Demand and volumepositive · 5 filings
“Revenue of Zepbound increased 44 percent and 58 percent in the U.S.”10-Q · Aug 5, 2026 ↗
Eli Lilly and Company
LLY
Market read
Eli Lilly and Company's current read is isolated; its market group is not confirming.
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 26 directly disclosed connections are confirming.
Company-0.7% todayVolume comparison unavailable
Market group0 of 1 activeDrug Manufacturers · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Zepbound demand is driving U.S. growth, while lower realized prices, including cash-pay reductions, are offsetting part of the increase.
Invalidation: The isolated read changes if LLY's group or a disclosed connection begins moving with it.
Research brief
The story so far
No new filing conclusion is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 26 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Zepbound demand is driving U.S. growth, while lower realized prices, including cash-pay reductions, are offsetting part of the increase.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements79
Verified relationships10
Evidence supporting the case
- Latest annual revenue changed +44.7% year over year.
- Net margin changed +8.2 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
Evidence challenging the case
- Foreign exchange has repeated adverse evidence across 5 filings.
Questions before a position
- P/E is 102% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 125% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
1,114.836m+14.1%12m+47.7%24m+23.3%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$28.3B+15.4%$6.12-0.1%
2022-12-31$28.5B+0.8%$6.90-0.8%
2023-12-31$34.1B+19.6%$5.80-0.1%
2024-12-31$45.0B+32.0%$11.71+0.1%
2025-12-31$65.2B+44.7%$22.95-0.5%
What management says matters
Persistent and emerging business drivers
Foreign exchangenegative · 5 filings
“Consolidated Volume 37 % 113 % 60 % 42 % 104 % 62 % Price (3) (36) (13) (5) (31) (13) Foreign exchange rates — 4 1 — 7 2 Percent change 33 % 80 % 48 % 37 % 81 % 51 % In the U.S.”10-Q · Aug 5, 2026 ↗
Product pipeline and R&Dpositive · 5 filings
“Research and development expenses increased 14 percent and 21 percent for the three and six months ended June 30, 2026, respectively, driven by continued investments in our early and late-stage portfolio.”10-Q · Aug 5, 2026 ↗
Restructuring and cost reductionsmixed · 2 filings
“The higher tax rate for the six months ended June 30, 2026 was primarily driven by a mix of earnings in higher tax jurisdictions and the unfavorable tax impact of asset impairment, restructuring, and other special charges.”10-Q · Aug 5, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 15.4× · EV/sales 15.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
1,114.83-0.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for LLY. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for LLY. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind LLY
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
CAHCardinal Health, Inc.distributorFeb 12, 2026 ▾
“In 2025, 2024, and 2023, three wholesale distributors in the U.S.—McKesson Corporation, Cencora, Inc., and Cardinal Health, Inc.—each accounted for a significant percentage of our consolidated revenue.”
Depended on by
BEAMBeam Therapeutics Inc.partnerMay 7, 2026 ▾
“Verve Therapeutics and Eli Lilly and Company We are party to a license agreement, or the Verve Agreement, with Verve Therapeutics, Inc., or Verve, pursuant to which we granted Verve exclusive worldwide licenses under our base editing technologies for human th…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 29 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
LLY is currently a Leader in the organic co-movement group Drug Manufacturers. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for LLY; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.