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Illumina Reports Financial Results for Third Quarter of Fiscal Year 2025

On October 30, 2025 Illumina, Inc. (Nasdaq: ILMN) ("Illumina" or the "company") reported its financial results for the third quarter of fiscal year 2025.

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"I am pleased to announce that the Illumina team delivered Q325 results that exceeded the high-end of our guidance range for revenue and earnings, driven by revenue acceleration in clinical, our largest market segment," said Jacob Thaysen, Chief Executive Officer. "During the quarter, we returned to growth ex-China and are executing on our strategic pillars that support our long-range financial targets."

Third quarter results

GAAP Non-GAAP (a)
Dollars in millions, except per share amounts
Q3 2025 Q3 2024 Q3 2025 Q3 2024
Revenue
$ 1,084 $ 1,080 $ 1,084 $ 1,080
Gross margin
67.6 % 68.9 % 69.2 % 70.5 %
Research and development (R&D) expense $ 229 $ 253 $ 228 $ 249
Selling, general and administrative (SG&A) expense $ 277 $ 239 $ 256 $ 268
Legal contingency and settlement $ — $ (488) $ — $ —
Operating profit
$ 227 $ 741 $ 265 $ 244
Operating margin 21.0 % 68.6 % 24.5 % 22.6 %
Tax provision $ 70 $ 77 $ 47 $ 48
Tax rate 31.8 % 10.8 % 18.6 % 21.0 %
Net income $ 150 $ 642 $ 206 $ 181
Diluted EPS $ 0.98 $ 4.03 $ 1.34 $ 1.14

(a)See tables in "Results of Operations – Non-GAAP" section below for GAAP and non-GAAP reconciliations.

Capital expenditures for free cash flow purposes were $31 million for Q3 2025. Cash flow provided by operations was $284 million, compared to $316 million in the prior year period. Free cash flow (cash flow provided by operations less capital expenditures) was $253 million for the quarter, compared to $284 million in the prior year period. Depreciation and amortization expense was $67 million for Q3 2025. At the close of the quarter, the company held $1.28 billion in cash, cash equivalents and short-term investments.

Key announcements since our last earnings release
•Launched 5-base solution, enabling simultaneous genomic and epigenomic insights
•Introduced Constellation mapped read technology, uncovering hard-to-see genomic variants in GeneDx pilot
•Launched BioInsight, a new business to accelerate technology and data-driven discovery initiatives
•Expanded personalized cancer care efforts through new pharmaceutical development partnerships enabled on the TruSight Oncology (TSO) Comprehensive genomic profiling test
•Welcomed Alnylam Pharmaceuticals to the Alliance for Genomic Discovery (AGD), broadening the consortium’s diverse clinical genomic dataset and utilizing it to inform development of ‘gene silencing’ medicines
•Introduced Illumina Protein Prep, driving deeper proteomic insights to enhance drug discovery and development, with a streamlined sample-to-insights solution for discovery and clinical research

A full list of recent announcements can be found in the company’s News Center.

Financial outlook and guidance
The company provides forward-looking guidance on a non-GAAP basis, including on a constant currency basis for revenue and revenue growth rates. The company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures because it is unable to predict with reasonable certainty the impact of items such as acquisition-related expenses, fair value adjustments to contingent consideration, gains and losses from strategic investments, potential future asset impairments, restructuring activities, the ultimate outcome of pending litigation, and currency exchange rate fluctuations without unreasonable effort. These items are uncertain, inherently difficult to predict, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For the same reasons, the company is unable to address the significance of the unavailable information, which could be material to future results.

Conference call information
The conference call will begin at 1:30 pm Pacific Time (4:30 pm Eastern Time) on Thursday, October 30, 2025. Interested parties may access the live webcast via the Investor Info section of Illumina’s website or directly through the following link – View Source To ensure timely connection, please join at least ten minutes before the scheduled start of the call. A replay of the conference call will be posted on Illumina’s website after the event and will be available for at least 30 days following.

(Press release, Illumina, OCT 30, 2025, View Source [SID1234657151])

GILEAD SCIENCES ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS

On October 30, 2025 Gilead Sciences, Inc. (Nasdaq: GILD) reported its third quarter 2025 results of operations.

