Healthcare · Profile from Healthcare Research Companion
Eli Lilly and Company
The Indianapolis drugmaker that commercialised insulin in 1923, launched Prozac in 1988, refused to merge through its 2011–14 patent cliff, and then became the most valuable healthcare company in the world on the strength of tirzepatide (Mounjaro and Zepbound). Lilly was the first drugmaker to reach a ~$1 trillion market value (21 November 2025), and it has rewritten the pharma commercial playbook by cutting insulin prices, selling direct to patients through LillyDirect and cash-pay vials and pens, selling direct to employers, and signing a GLP-1 pricing deal with the federal government — trading lower prices for far larger volume.
At a glance
- Founded
- 10 May 1876, Indianapolis, Indiana
- Founders
- Colonel Eli Lilly, a pharmacist and Union Army veteran
- Headquarters
- Indianapolis, Indiana
- Ownership / structure
- Public company, NYSE: LLY (listed 1970; family-controlled until then). The Lilly Endowment (1937) is the largest shareholder, ~10% (9.6% in a July 2026 filing, reported)
- Leadership (2026)
- David A. Ricks, Chair and CEO (CEO since January 2017); Lucas Montarce, EVP and CFO (since September 2024); Daniel Skovronsky, EVP, Chief Scientific and Product Officer and President, Lilly Research Laboratories; Ilya Yuffa, President, Lilly Global Markets (named 2026, succeeding the retiring Patrik Jonsson)
- Segments
- Single segment: human pharmaceuticals. Areas: cardiometabolic (Mounjaro, Zepbound, Foundayo, Trulicity, Jardiance with Boehringer Ingelheim, insulins incl. Onswik), oncology (Verzenio, Jaypirca, Inluriyo), immunology (Taltz, Omvoh, Ebglyss), neuroscience (Kisunla for Alzheimer's, Emgality)
- Payer and patient
- Commercial plans and PBMs, Medicare Part D (obesity coverage via the Medicare GLP-1 Bridge from 1 July 2026, $50 copay), Medicaid (BALANCE model, opt-in states), employers buying direct (Employer Connect, from March 2026), cash-pay patients via LillyDirect and TrumpRx
- Scale
- 2025 revenue $65.2bn (+45%); Mounjaro $23.0bn + Zepbound $13.5bn = $36.5bn; Q3 2026 revenue $24.4bn (+39%); 2026 revenue guidance raised three times, to $91–92bn (29 October 2026); ~50,000 employees (end-2025, reported)
- Capital / market cap
- Market cap passed ~$1T on 21 November 2025; >$50bn of US manufacturing commitments since 2020 (by February 2025), with further plants announced since
- Signature moves (incl. failures)
- Insulin with the University of Toronto (1923); Prozac (1987–2001); PCS PBM purchase and write-down (1994–99); Zyprexa off-label settlement (2009); Mounjaro and Zepbound (2022–23); insulin price cut and $35 cap (2023); LillyDirect and Zepbound vials (2024); government GLP-1 deal and Foundayo oral pill (2025–26)
8 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1923
Insulin with University of Toronto
Partnership / launch
1987
Prozac Launch
Launch, followed by loss of exclusivity
1994
PCS PBM Acquisition
Acquisition (failed vertical integration)
2009
Zyprexa Off Label Settlement
Regulatory settlement
2022
Mounjaro and Zepbound
Launch (new mechanism, then new indication brand)
2023
Insulin Price Cut and 35 Cap
Pricing change
2024
LillyDirect and Zepbound Vials
Launch / distribution change / pricing change
2025
Government Deal and Foundayo
Pricing change (government agreement) and launch