LLY · 10-Q · 2026Q1 · Full report

Revenue Concentration Risk

ELI LILLY & Co · 2026-04-30 · Importance 64 · Surprise 42

Mounjaro and Zepbound together accounted for 65 percent of total revenue for the three months ended March 31, 2026. The company states cardiometabolic health products will continue to represent a significant and growing portion of its business and revenue. The company noted finalized U.S. government pricing agreements (including Medicare Bridge Program access through December 31, 2027) that may affect demand and pricing dynamics for obesity medicines beginning July 1, 2026. The MD&A warns that incretin volume fluctuations or payer/price actions can have a disproportionate impact on results in any given period.