"We continue to deliver on Gilead’s robust portfolio with a strong start for Yeztugo, rapidly growing uptake of Biktarvy, Descovy and Livdelzi, and positive data for Trodelvy in 1L metastatic triple negative breast cancer," said Daniel O’Day, Gilead’s Chairman and Chief Executive Officer. "With multiple potential product launches in 2026, the strongest clinical pipeline in Gilead’s history, and no major loss of exclusivity expected until 2036, we are well-positioned to drive positive impact for patients and continued growth of our business."
Third Quarter 2025 Financial Results
•Total third quarter 2025 revenues increased 3% to $7.8 billion compared to the same period in 2024, broken down as follows:
◦Total third quarter 2025 product sales decreased 2% to $7.3 billion compared to the same period in 2024, primarily driven by lower Veklury (remdesivir) and Cell Therapy sales, partially offset by higher HIV and Livdelzi (seladelpar) sales.
◦Total third quarter 2025 royalty, contract and other revenues increased by approximately $400 million compared to the same period in 2024, primarily driven by revenue related to a previous sale of intellectual property not expected to reoccur.
•Diluted earnings per share ("EPS") was $2.43 in the third quarter 2025 compared to $1.00 in the same period in 2024. The increase was primarily driven by a prior year pre-tax in-process research and development ("IPR&D") impairment charge of $1.75 billion that did not repeat in the current period, as well as the $400 million increase in other revenue mentioned above, lower acquired IPR&D expenses and higher net unrealized gains on equity investments in the current period, partially offset by higher tax expense.
•Non-GAAP diluted EPS of $2.47 in the third quarter 2025 compared to $2.02 in the same period in 2024. The increase was primarily driven by the $400 million increase in other revenue mentioned above and lower acquired IPR&D expenses.
•As of September 30, 2025, Gilead had $9.4 billion of cash, cash equivalents and marketable debt securities compared to $10.0 billion as of December 31, 2024.
•During the third quarter 2025, Gilead generated $4.1 billion in operating cash flow.
•During the third quarter 2025, Gilead paid dividends of $1.0 billion and repurchased $435 million of common stock.
Third Quarter 2025 Product Sales
Total third quarter 2025 product sales decreased 2% to $7.3 billion compared to the same period in 2024. Total third quarter 2025 product sales excluding Veklury increased 4% to $7.1 billion compared to the same period in 2024, primarily due to higher HIV and Livdelzi sales, partially offset by lower Cell Therapy sales.

October 30, 2025

HIV product sales increased 4% to $5.3 billion in the third quarter 2025 compared to the same period in 2024, primarily driven by higher demand and favorable inventory dynamics, partially offset by lower average realized price.
•Biktarvy (bictegravir 50mg/emtricitabine ("FTC") 200mg/tenofovir alafenamide ("TAF") 25mg) sales increased 6% to $3.7 billion in the third quarter 2025 compared to the same period in 2024, primarily driven by higher demand and favorable inventory dynamics, partially offset by lower average realized price.
•Descovy (FTC 200mg/TAF 25mg) sales increased 20% to $701 million in the third quarter 2025 compared to the same period in 2024, primarily driven by higher demand.
The Liver Disease portfolio sales increased 12% to $819 million in the third quarter 2025 compared to the same period in 2024, primarily driven by higher demand for Livdelzi.
Veklury sales decreased 60% to $277 million in the third quarter 2025 compared to the same period in 2024, primarily driven by lower rates of COVID-19-related hospitalizations.
Cell Therapy product sales decreased 11% to $432 million in the third quarter 2025 compared to the same period in 2024, reflecting ongoing competitive headwinds.
•Yescarta (axicabtagene ciloleucel) sales decreased 10% to $349 million in the third quarter 2025 compared to the same period in 2024, primarily driven by lower demand.
•Tecartus (brexucabtagene autoleucel) sales decreased 15% to $83 million in the third quarter 2025 compared to the same period in 2024, primarily reflecting lower demand.
Trodelvy (sacituzumab govitecan-hziy) sales increased 7% to $357 million in the third quarter 2025 compared to the same period in 2024, primarily driven by higher demand.
Third Quarter 2025 Product Gross Margin, Operating Expenses and Effective Tax Rate
•Product gross margin remained relatively flat at 78.6% in the third quarter 2025 compared to 79.1% in the same period in 2024. Non-GAAP product gross margin also remained relatively flat at 86.5% in the third quarter 2025 compared to 86.8% in the same period in 2024.
•Research and development ("R&D") expenses and non-GAAP R&D expenses were $1.3 billion in the third quarter 2025 compared to $1.4 billion in the same period in 2024, decreasing primarily due to lower study-related and clinical manufacturing expenses.
•Acquired IPR&D expenses were $170 million in the third quarter 2025, primarily related to a $120 million upfront payment related to our collaboration with Shenzhen Pregene Biopharma Co., Ltd. ("Pregene").
•Selling, general and administrative ("SG&A") expenses and non-GAAP SG&A expenses of $1.4 billion in the third quarter 2025 remained relatively flat compared to the same period in 2024, with lower corporate expenses being largely offset by higher HIV promotional expenses.
•The effective tax rate ("ETR") was 16.2% in the third quarter 2025 compared to (31.1)% in the same period in 2024, primarily driven by the prior year impact of a legal entity restructuring and the aforementioned IPR&D impairment charge that did not repeat in the current period. The non-GAAP ETR was 17.5% in both the third quarter 2025 and the same period in 2024.

