Eli Lilly Q3 2025 earnings: weight-loss and diabetes drugs drive 54% revenue jump
Lilly's revenue and profit surged in Q3 2025 as Mounjaro and Zepbound sales more than doubled, prompting the company to raise its full-year outlook.
| Q3 2025 | Reported |
|---|---|
| EPS | $6.21 |
| Revenue | $17.60B |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Total revenue climbed 54% from a year earlier to $17.6 billion, with growth concentrated almost entirely in Lilly’s two incretin drugs, Mounjaro (for diabetes) and Zepbound (for weight loss).
- Mounjaro brought in $6.52 billion, up 109% year-over-year, while Zepbound brought in about $3.6 billion, up roughly 184%; together the two drugs generated over $10 billion in the quarter, more than double what they made a year earlier.
- Reported earnings per share came in well above the year-ago period, which had been depressed by one-time research and acquisition-related charges; on an adjusted basis (excluding one-time items) Lilly reported EPS of $7.02.
- Lilly raised its full-year 2025 outlook, now expecting revenue of $63 billion to $63.5 billion, up from its prior forecast of $60 billion to $62 billion, and adjusted profit of $23.00 to $23.70 per share, up from $21.75 to $23.00 previously.
- Trailing-twelve-month margins were high across the board — gross margin above 83% and net profit margin above 33% — reflecting the pricing power and scale of a business now dominated by blockbuster drugs rather than a broad, lower-margin product mix.
- Return on equity over the trailing year topped 92%, underscoring how profitable the business has become relative to the capital shareholders have invested, largely on the back of surging obesity and diabetes drug demand.
- CEO David Ricks pointed to strong international expansion — including new Mounjaro launches in China, Brazil and India — and pipeline progress, saying the company advanced its experimental oral weight-loss pill orforglipron through additional late-stage trials, positioning it for global regulatory submissions by year-end.
- Trailing-twelve-month revenue growth of nearly 50% and EPS growth of about 95% suggest the quarter’s gains extend a sustained trend rather than a one-off spike.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $17.6B | $11.4B | +53.9% |
| Net income | $5.6B | $970M | +475.3% |
| Diluted EPS | $6.21 | $1.07 | +480.4% |
| Gross margin | 82.9% | 81.0% | +1.9 pts |
| Net margin | 31.7% | 8.5% | +23.2 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Eli Lilly and Co closed at $813.53 on Oct 29, 2025, the last session before the report, and at $862.86 on Oct 31, 2025, the first session after it — +6.1% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · Reuters/CNBC · earnings call