Eli Lilly and Company
Eli Lilly and Company discovers, develops, manufactures, and markets human pharmaceutical products in the United States, Europe, China, Japan, and internationally. The company offers cardiometabolic health products, including Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity. It also provides oncology products, such as Cyramza for the second-line treatment of gastric cancer or gastro-esophageal junction adenocarcinoma; Erbitux for colorectal cancers and head and neck cancers; Inluriyo for breast cancer; Jaypirca for chronic lymphocytic leukemia or small lymphocytic lymphoma; Retevmo for the treatment of metastatic NSCLC; TYVYT for classic hodgkin's lymphoma; and Verzenio for breast cancer. In addition, the company offers immunology products, which include Ebglyss; Olumiant; Omvoh; and Taltz. Further, it provides Emgality for migraine prevention and episodic cluster headache; and Kisubla for symptomatic Alzheimer's disease. The company has collaborations with Boehringer Ingelheim Pharmaceuticals, Inc. for the Jardiance product family; and F. Hoffmann-La Roche Ltd and Genentech, Inc. for lebrikizumab, as well as license agreements with Almirall, S.A. for Ebglyss; and Chugai Pharmaceutical Co., Ltd for orforglipron; strategic collaboration with Ascidian Therapeutics for development of therapies for undisclosed monogenic kidney diseases; BioArctic AB (publ) for new treatment; QurCan Therapeutics Inc for development of PLNP-enabled genetic medicine therapeutics for the treatment of central nervous system and peripheral nervous system; and Abbisko Therapeutics for discovery and development of medicines across multiple targets. The company was founded in 1876 and is headquartered in Indianapolis, Indiana.
What does it do?
Eli Lilly is one of the world's biggest pharmaceutical companies — they make medicines that millions of people take every day. Their most famous products right now are Mounjaro and Zepbound, injectable drugs that help people manage type 2 diabetes and lose weight. Think of them as the company behind one of the most talked-about drug categories in recent memory: GLP-1s, the class of medications that have genuinely changed how doctors treat obesity. They also make insulin products that diabetics have relied on for decades.
Lilly sits at the center of a once-in-a-generation shift in medicine — the mainstream treatment of obesity as a disease, not a lifestyle choice. The global obesity drug market is projected to exceed $100 billion by the early 2030s, and Lilly is one of only two companies (alongside Novo Nordisk) with proven, approved drugs in that race. Investors care because this isn't a niche market: over a billion people worldwide are classified as obese, meaning the addressable customer base is enormous.
How does it make money?
Lilly makes money by selling prescription drugs, primarily in the US but also across Europe, Japan, and China. Revenue surged from $45 billion to $65.2 billion in a single year — a 45% jump — driven almost entirely by explosive demand for Mounjaro (diabetes) and Zepbound (obesity), which together are on track to generate tens of billions annually. Their older diabetes drugs like Humalog and Trulicity still contribute meaningfully, but the new GLP-1 drugs are now the engine of the business. Net income hit $20.6 billion, meaning they kept roughly 32 cents of profit for every dollar of revenue — a sign of just how high-margin drug manufacturing can be.
Why do investors care?
The growth story is simple: demand for their obesity and diabetes drugs is outpacing their ability to manufacture them, which means the ceiling hasn't been hit yet. Lilly is spending billions building new factories to close that supply gap, and as capacity comes online, sales should continue climbing. For the thesis to work, they need to maintain their FDA approvals, fend off competition from Novo Nordisk's Ozempic and Wegovy, and successfully expand GLP-1 drugs into new uses — like heart disease, sleep apnea, and kidney disease — which clinical trials are already exploring.
Deep Dive
MemberA full investor briefing on Eli Lilly and Company — history, leadership, risks, and outlook.