October 30, 2025

Guidance and Outlook
For the full-year, Gilead expects:
(in millions, except per share amounts)
October 30, 2025 Guidance
Low End High End Comparison to Prior Guidance
Product sales $ 28,400 $ 28,700
Previously $28,300 to $28,700
Product sales excluding Veklury $ 27,400 $ 27,700
Previously $27,300 to $27,700
Veklury $ 1,000 $ 1,000
Unchanged
Diluted EPS $ 6.65 $ 6.85
Previously $5.85 to $6.15
Non-GAAP diluted EPS $ 8.05 $ 8.25
Previously $7.95 to $8.25

Additional information and a reconciliation between GAAP and non-GAAP financial information for the 2025 guidance is provided in the accompanying tables. The financial guidance is subject to a number of risks and uncertainties. See the Forward-Looking Statements section below.
Key Updates Since Our Last Quarterly Release
Virology
•Announced settlement agreements to resolve Biktarvy patent litigation with generic manufacturers Lupin Ltd., Cipla Ltd. and Laurus Labs Ltd. Under the agreements, the earliest date the three generic manufacturers can market a generic version of full dose Biktarvy in the U.S. is April 1, 2036, subject to standard acceleration provisions. This is more than two years later than our previous loss of exclusivity projection for Biktarvy (December 2033).
•Received a strong recommendation for the use of twice-yearly injectable Yeztugo (lenacapavir) for HIV pre-exposure prophylaxis ("PrEP") in the new U.S. Centers for Disease Control and Prevention guidelines.
•Announced a partnership with the U.S. State Department and the U.S. President’s Emergency Plan for AIDS Relief ("PEPFAR") to deliver lenacapavir for HIV PrEP for up to two million people over three years in countries supported by both PEPFAR and the Global Fund.
•Received European Commission marketing authorization for Yeytuo (lenacapavir) for use as PrEP to reduce the risk of sexually acquired HIV-1 in adults and adolescents with increased HIV-1 acquisition risk.
Oncology
•Presented Phase 3 ASCENT-03 data for Trodelvy in 1L metastatic triple-negative breast cancer ("mTNBC") patients who are not candidates for PD-1/PD-L1 checkpoint inhibitors at the 2025 European Society for Medical Oncology ("ESMO") Congress. Trodelvy is not approved in this setting.
•Presented overall survival results at ESMO (Free ESMO Whitepaper) from Arm A1 of the Phase 2 EDGE-Gastric study evaluating combination treatment of the Fc-silent anti-TIGIT domvanalimab plus the anti-PD-1 zimberelimab and chemo in people with advanced gastric or esophageal cancer that has spread or cannot be removed with surgery. Domvanalimab and zimberelimab are investigational and not approved in this setting.
Cell Therapy
•Announced the acquisition of Interius BioTherapeutics, Inc. ("Interius"), a privately held biotechnology company developing in vivo therapeutics.
Corporate
•The Board declared a quarterly dividend of $0.79 per share of common stock for the fourth quarter of 2025. The dividend is payable on December 30, 2025, to stockholders of record at the close of business on December 15, 2025. Future dividends will be subject to Board approval.

