Company profile
SEC EDGAR ↗- Industry
- Pharmaceutical Preparations
- Listed
- NYSE: LLY
- Incorporated
- IN
- Headquarters
- Indianapolis, IN
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $65.2B
- Net income
- $20.6B
- Total assets
- $112.5B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Windfall · Decision Forks
Lilly's Obesity Windfall Is Real. The 18-Month Head Start Behind It Is the Part Nobody Mentions.
Tirzepatide passed Keytruda in 2025 to become the world's best-selling drug. But Lilly only filed for obesity in 2023, missed its own 2024 revenue target by ~$400M, and is already watching the injection moat crack as oral GLP-1s arrive.
8 min
The Pricing Play · Business Model
Eli Lilly Cut Insulin 70% and Got Richer. The Charity Was the Strategy.
In March 2023 Eli Lilly slashed Humalog's list price from $274.70 to $66.40 a vial. It looked like surrender. A year later U.S. revenue was up 39% on a 27% jump in realized prices — because the cheap thing it gave up was never where the money was.
8 min
The Pricing Play · Business Model
Lilly Sells the Same Drug at $1,086 and $299. The Gap Is the Strategy.
Eli Lilly lists Zepbound at $1,086.37 a month and sells the same molecule direct-to-consumer for as low as $299. That isn't a discount war with itself - it's a tollgate built to crowd out compounders and get ahead of the government.
8 min
The Moat Anatomy · Moat & Competition
Eli Lilly Started Building Tirzepatide Factories in 2020, Years Before Any FDA Approval
In 2020 - years before the FDA approved either drug - Eli Lilly began building tirzepatide factories 'at risk.' By 2025 it had pledged over $50 billion to U.S. manufacturing. The patent isn't the moat. The capital cycle no rival can compress is.
8 min
The Moat Anatomy · Moat & Competition
Eli Lilly's Patent Runs to 2036, but the $50B of Factories Is What Rivals Can't Build in Time
Lilly's tirzepatide overtook Keytruda as the world's top-selling drug, and the obvious story is the patent that expires in 2036. But the patent is the least durable thing protecting Lilly - the real moat is a $50B factory you can't build in time.
8 min