If you needed proof that Eli Lilly’s (LLY) weight-loss juggernaut is just getting started, here it is. The drugmaker posted first-quarter revenue of $12.73 billion, up 45% year-over-year, driven almost entirely by runaway demand for Mounjaroand Zepbound.
“We had a solid start to the year,” said CEO David Ricks in a press release, highlighting “strong sales” of both drugs. Zepbound, Lilly’s obesity treatment, brought in $2.3 billion in Q1 alone — up from just $517 million a year ago.
Lilly Q1 EPS Beats Consensus
Reported EPS came in at $3.06, up 23% from last year, while non-GAAP EPS hit $3.34, a 29% jump. That beat Wall Street’s consensus by a solid margin — analysts were looking for something closer to $2.99.
What helped? A better product mix and lower production costs pushed gross margins up to 83.5% (non-GAAP). U.S. sales rose 49%, while international revenue climbed 38%, thanks again to Mounjaro’s global expansion and a surprise $370 million Jardiance boost from a Boehringer Ingelheim partnership shift.
Eli Lilly’s Share Repurchases Take a Backseat
You might expect a company minting money like this to be throwing cash at its own stock. Not this quarter. Lilly didn’t highlight any share repurchases in the report, instead choosing to funnel funds into R&D and manufacturing expansion.
In fact, Ricks said Lilly is “accelerating our manufacturing investments,” and plans to build four new facilities to meet demand. The company’s also in deep on its pipeline — spending $2.7 billion on R&D this quarter.
LLY’s Guidance Holds, Despite R&D Splurge
Despite shelling out $1.57 billion in acquired R&D charges, Lilly stuck to its 2025 revenue forecast of $58 to $61 billion. Reported full-year EPS was revised lower to $20.17–$21.67, mostly due to the IPR&D hit. Non-GAAP EPS was trimmed slightly to $20.78–$22.28.
Still, the long-term story’s intact. The oral GLP-1 drug orforglipron just passed a Phase 3 trial. And with Verzenio sales up 10%, and multiple new approvals in oncology and immunology, Lilly isn’t just betting on weight loss — it’s doubling down across the board.
Is LLY Stock a Good Buy?
On TipRanks, 19 out of 20 analysts still rate Eli Lilly a “Buy”. The average 12-month LLY price target is $984.63 — about 9.5% above Monday’s close at $898.95. But the spread tells the real story: the highest target sits at $1,124, while the lowest — from HSBC — is a sharp $700. These analyst ratings are likely to change after LLY’s stellar results.