October 30, 2025

•Moody’s has affirmed Gilead’s A3 senior unsecured rating and upgraded the company’s outlook to positive from stable, citing the momentum in the product pipeline.
•Announced ground-breaking on a new Pharmaceutical Development and Manufacturing Technical Development Center in Foster City, California as part of a planned $32 billion investment in the U.S. through 2030.
Certain amounts and percentages in this press release may not sum or recalculate due to rounding.
Conference Call
At 1:30 p.m. Pacific Time today, Gilead will host a conference call to discuss Gilead’s results. A live webcast will be available on View Source and will be archived on www.gilead.com for one year.

(Press release, Gilead Sciences, OCT 30, 2025, View Source [SID1234657150])

Foghorn Therapeutics Announces Updates for Selective ARID1B, Selective CBP and Selective EP300 Degrader Programs

On October 30, 2025 Foghorn Therapeutics Inc. (Nasdaq: FHTX), a clinical-stage biotechnology company pioneering a new class of medicines that treat serious diseases by correcting abnormal gene expression, reported updates for its Selective ARID1B, Selective CBP, and Selective EP300 degrader programs, which will be presented during a Foghorn-hosted virtual investor event.

"We have made significant progress across our degrader portfolio, further highlighting our ability to address challenging and prevalent targets," said Adrian Gottschalk, President and Chief Executive Officer of Foghorn. "Earlier this week, we presented new preclinical data at the TPD and Induced Proximity Summit demonstrating significant progress for our first-in-class Selective ARID1B degrader, with potential as a new therapy for endometrial, gastric, gastroesophageal junction, bladder and non-small cell lung cancer. Our Selective CBP degrader, with potential in EP300-mutant cancers and ER+ breast cancer, is advancing towards IND in 2026 and on track for non-GLP toxicology studies this quarter. Additionally, our Selective EP300 degrader shows encouraging anti-tumor efficacy with favorable tolerability in hematological malignancies in preclinical studies. This is particularly exciting in multiple myeloma where we believe we are significantly differentiated versus dual CBP/ EP300 programs. These advancements along with our continued innovation and disciplined execution are positioning Foghorn at the forefront in the field of targeted protein degradation."

Steven Bellon, Chief Scientific Officer of Foghorn, added, "ARID1B has long been difficult to selectively drug due to its high homology to ARID1A, lack of enzymatic activity, and its largely unstructured nature. Our demonstration of selective degradation of ARID1B represents a major scientific breakthrough that underscores the strength of our protein degrader capabilities to overcome challenges that have historically limited the field."
The live webcast for the investor presentation will be available under the Events & Presentations section of Foghorn’s website, and a replay of the event and presentation will be available immediately following the event.
Selective ARID1B Degrader Program

ARID1A is the most mutated subunit in the BAF complex and amongst the most mutated proteins in cancer. These mutations lead to a dependency on ARID1B in up to 5% of all solid tumors including endometrial, gastric, gastroesophageal junction, bladder and non-small cell lung cancer (NSCLC). Attempts to selectively drug ARID1B have been challenging because of the high degree of similarity between ARID1A and ARID1B and the fact that ARID1B has no enzymatic activity to target.

Foghorn is developing a Selective ARID1B degrader that is advancing towards in vivo proof of concept in 2026. Key program updates include:
•Developed VHL and cereblon based bifunctional degraders with potential for oral delivery
•Selective degradation of ARID1B achieved
•Modulation of downstream target genes following ARID1B degradation
Data presented at the TPD and Induced Proximity Summit is available under the Science section of the Company’s website.
Selective CBP Degrader Program
CBP is an acetyltransferase that selectively targets a synthetic relationship established in EP300-mutated cancers, which includes endometrial, cervical, ovarian, bladder and colorectal cancer. Attempts to selectively drug CBP have been challenging due to the high level of similarity with EP300, and dose-limiting toxicities associated with dual inhibition of both CBP and EP300. CBP lineage dependencies are established in several cancers, including ER+ breast cancer.
Foghorn is advancing a Selective CBP degrader, on track to be Investigational New Drug (IND)-ready in 2026. Key updates include:
•Highly potent and selective lead candidate CBPd-171 advancing to dose range finding toxicology studies in Q4 2025
•Anti-tumor activity in EP300-mutant solid tumors and in CBP-dependent cancers, including promising potential in ER+ breast cancer
•No significant impact on platelet counts and megakaryocytes spared with CBPd-171 dosing
•Long Acting Injectable (LAI) formulation optimized for subcutaneous injection weekly or every
other week for convenient administration
Selective EP300 Degrader Program
EP300 is an acetyltransferase that is implicated in hematological malignancies such as multiple myeloma (MM) and diffuse large b-cell lymphoma (DLBCL), and prostate cancer. Attempts to selectively drug EP300 have been challenging due to the high level of similarity with CBP, and dose-limiting toxicities associated with dual inhibition of both CBP and EP300.
Foghorn is advancing a Selective EP300 degrader program, with an initial focus in MM and DLBCL, on track for IND-enabling studies in 2026. Key updates include:
•Broad anti-tumor activity in over 70% of all heme sub-lineages tested
•VHL based selective degrader shows efficacy in MM without hematological toxicities, including thrombocytopenia
•EP300 degraders show efficacy in IMiD-resistant MM cell lines
•Tolerability profile with widespread potential for combinations

