LLY · 10-Q · 2026Q1 · Full report

Geographic revenue shift - China NRDL

ELI LILLY & Co · 2026-04-30 · Importance 89 · Surprise 82

Outside the U.S., revenue growth was driven primarily by Mounjaro, with lower realized prices principally attributable to Mounjaro's addition to China's National Reimbursed Drug List (NRDL). Revenue outside the U.S. increased to $4.4 billion in the quarter versus $1.2 billion in the prior-year quarter, primarily reflecting volume growth partially offset by NRDL-driven price reductions in China. The NRDL inclusion expanded access and volume but exerted downward pressure on realized prices outside the U.S. Management explicitly attributes the outside‑U.S. price decline to the NRDL action in China.

Key facts

• Outside the U.S. for the three months ended March 31, 2026, the volume increase was driven by Mounjaro, and the lower realized prices were primarily driven by the addition of Mounjaro to the National Reimbursed Drug List (NRDL) in China. source