Analysis of Revenues
Revenues as Reported
Eli Lilly & Co., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall revenue demonstrates a consistent upward trajectory throughout the observed period. While growth was modest between 2021 and 2022, a significant acceleration in revenue growth is evident from 2022 onwards, culminating in substantial increases by 2025. This overall growth is primarily driven by the Cardiometabolic health segment, with notable contributions from Oncology and Immunology.
- Cardiometabolic Health
- The Cardiometabolic health segment exhibits the most substantial growth, increasing from US$13.188 billion in 2021 to US$48.221 billion in 2025. This represents a significant compound annual growth rate. Growth within this segment accelerates markedly from 2023, suggesting the increasing impact of recently launched or rapidly adopted products. This segment is the primary driver of overall revenue increases.
- Oncology
- Revenue from the Oncology segment remains relatively stable between 2021 and 2023, fluctuating around US$5.6 to US$6.7 billion. A moderate increase is observed in 2024 and 2025, reaching US$9.376 billion. While positive, the growth rate in Oncology is considerably lower than that of Cardiometabolic health.
- Immunology
- The Immunology segment shows a gradual, consistent increase in revenue over the period, rising from US$3.361 billion in 2021 to US$5.247 billion in 2025. The growth is steady but less dramatic than that seen in Cardiometabolic health.
- Neuroscience
- The Neuroscience segment experienced a decline in revenue from 2021 to 2022, followed by a recovery in 2023. However, revenue then decreases again in 2024 and 2025, falling to US$1.391 billion. This segment demonstrates the most volatile performance and represents a potential area of concern.
- Other
- The ‘Other’ segment shows a consistent downward trend, decreasing from US$4.130 billion in 2021 to US$944 million in 2025. This suggests a strategic shift away from products included in this category or a decline in their market performance.
The overall revenue growth is heavily reliant on the Cardiometabolic health segment. While Oncology and Immunology contribute positively, their growth rates are less pronounced. The declining performance of Neuroscience and the ‘Other’ segments warrants further investigation to understand the underlying causes and potential mitigation strategies.