(Press release, Foghorn Therapeutics, OCT 30, 2025, View Source [SID1234657149])

Evaxion raises $7.2 million, extending cash runway to second half of 2027

On October 30, 2025 Evaxion A/S (NASDAQ: EVAX) ("Evaxion"), a clinical-stage TechBio company specializing in developing AI-Immunology powered vaccines, reported to have strengthened its financial position through different capital markets activities. As a result, Evaxion now has cash on hand to fund its operations and R&D programs into the second half of 2027, extended from first half of 2027.

In total, Evaxion has raised $7.2 million in recent weeks, with $4.5 million coming from sale of shares in an at-the-market (ATM) offering and $2.7 million coming from exercise of investor warrants.

The proceeds strengthens both Evaxion’s cash position and equity and follows the influx of $7.5 million paid by MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA) when licensing vaccine candidate EVX-B3 in September 2025.

"We are pleased to have bolstered our cash position thereby extending our runway into the second half of 2027, allowing us to fully focus on executing on our strategy and plans," says Thomas Schmidt, CFO of Evaxion.

The recent exercises of investor warrants have reduced the number of outstanding warrants to purchase Evaxion ADSs by 1.0 million. The total number of outstanding warrants is now 2.8 million, including employee warrants, with a weighted average exercise price of $10.94.

Evaxion expects to accumulate an operational cash spend of $14 million in 2025. By the end of the second quarter 2025, Evaxion had cash at hand of $14.7 million. We have since had a gross inflow of cash of $14.7 million as mentioned above.

Evaxion had debt of $9.2 million by the end of the second quarter 2025. The debt was reduced by $4.1 million through a debt-to-equity conversion agreement with the European Investment Bank in July 2025, also bolstering Evaxion’s equity.

(Press release, Evaxion Biotech, OCT 30, 2025, View Source [SID1234657148])

Lilly reports third-quarter 2025 financial results, highlights R&D pipeline momentum and raises 2025 guidance

On October 30, 2025 Eli Lilly and Company (NYSE: LLY) reported its financial results for the third-quarter of 2025.

"Lilly delivered another strong quarter, with 54% revenue growth year-over-year driven by continued demand for our incretin portfolio," said David A. Ricks, Lilly chair and CEO. "We advanced orforglipron through four additional Phase 3 trials, enabling global obesity submissions by year-end, and we achieved U.S. FDA approval of Inluriyo (imlunestrant)—marking key progress across our pipeline. We continue to increase manufacturing capacity, announcing new facilities in Virginia and Texas and an expansion of our site in Puerto Rico."

Financial Results

$ in millions, except

per share data

Third-Quarter

2025

2024

% Change

Revenue

$ 17,600.8

$ 11,439.1

54 %

Net income – Reported

5,582.5

970.3

Earnings per share – Reported

6.21

1.07

Net income – Non-GAAP

6,311.9

1,064.5

Earnings per share – Non-GAAP

7.02

1.18

A discussion of the non-GAAP financial measures is included below under "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)."

Third-Quarter Reported Results
In Q3 2025, worldwide revenue was $17.60 billion, an increase of 54% compared with Q3 2024, driven by a 62% increase in volume, partially offset by a 10% decrease due to lower realized prices. Key Products1 revenue grew to $11.98 billion in Q3 2025, led by Mounjaro and Zepbound.

Revenue in the U.S. increased 45% to $11.30 billion, driven by a 60% increase in volume, partially offset by a 15% decrease due to lower realized prices. Price was negatively impacted by a favorable one-time adjustment to estimates for rebates and discounts in Q3 2024. Excluding this base period effect, U.S. price declined by high single digits.

