# Eli Lilly and Company (LLY)

> Source: Nexqual · https://nexqual.com/LLY · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Eli Lilly and Company (LLY), nexqual.com/LLY" · informational, not investment advice.

**Price:** USD 1,306.69 (+2.83% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 1,270.75 · day 1,275.1–1,321.21 · 52w 806.02–1,321.21 · market cap $1.17T · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $79.7B, net income $26.7B (33.5% margin) (SEC filings).
- Valuation: P/E 43.6x (avg 71.1x at the last 3 fiscal year-ends).
- 7 of 80 tracked superinvestors hold LLY (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 0 added, 6 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $34.6M; 1 not under a Rule 10b5-1 plan ($15.8M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.06 on a 1–5 scale) (31 analysts), mean target USD 1,331.55 (range 930–1,600).
- Total return with dividends: 1Y +60.1% vs S&P 500 +14.9%; 5Y +461.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 6.67, revenue estimate $22.6B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $28.3B | $28.5B | $34.1B | $45.0B | $65.2B | $79.7B |
| Gross profit | $21.0B | $21.9B | $27.0B | $36.6B | $54.1B | — |
| Net income | $5.58B | $6.24B | $5.24B | $10.6B | $20.6B | $26.7B |
| EPS (diluted) | $6.12 | $6.90 | $5.80 | $11.71 | $22.95 | — |
| Gross margin | 74.2% | 76.8% | 79.2% | 81.3% | 83.0% | — |
| Net margin | 19.7% | 21.9% | 15.4% | 23.5% | 31.7% | 33.5% |
| Revenue growth | +15.4% | +0.8% | +19.6% | +32.0% | +44.7% | — |
| Cash + short-term investments | $3.91B | $2.21B | $2.93B | $3.42B | — | — |
| Total debt | $16.9B | $16.2B | $25.2B | $33.6B | $42.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 43.6x · P/S 14.6x · P/B 34.4x · Earnings yield 2.29% · Dividend yield (paid, TTM) 0.50% · Buyback yield (TTM) 0.53%
P/E at fiscal year-ends: Dec 2025 46.8x, Dec 2024 65.9x, Dec 2023 100.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold LLY (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 6.89% | $800M | Reduced -27.1% | Q2 2026 |
| Jensen Investment Management |  | 4.47% | $184M | Reduced -33.4% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 3.54% | $386M | Reduced -1.3% | Q2 2026 |
| Torray Funds |  | 0.06% | $477K | Unchanged | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.03% | $49.5M | Reduced -1.8% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $352K | Reduced -1.9% | Q3 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $517K | Reduced -4.2% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Jonsson Patrik | EVP & President, LLY Int'l | 6,500 | $7.6M | 10.6% | Yes (adopted February 17, 2026) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-10 | Zakrowski Donald A | SVP, Finance, & CAO | 2,000 | $2.4M | 38% | Yes (adopted May 11, 2026) | Routine (sold in Aug & Nov each year 2023–2025) |
| 2026-08-07 | Hakim Anat | EVP, GC & Secretary | 5,000 | $6.0M | 9% | Yes (adopted February 10, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Yuffa Ilya | EVP&Pres, LLY USA&Global Capab | 2,500 | $2.9M | 7.7% | Yes (adopted February 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-06 | Lilly Endowment Inc |  | 15,828 | $15.8M | 0% | No | Routine (sold in Jul & Sep each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.06 on a 1–5 scale), 31 analysts; mean target USD 1,331.55 (low 930, high 1,600).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Leerink Partners | Target raised | Outperform | $1309 → $1316 |
| 2026-10-12 | RBC Capital | Reiterated | Outperform | $1500 |
| 2026-10-08 | Cantor Fitzgerald | Target raised | Overweight | $1410 → $1440 |
| 2026-10-07 | Morgan Stanley | Target raised | Overweight | $1419 → $1430 |
| 2026-09-28 | JP Morgan | Target raised | Overweight | $1400 → $1500 |
| 2026-09-22 | TD Cowen | Reiterated | Buy | $1250 |
| 2026-09-18 | Guggenheim | Target raised | Buy | $1273 → $1284 |
| 2026-09-10 | HSBC | Target raised | Reduce | $850 → $940 |
| 2026-08-07 | Truist Securities | Target raised | Buy | $1370 → $1376 |
| 2026-08-06 | Wells Fargo | Target raised | Overweight | $1280 → $1330 |
| 2026-08-06 | Cantor Fitzgerald | Target raised | Overweight | $1350 → $1410 |
| 2026-07-15 | Citigroup | Target raised | Buy | $1500 → $1600 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +60.1% | +461.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +60.4% | +41.1% |
| Volatility (annualized) | 34.7% | 33.5% |
| Max drawdown | -23.2% (Nov 2025→Apr 2026) | -34.5% (Aug 2024→Aug 2025) |

