LLY · 8-K · 20260430PR000043

Geographic revenue shift - China NRDL

ELI LILLY & Co · 2026-04-30 · Importance 96 · Surprise 100

Revenue outside the U.S. increased 81% to $7.7 billion in Q1 2026, driven by a 95% increase in volume but partially offset by a 25% decrease from lower realized prices. Management explicitly attributes the lower realized prices outside the U.S. primarily to the addition of Mounjaro to China's National Reimbursed Drug List (NRDL) during the period. Mounjaro revenue outside the U.S. rose to $4.4 billion in Q1 2026 from $1.2 billion in Q1 2025, indicating material geographic share gains even as NRDL listing compressed realized prices. These China NRDL and related reimbursement dynamics are a key driver of the company's international pricing mix in Q1 2026.

Key facts

• The lower realized prices outside the U.S. were driven primarily by the addition of Mounjaro to the National Reimbursed Drug List (NRDL) in China source