Revenue outside the U.S. increased 74% to $6.30 billion, driven by a 66% increase in volume and to a lesser extent a 6% favorable impact on foreign exchange rates. The volume increase outside the U.S. was driven primarily by Mounjaro. Revenue included a $200.0 million sales-based milestone payment for Jardiance and $180.0 million of revenue associated with the divestiture of the rights to Cialis in select markets outside of the U.S.

The Company defines Key Products as Ebglyss, Jaypirca, Kisunla, Mounjaro, Omvoh, Verzenio, and Zepbound.

Gross margin increased 57% to $14.59 billion in Q3 2025. Gross margin as a percent of revenue was 82.9%, an increase of 1.9 percentage points. The increase in gross margin percent was primarily driven by favorable product mix, partially offset by lower realized prices.

In Q3 2025, research and development expenses increased 27% to $3.47 billion, or 19.7% of revenue, driven by continued investments in the company’s early and late-stage portfolio.

Marketing, selling and administrative expenses increased 31% to $2.74 billion in Q3 2025, primarily driven by promotional efforts supporting ongoing and future launches.

In Q3 2025, the company recognized acquired in-process research and development (IPR&D) charges of $655.7 million compared with $2.83 billion in Q3 2024. The Q3 2025 charges primarily related to the acquisition of SiteOne Therapeutics, Inc. The Q3 2024 charges were primarily related to the acquisition of Morphic Holding, Inc.

Asset impairment, restructuring and other special charges of $364.9 million in Q3 2025 were primarily related to a litigation charge, as well as acquisition and integration costs associated with the closing of our acquisition of Verve Therapeutics, Inc. In Q3 2024, there was a charge of $81.6 million, that primarily related to impairment of an intangible asset associated with a molecule in development.

The effective tax rate was 22.8% in Q3 2025 compared with 38.9% in Q3 2024. The effective tax rates for Q3 2025 and Q3 2024 were both unfavorably impacted by non-deductible acquired IPR&D charges, with a larger impact occurring in Q3 2024. Additionally, the effective tax rate for Q3 2025 was unfavorably impacted by U.S. tax law changes enacted during the quarter.

In Q3 2025, net income and earnings per share (EPS) were $5.58 billion and $6.21, respectively, compared with net income of $970.3 million and EPS of $1.07 in Q3 2024. EPS in Q3 2025 and Q3 2024 included acquired IPR&D charges of $0.71 and $3.08, respectively.

Third-Quarter Non-GAAP Measures
On a non-GAAP basis, Q3 2025 gross margin increased 56% to $14.71 billion. Gross margin as a percent of revenue was 83.6%, an increase of 1.4 percentage points. The increase in gross margin percent was primarily driven by favorable product mix, partially offset by lower realized prices.

The non-GAAP effective tax rate was 17.7% in Q3 2025 compared with 37.6% in Q3 2024. The effective tax rates for Q3 2025 and Q3 2024 were both unfavorably impacted by non-deductible acquired IPR&D charges, with a larger impact occurring in Q3 2024.

On a non-GAAP basis, Q3 2025 net income and EPS were $6.31 billion and $7.02, respectively, compared with net income of $1.06 billion and EPS of $1.18 in Q3 2024. Non-GAAP EPS in Q3 2025 and Q3 2024 included acquired IPR&D charges of $0.71 and $3.08, respectively.

For further detail on non-GAAP measures, see the reconciliation below as well as the "Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information (Unaudited)" table later in this press release.

Third-Quarter

2025

2024

% Change

Earnings per share (reported)

$ 6.21

$ 1.07

Amortization of intangible assets

.11

.12

Asset impairment, restructuring and other
special charges

.36

.07

Net losses (gains) on investments in equity
securities

(.04)

(.09)

U.S. Tax Law Change

.39

—

Earnings per share (non-GAAP)

$ 7.02

$ 1.18

Acquired IPR&D

.71

3.08

(77) %

Numbers may not add due to rounding

Selected Revenue Highlights

(Dollars in millions)