## Peers (Drug Manufacturers - General)
JNJ (Johnson & Johnson) USD 267.61 +3.81% · ABBV (AbbVie Inc.) USD 285.19 +0.14% · MRK (Merck & Company, Inc.) USD 147.24 -1.76% · NVS (Novartis AG) USD 156.27 +1.52% · AZN (AstraZeneca PLC) USD 172.57 +2.45% · AMGN (Amgen Inc.) USD 447.28 +2.04%

## More
Full page: https://nexqual.com/LLY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LLY's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Almirall | "We have a license agreement with Almirall, S.A. (Almirall), under which Almirall licensed the rights to develop and commercialize Ebglyss, for the treatment or prevention of dermatology indications, including, but not li…" |
| Partner | Chugai Pharmaceutical | "We have a license agreement with Chugai Pharmaceutical Co., Ltd (Chugai), which provides us with the worldwide development and commercialization rights to orforglipron." |

Other companies that name LLY in their own reports (relationship from LLY's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | Incannex Healthcare Inc. (IXHL) | 10-K 2026-09-25 | "Competitors working on novel biopharmaceuticals focused on modulation of the serotonin and dopamine systems include AtaiBeckley Inc. (recently acquired by Eli Lilly and Company), Compass Pathways plc,…" |
| competitor | iBio, Inc. (IBIO) | 10-K 2026-08-28 | "Our most significant competitors, among others, are fully integrated pharmaceutical companies such as Eli Lilly and Company, Novo Nordisk A/S, Amgen Inc., Bristol-Myers Squibb Company, Merck & Co., In…" |
| competitor | BIOVIE INC. (BIVI) | 10-K 2026-08-13 | "Similarly, other companies, such as Biogen and Eli Lilly, are developing treatments for AD and PD, which could compete indirectly or directly" |
| partner | Evotec SE (EVO) | 20-F 2026-04-08 | "Based on the strength of our molecular CKD patient database, we have built four partnerships in kidney diseases in the last almost ten years with prominent pharmaceutical companies such as Bayer, Vifo…" |
| competitor | Inventiva S.A. (IVA) | 20-F 2026-04-08 | "Furthermore, we face strong competition for enrollment from competitors who have received marketing authorization, such as Madrigal with Rezdiffra, and Novo Nordisk with Wegovy, and others who are con…" |
| competitor | Greenland Mines Ltd (GRML) | 10-K 2026-04-01 | "and lecanumab (Lilly:Leqembi) were FDA approved and will potentially compete with Roche, Bristol-Myers/Celgene, and others developing" |
| partner | MANGOCEUTICALS, INC. (MGRX) | 10-K 2026-04-01 | "(marketed by Lilly ICOS LLC, a joint venture between Eli Lilly and Company and ICOS Corporation) and their generic forms." |
| competitor | HCW Biologics Inc. (HCWB) | 10-K 2026-03-31 | "The oncology T‑cell engager landscape is highly competitive, with established and emerging programs from biotech and pharmaceutical companies, including AbbVie, BMS, Sanofi, Lilly, Amgen's bispecifics…" |
| competitor | Alaunos Therapeutics, Inc. (TCRT) | 10-K 2026-03-31 | "Key competitors in the obesity space include (but are not limited to) companies such as Novo Nordisk, Eli Lilly, Amgen, Pfizer, Viking Therapeutics, Structure Therapeutics, and others." |
| partner | MeiraGTx Holdings plc (MGTX) | 10-K 2026-03-30 | "On November 7, 2025 (the "Effective Date"), our affiliates MeiraGTx Ocular UK Limited ("MeiraGTx Ocular"), MeiraGTx Limited and MeiraGTx UK II Limited, entered into a strategic collaboration and licen…" |
| competitor | Bicara Therapeutics Inc. (BCAX) | 10-K 2026-03-30 | "We expect to compete with currently commercially available therapies for the treatment of HNSCC, including pembrolizumab (marketed as Keytruda by Merck & Co); the combination of pembrolizumab, platinu…" |
