LLY · 10-Q · 2026Q3 · Full report

Operating Expense Trends - R&D

ELI LILLY & Co · 2026-10-29 · Importance 59 · Surprise 48

Research and development expense was $4.247 billion in the third quarter of 2026, up 23% year over year, and $11.576 billion for the first nine months, up 21%. Lilly attributed the increases to continued investment in its early- and late-stage portfolio. Nine-month R&D expense was $2.040 billion higher than the $9.536 billion reported in the comparable 2025 period.

Key facts

• Research and development expenses increased 23% and 21% for the three and nine months ended September 30, 2026, respectively, driven by continued investment in the early- and late-stage portfolio. source