Eli Lilly &LLY

01Tirzepatide (Mounjaro/Zepbound) has created a franchise approaching two-thirds of total revenue with volume growth exceeding 40% in both U.S. and international markets. Manufacturing capacity investments should convert constrained supply into additional volume, extending the growth runway before competitive incretins mature.

02Orforglipron (Foundayo), as an oral GLP-1, gives Lilly a second incretin franchise that can reach patients who reject injections. A successful oral obesity/diabetes drug would broaden the addressable market and diversify away from sole dependence on tirzepatide.

03We paid $13.3 billion in 2026 related to business development activity, primarily driven by the acquisitions of Centessa, Kelonia, Orna, Ventyx, and Ajax In July 2026, we paid approximately $2.0 billion to acquire companies to build an infectious disease portfolio In addition, we have entered into an agreement to acquire AtaiBeckley Inc., subject to closing conditions. The potential amount payable at closing for this pending acquisition is approximately $2.8 billion The FDA granted Breakthrough Therapy designation for sofetabart mipitecan for the treatment of certain patients with platinum-resistant ovarian cancer

04Despite explicit price concessions on Mounjaro and Zepbound (including cash-pay cuts and Medicare Bridge discounts), Lilly is expanding gross margin through manufacturing efficiencies and favorable mix. This suggests unit economics remain robust even as list prices decline.