Eli Lilly & Co. (NYSE: LLY) reported a robust finish to 2024, with Q4 revenues climbing 45% year-on-year (YOY) to reach USD 13.53 billion. The surge was primarily fueled by its GLP-1 drugs Mounjaro and Zepbound (tirzepatide). Excluding these incretin-focused drugs, Lilly’s overall portfolio still expanded by 20% YOY. For the full year, the company’s revenues amounted to USD 45.04 billion, marking a 32% increase from the previous year.
Top Performers Drive Growth
Eli Lilly’s top-selling obesity drug Mounjaro delivered USD 11.54 billion in sales over the 12 months, surging 124% YOY. The anti-diabetic formulation of tirzepatide, Zepbound, contributed USD 4.93 billion after its early 2024 launch. Other key performers included breast cancer therapy Verzenio (abemaciclib) with USD 5.3 billion in sales and 37% YOY growth; diabetes drug Jardiance (empagliflozin) at USD 3.34 billion with 22% growth; and Humalog (insulin lispro) with USD 2.32 billion in sales and 40% growth.
New Approvals and Future Growth Drivers
During the year, Lilly secured global approvals for Alzheimer’s therapy Kisunla (donanemab) and atopic dermatitis therapy Ebglyss (lebrikizumab), both of which launched in Q4 and are poised to drive significant growth in the coming years.
Regional Performance
Table 1 provides a breakdown of Lilly’s Q4 and full-year 2024 performance by geographical region. Executives highlighted that the 13% Q4 growth in China was driven by the Innovent Biologics-partnered PD-1 inhibitor Tyvyt (sintilimab) and Verzenio. Despite the recent launch of Mounjaro in China, supply limitations have capped early sales, with a more substantial impact expected in the second half of 2025.
Table 1: Lilly’s Q4 and 2024 Performance by Region
| (All sales in USD, mil.) | Q4 sales | Q4 growth YOY | 2024 sales | 2024 growth YOY |
|---|---|---|---|---|
| United States | 9,032 | 40% | 30,375 | 39% |
| Europe | 2,448 | 82% | 6,921 | 12% |
| Japan | 559 | 27% | 1,815 | 16% |
| China | 429 | 13% | 1,660 | 9% |
| Rest of World | 1,064 | 46% | 4,271 | 46% |
2025 Outlook
Lilly forecasted 2025 sales to range between USD 58 billion and 61 billion, indicating a median growth of 31% YOY. In January, the company’s Crohn’s disease therapy Omvoh (mirikizumab) received its first global approval in the US. A regulatory decision is anticipated next year for imlunestrant, an oral selective estrogen receptor degrader for HER2 and estrogen receptor-positive breast cancer, which demonstrated strong results in a Phase III trial in combination with Verzenio in December 2024. Additionally, Lilly expects Phase III data within the next 12 months for orforglipron, an oral GLP-1 agonist with a once-daily dosing schedule.-Fineline Info & Tech
