LLY · 10-Q · 2026Q1 · Full report

Pricing pressure and competition

ELI LILLY & Co · 2026-04-30 · Importance 63 · Surprise 64

Zepbound revenue in the U.S. increased 79% year-over-year driven by strong demand, but lower realized prices (including previously announced reductions in cash-pay prices) moderated revenue growth. Across products, lower realized prices (including for Taltz) partially offset volume gains and reduced gross margin percentage slightly. Management notes price concessions and rebate/discount dynamics materially affect realized pricing and can be partially offset by one‑time estimate adjustments. These pricing pressures reflect competitive and market dynamics in the obesity/incretin market and broader product portfolio.

Key facts

• Lower realized prices during the three months ended March 31, 2026 were primarily driven by the addition of Mounjaro to the NRDL in China (outside the U.S.) and by Zepbound and Taltz in the U.S. source