Bullish Points: 1. Eli Lilly reported a net income of $20.64 billion for the fiscal year ended December 31, 2025, a 95% increase from the previous year. 2. Revenue for the same period was $65.18 billion, a 45% increase from 2024, driven primarily by increased volume from Mounjaro and Zepbound. 3. Gross margin as a percentage of revenue increased to 83.0% from 81.3% in 2024, due to favorable product mix and improved cost of production. 4. The company held $7.3 billion in cash and cash equivalents as of December 31, 2025, up from $3.3 billion at the end of 2024. 5. The company repurchased $4.1 billion of shares under its $15.0 billion share repurchase program authorized in December 2024. Bearish Points: 1. Research and development expenses increased by 21% to $13.34 billion, reflecting continued investments in the company's early and late-stage portfolio. 2. Marketing, selling, and administrative expenses rose by 29% to $11.09 billion, driven by promotional efforts supporting ongoing and planned launches. 3. Acquired in-process research and development (IPR&D) charges were $2.91 billion, primarily related to the acquisitions of Scorpion Therapeutics, Inc.'s PI3Kα inhibitor program STX-478 and SiteOne Therapeutics, Inc. 4. The effective tax rate for 2025 was 19.8%, up from 16.5% in 2024, primarily due to unfavorable impacts related to the jurisdictional mix of earnings and U.S. tax law changes. 5. Capital expenditures were $7.8 billion in 2025, compared to $5.1 billion in 2024, reflecting significant investments in global facilities to manufacture existing and future products. The final result you summarize based on positive and negative content needs to be objective, neutral, and dialectical. For more information, you can read the original text of Eli Lilly(LLY)'s financial report
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