ELI LILLY & Co (LLY)

Eli Lilly and Company, incorporated in Indiana in 1901 to succeed a drug manufacturing business founded in Indianapolis in 1876, discovers, develops, manufactures, and markets human pharmaceutical products. It operates in a single business segment. Its stated purpose is to unite caring with discovery to create medicines that make life better, and its long-term success depends on its ability to discover or acquire, develop, and commercialize innovative medicines.

Its products fall into four therapeutic areas. Cardiometabolic health includes the insulins Basaglar, Humalog, and Humulin, plus Jardiance, Mounjaro, Trulicity, and Zepbound, which treat diabetes, obesity, and obstructive sleep apnea. Oncology includes Cyramza, Erbitux, Inluriyo, Jaypirca, Retevmo, Tyvyt, and Verzenio, covering cancers such as breast, lung, colorectal, thyroid, and blood cancers. Immunology includes Ebglyss, Olumiant, Omvoh, and Taltz, used for atopic dermatitis, rheumatoid arthritis, alopecia areata, ulcerative colitis, Crohn's disease, psoriasis, and spondyloarthritis. Neuroscience includes Emgality for migraine and cluster headache, and Kisunla for early symptomatic Alzheimer's disease. Several products are marketed in collaboration with other companies, including Boehringer Ingelheim, Innovent Biologics, Incyte, and Almirall.

Lilly's products are sold in approximately 90 countries. In the U.S., most are distributed through wholesalers that serve pharmacies, physicians and other healthcare professionals, and hospitals. Three wholesalers, McKesson, Cencora, and Cardinal Health, each account for a significant percentage of consolidated revenue. Account managers also serve pharmacy benefit managers, insurers, employers, managed care organizations, group purchasing organizations, government and long-term care institutions, and hospitals. Promotion involves sales representatives, medical meetings, online channels, and direct-to-consumer advertising in the U.S. Through LillyDirect, a direct-to-patient digital platform, select medicines are delivered via third-party pharmacies, and this channel was a growing portion of the business in 2025. Outside the U.S., Lilly uses its own sales organizations in many countries and often relies on third parties for commercial sales operations. Anti-obesity medicines make up a significant portion of revenues.

Lilly manufactures and distributes its products through facilities in the U.S., including Puerto Rico, and in Europe and Asia. It competes globally with branded, generic, and biosimilar products on effectiveness, safety, price, formulary placement, payer coverage, and R&D. Competition is intensifying from China and other markets with expanded research capabilities, and from counterfeit and mass-compounded incretins. Consolidated U.S. payers and pharmacy benefit managers add pricing pressure. The company relies on patents, regulatory data protection, and trademarks to protect its products.