| partner | Aktis Oncology, Inc. (AKTS) | 10-K 2026-03-30 | "We also have a discovery collaboration with Eli Lilly and Company, or Eli Lilly, to generate novel anticancer radiopharmaceuticals against targets beyond the scope of our unpartnered pipeline programs…" |
| competitor | Curanex Pharmaceuticals Inc (CURX) | 10-K 2026-03-30 | "of our competitors have far greater marketing and research capabilities than us, such as Regeneron/Sanofi, Pfizer, LEO Pharma, Eli Lilly," |
| competitor | Cytosorbents Corp (CTSO) | 10-K 2026-03-30 | "Given current U.S. and Canadian prescribing trends that favor Brilinta over its competitors, Plavix (clopidogrel, BMS, Sanofi) and Effient (prasugrel, Daiichi Sankyo, Eli Lilly), and the recent availa…" |
| supplier | OXFORD INDUSTRIES INC (OXM) | 10-K 2026-03-27 | "Lilly Pulitzer's net sales to its 10 largest wholesale customers represented approximately 10% of Lilly Pulitzer's net sales in Fiscal 2025 with its largest customer representing less than 5% of Lilly…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Net product revenue | $21.40B | 93.2% | +45.3% |
| Cardiometabolic Health | $18.35B | 79.9% | +61.8% |
| Mounjaro | $9.94B | 43.3% | +91.2% |
| Zepbound | $4.93B | 21.5% | +45.8% |
| Oncology | $2.57B | 11.2% | +6.5% |
| Collaboration and Other Revenue | $1.57B | 6.8% | +88.8% |
| Verzenio | $1.47B | 6.4% | -1.0% |
| Immunology | $1.42B | 6.2% | +12.8% |
| Jardiance | $1.23B | 5.4% | +78.6% |
| Trulicity | $1.22B | 5.3% | +11.6% |
| Other oncology | $1.10B | 4.8% | +18.6% |
| Other cardiometabolic health | $1.03B | 4.5% | +5.2% |
| Taltz | $856.0M | 3.7% | +0.9% |
| Other immunology | $561.0M | 2.4% | +37.5% |
| Neuroscience | $429.0M | 1.9% | +24.7% |
| Other | $205.0M | 0.9% | +1.5% |
| Total revenue | $22.97B | 100% | — |
The lines above cover 297.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $14.41B | 62.7% | +33.3% |
| Outside U.S. | $8.56B | 37.3% | +80.5% |
| — Europe (part of Outside U.S.) | $4.12B | 17.9% | +59.9% |
| — Rest of world (part of Outside U.S.) | $2.88B | 12.5% | +143.4% |
| — China (part of Outside U.S.) | $941.0M | 4.1% | +101.9% |
| — Japan (part of Outside U.S.) | $628.0M | 2.7% | +20.5% |
| Total revenue | $22.97B | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "The following table summarizes the company's updated full-year 2026 non-GAAP financial guidance, reflecting the continued strong revenue performance in Q2."
- "(3) Guidance does not include acquired in-process research and development (IPR&D) incurred after June 30, 2026."
- "(4) Assumes shares outstanding of approximately 894 million and foreign currency exchange rate assumptions of 1.14 (Euro), 153 (Yen) and 7.1 (Yuan) 6 Webcast of Conference"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.67 | $9.44 | -29.4% | $22.62B | 18 |
| Next quarter (ends 2026-12-31) | $10.17 | $9.95 | +2.2% | $23.60B | 16 |
| Current fiscal year (ends 2026-12-31) | $34.59 | $34.63 | -0.1% | $88.68B | 27 |
| Next fiscal year (ends 2027-12-31) | $47.22 | $44.87 | +5.2% | $102.11B | 25 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±7.0%; last 8 reports averaged ±7.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 58.6% | ±7.0% |
| 2026-11-06 | 14 | 48.3% | ±7.9% |
| 2026-11-13 | 21 | 43.6% | ±8.6% |
| 2026-11-20 | 28 | 40.9% | ±9.2% |
| 2026-11-27 | 35 | 37.8% | ±9.5% |
| 2026-12-04 | 42 | 37.3% | ±10.3% |
| 2026-12-18 | 56 | 37.1% | ±11.6% |
| 2027-01-15 | 84 | 35.0% | ±13.6% |