Eli Lilly and Company and AbbVie each reported higher 2025 revenue and earnings, reflecting demand for newer therapies and expanding growth platforms. Lilly also issued 2026 guidance that points to continued double‑digit top‑line expansion.
In the fourth quarter of 2025, Lilly’s worldwide revenue rose 43% to 19.3 billion dollars, driven primarily by volume gains from diabetes and obesity medicines Mounjaro and Zepbound. Net income reached 6.6 billion dollars, with earnings per share of 7.39 dollars, compared with 4.4 billion dollars and 4.88 dollars, respectively, in the prior‑year quarter. On a non‑GAAP basis, Q4 2025 EPS was 7.54 dollars, up from 5.32 dollars, with both periods reflecting acquired IPR&D charges of 0.52 dollars and 0.19 dollars, respectively.
Lilly’s Q4 2025 gross margin increased 43% to 15.9 billion dollars, representing 82.5% of revenue, a 0.3‑percentage‑point improvement, largely due to favorable product mix and manufacturing efficiencies, partly offset by lower realized prices. Non‑GAAP gross margin rose 42% to 16.0 billion dollars and represented 83.2% of revenue, consistent with the prior year. Revenue from the company’s defined “Key Products” portfolio, which includes Mounjaro, Zepbound and other recent launches, totaled 13.8 billion dollars in the quarter.
For 2026, Lilly projected revenue between 80 billion and 83 billion dollars and non‑GAAP EPS of 33.50 dollars to 35.00 dollars. The company cited an agreement with the U.S. government intended to expand access to obesity medicines for millions of Americans as a contributor to its growth outlook.
AbbVie’s 2025 financial messaging emphasized the strength of its diversified growth platform, led by immunology and neuroscience assets. In the second quarter of 2025, which illustrates the company’s 2025 trajectory, AbbVie reported worldwide net revenues of 15.423 billion dollars, up 6.6% on a reported basis and 6.5% on an operational basis. Immunology portfolio net revenues were 7.631 billion dollars, an increase of 9.5% reported and 9.2% operational, with global Skyrizi revenue of 4.423 billion dollars and Rinvoq revenue of 2.028 billion dollars.
AbbVie’s neuroscience portfolio generated 2.683 billion dollars in Q2 2025, up 24.2% reported and 24.0% operational, with Vraylar contributing 900 million dollars, Botox Therapeutic 928 million dollars, and combined Ubrelvy and Qulipta revenue of 605 million dollars. Management described this performance as demonstrating “substantial momentum” and linked it to ongoing pipeline progress and business development activity, while updated 2025 EPS expectations reflected the impact of acquired R&D and milestone expenses.
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