Third-Quarter

Year-to-Date

Selected Products

2025

2024

%
Change

2025

2024

%
Change

Mounjaro

$ 6,515.1

$ 3,112.7

109 %

$ 15,555.8

$ 8,010.0

94 %

Zepbound

3,588.1

1,257.8

185 %

9,281.3

3,018.4

Verzenio

1,470.2

1,369.3

7 %

4,118.3

3,751.5

10 %

Total Revenue

17,600.8

11,439.1

54 %

45,887.0

31,509.9

46 %

NM – not meaningful

Mounjaro
For Q3 2025, worldwide Mounjaro revenue increased 109% to $6.52 billion. U.S. revenue was $3.55 billion, an increase of 49%, reflecting strong demand, partially offset by lower realized prices. Revenue outside the U.S. increased to $2.97 billion compared with $728.0 million in Q3 2024, primarily driven by volume growth.

Zepbound
For Q3 2025, U.S. Zepbound revenue increased 184% to $3.57 billion, compared with $1.26 billion in Q3 2024, primarily driven by increased demand, partially offset by lower realized prices.

Verzenio
For Q3 2025, worldwide Verzenio revenue increased 7% to $1.47 billion. U.S. revenue was $880.3 million, compared with $878.8 million in Q3 2024, reflecting an increase in volume which was offset by lower realized prices. Revenue outside the U.S. was $589.8 million, an increase of 20%, primarily driven by volume growth and, to a lesser extent, favorable impact on foreign exchange rates.

Lilly shared numerous updates recently on key regulatory, clinical, business development and other events, including:

Regulatory

Lilly’s Omvoh (mirikizumab-mrkz) approved by U.S. FDA as a single-injection maintenance regimen in adults with ulcerative colitis (announcement)

Lilly’s Kisunla (donanemab) receives marketing authorization by European Commission for the treatment of early symptomatic Alzheimer’s disease (announcement)

U.S. FDA approves Inluriyo (imlunestrant) for adults with ER+, HER2-, ESR1-mutated advanced or metastatic breast cancer (announcement)

Lilly’s olomorasib receives U.S. FDA’s Breakthrough Therapy designation for the treatment of certain newly diagnosed metastatic KRAS G12C-mutant lung cancers (announcement)

Clinical

Lilly’s Omvoh (mirikizumab-mrkz) demonstrated early and sustained improvement in bowel urgency outcomes for patients with ulcerative colitis (announcement)

Lilly’s EBGLYSS (lebrikizumab-lbkz) delivered durable disease control when administered once every eight weeks in patients with moderate-to-severe atopic dermatitis (announcement)

Lilly’s baricitinib delivered near-complete scalp hair regrowth at one year for adolescents with severe alopecia areata in Phase 3 BRAVE-AA-PEDS trial (announcement)

Lilly’s Verzenio (abemaciclib) prolonged survival in HR+, HER2-, high-risk early breast cancer with two years of treatment (announcement)

Lilly’s oral GLP-1, orforglipron, demonstrated superior glycemic control in two successful Phase 3 trials, reconfirming its potential as a foundational treatment in type 2 diabetes (announcement)

Lilly’s Omvoh (mirikizumab-mrkz) is the first and only IL-23p19 antagonist to show four years of sustained, corticosteroid-free comprehensive patient outcomes in ulcerative colitis (announcement)

Lilly’s Mounjaro (tirzepatide), a GIP/GLP-1 dual receptor agonist, reduced A1C by an average of 2.2% in a Phase 3 trial of children and adolescents with type 2 diabetes (announcement)

Lilly’s oral GLP-1, orforglipron, superior to oral semaglutide in head-to-head trial (announcement)

Lilly’s oral GLP-1, orforglipron, demonstrated meaningful weight loss and cardiometabolic improvements in complete ATTAIN-1 results published in The New England Journal of Medicine (announcement)

Lilly’s Jaypirca (pirtobrutinib), the first and only approved non-covalent (reversible) BTK inhibitor, significantly improved progression-free survival in patients with treatment-naïve CLL/SLL (announcement)

Lilly’s Verzenio (abemaciclib) increases overall survival in HR+, HER2-, high-risk early breast cancer with two years of therapy (announcement)

Lilly’s oral GLP-1, orforglipron, is successful in third Phase 3 trial, triggering global regulatory submissions this year for the treatment of obesity (announcement)

Other

Lilly announces more than $1.2 billion investment in Puerto Rico facility to boost oral medicine manufacturing capacity in the United States (announcement)

LillyDirect and Walmart Pharmacy launch first retail pick-up option with direct-to-consumer pricing for Zepbound (announcement)

