early breast cancer at high risk of recurrence.
    • Inluriyo — for ER-positive, HER2-negative, ESR1-mutated advanced/metastatic breast cancer; additional hematology and RET-fusion indications in specific markets.
    • Additional oncology products supporting first- and later-line indications across tumor types.
  • Immunology

    • Ebglyss — atopic dermatitis and other inflammatory conditions (in Europe, in collaboration with Almirall).
    • Olumiant (baricitinib) — rheumatoid arthritis and other indications.
    • Omvoh — ulcerative colitis and Crohn’s disease in adults; plaque psoriasis and related conditions.
    • Taltz (ixekizumab) — plaque psoriasis, psoriatic arthritis, and axial spondyloarthritis.
  • Neuroscience

    • Emgality — migraine prevention and episodic cluster headache treatment.
    • Kisunla — for early symptomatic Alzheimer’s disease with amyloid pathology and related cognitive impairment contexts.
  • Additional products and support

    • Delivery devices, direct-to-patient services (LillyDirect), and access programs to support patient access and product delivery.

Revenue context and scale

  • Six products each generated more than $3 billion in direct product and/or collaboration and other revenues in 2025.
  • Those six products (Mounjaro, Zepbound, Verzenio, Trulicity, Taltz, Jardiance — including associated products Glyxambi, Synjardy, and Trijardy XR) collectively accounted for 82% of Lilly’s total revenues in 2025.

Marketing, distribution, and access

  • Global sales through internal teams, distributors, third parties, and LillyDirect where applicable.
  • In the U.S., sales flow primarily through wholesale distributors; three wholesalers (McKesson, Cencora, Cardinal Health) accounted for a substantial share of revenue in 2025.
  • Employs direct-to-provider and consumer-focused activities, disease-state information, digital channels, partnerships, and payer arrangements including risk-sharing and rebates.

Intellectual property and regulatory environment

  • Holds and licenses numerous patents and uses data protection and term-extension mechanisms to manage market exclusivity.
  • Data protection and extension opportunities vary by jurisdiction (U.S., Europe, Japan) and by product type (small molecule versus biologics).
  • Operates through collaborations and licenses across regions and manages intellectual property challenges, regulatory trial requirements, and biosimilar competition risk.

Manufacturing and supply chain

  • Active ingredient manufacturing and product finishing occur at company facilities and with third-party providers.
  • Expansion underway with new sites in multiple U.S. states and in Europe.
  • Global supply chain includes reliance on China-based suppliers for portions of the supply chain.
  • Emphasizes quality systems and manages exposure to supply disruptions, pricing pressures, and demand variability.

People, governance, and risk management

  • Emphasizes human capital values such as integrity, excellence, and respect for people, with ongoing investments in training and development.
  • Cybersecurity program aligned with industry standards; governance includes board oversight and dedicated information security leadership.
  • Maintains comprehensive regulatory compliance activities and manages risks related to regulatory changes, pricing and reimbursement, and litigation exposure.