Lilly partners with NVIDIA to build the industry’s most powerful AI supercomputer, supercharging medicine discovery and delivery for patients (announcement)

Lilly announces roster of Team USA athletes for the Olympic and Paralympic Games Milano Cortina 2026, pledges to translate U.S. Olympic and Paralympic milestones into meaningful community impact (announcement)

Lilly to Acquire Adverum Biotechnologies (announcement)

Lilly opens newest Gateway Labs site in San Diego to boost local biotechnology ecosystem (announcement)

Lilly plans to build a new $6.5 billion facility to manufacture active pharmaceutical ingredients in Texas (announcement)

Lilly announces plans to build $5 billion manufacturing facility in Virginia (announcement)

Lilly launches TuneLab platform to give biotechnology companies access to AI-enabled drug discovery models built through over $1 billion in research investment (announcement)

Anne White to Retire as Executive Vice President and President, Lilly Neuroscience (announcement)

For information on important public announcements, visit the news section of Lilly’s website.

2025 Financial Guidance
The company has increased full-year revenue guidance to be in the range of $63.0 billion to $63.5 billion, primarily driven by strong underlying business performance across the portfolio and foreign exchange rates.

The performance margin2 is now expected to be in the range of 43.5% and 44.5% on a reported basis and 45.0% and 46.0% on a non-GAAP basis. Both ratios reflect the increase in revenue guidance.

Other income (expense) on a reported basis is now expected to be expense in the range of $700 million to $600 million due to a decrease in net losses on investments in equity securities and is still expected to be expense in the range of $700 million to $600 million on a non-GAAP basis.

The 2025 estimated effective tax rate on a reported basis and a non-GAAP basis remain unchanged at approximately 19% and 17%, respectively.

Based on these changes, EPS guidance has been increased to be in the range of $21.80 to $22.50 on a reported basis and $23.00 to $23.70 on a non-GAAP basis. The company’s updated 2025 financial guidance reflects adjustments shown in the reconciliation table below.

2025

Guidance

Earnings per share (reported)

$21.80 to $22.50

U.S. tax legislation

.39

Amortization of intangible assets

.43

Asset impairment, restructuring, and other special charges

.39

Net losses on investments in equity securities

—

Earnings per share (non-GAAP)

$23.00 to $23.70

Numbers may not add due to rounding

The Company defines performance margin as gross margin less R&D, Marketing, Selling, and Administrative and Asset Impairment, Restructuring and Other Charges divided by Revenue.

The following table summarizes the company’s updated 2025 financial guidance:

Prior

Revenue

$60.0 to $62.0 billion

$63.0 to $63.5 billion

Performance Margin(4)

(reported)

42.0% to 43.5%

43.5% to 44.5%

(non-GAAP)

43.0% to 44.5%

45.0% to 46.0%

Other Income/(Expense) (reported)

($750) to ($650) million

($700) to ($600) million

Other Income/(Expense) (non-GAAP)

($700) to ($600) million

Unchanged

Tax Rate (reported)

Approx. 19%

Unchanged

Tax Rate (non-GAAP)

Approx. 17%

Unchanged

Earnings per Share (reported)

$20.85 to $22.10

$21.80 to $22.50

Earnings per Share (non-GAAP)

$21.75 to $23.00

$23.00 to $23.70

(1) Non-GAAP guidance reflects adjustments presented in the earnings per share reconciliation table above.

(2) Guidance includes acquired IPR&D charges through Q3 2025 of $2.38 billion or $2.57 on a per share basis. Guidance does not include acquired IPR&D either incurred, or expected to be incurred, after Q3 2025.

(3) This guidance is based on the existing tariff and trade environment as of October 30, 2025, and does not reflect any policy shifts, including pharmaceutical sector tariffs, that could impact business.

(4) The Company defines performance margin as gross margin less R&D, Marketing, Selling, and Administrative, and Asset Impairment, Restructuring and Other Charges divided by Revenue.

Webcast of Conference Call
As previously announced, investors and the general public can access a live webcast of the Q3 2025 financial results conference call through a link on Lilly’s website at investor.lilly.com/webcasts-and-presentations. The conference call will begin at 10 a.m. Eastern time today and will be available for replay via the website.

(Press release, Eli Lilly, OCT 30, 2025, View Source [SID1234657147])