[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_99":100},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","sllepyxe4f21j6j5wydhwnotd","revision",2,"title","礼来提交截至2026年9月30日季度的10-Q：第三季度收入243.97亿美元，净利润64.51亿美元","originalTitle","ELI LILLY & Co (0000059478) (Filer)","summary","礼来披露，2026年第三季度收入为243.97亿美元，同比增长39%；净利润为64.51亿美元，摊薄每股收益7.22美元。2026年前九个月收入为671.70亿美元，净利润为209.42亿美元，摊薄每股收益23.42美元。公司称收入增长主要由销量增加推动，部分被实现价格下降抵消；Mounjaro和Zepbound是主要相关产品。","reason","材料包含礼来2026年第三季度及前九个月的营收、利润、现金流和业务风险披露，可用于了解其报告期经营表现与投入情况。","source",{"_12":90,"_91":92,"_9":93,"_94":42,"_95":96,"_97":98},"links",{"_87":88,"_78":89},"publishedAt","2026-10-29T15:35:46.000Z","discoveredAt","2026-10-29T16:08:09.704Z","timelineAt","category","ai-products","tags",[84,85,86],"stockSymbols",[83],"score",82,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fVO7sXmM0JgM",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","fd3582c3-db04-4350-a865-3ff2f902899c","礼来第三季度收入增长39%，利润达64.51亿美元",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

Form 10-Q

根据《1934年证券交易法》第13或15(d)条提交的季度报告

《证券交易法》

截至2026年9月30日的季度

委员会档案编号 001-6351

礼来公司

（注册人章程中规定的确切名称）


印第安纳州		35-0470950
（州或其他司法管辖区		（美国国税局雇主
注册地或组织地）		识别编号）

礼来企业中心，印第安纳州印第安纳波利斯 46285

（主要行政办公室地址及邮政编码）

注册人电话号码（含区号）：(317) 276-2000

根据《交易法》第12(b)条注册的证券：


各类证券名称	交易代码	注册所在交易所名称
普通股（无面值）	LLY	纽约证券交易所
2030年到期的2.125%票据	LLY30	纽约证券交易所
2031年到期的0.625%票据	LLY31	纽约证券交易所
2033年到期的0.500%票据	LLY33	纽约证券交易所
2036年到期的6.77%票据	LLY36	纽约证券交易所
2043年到期的1.625%票据	LLY43	纽约证券交易所
2049年到期的1.700%票据	LLY49A	纽约证券交易所
2051年到期的1.125%票据	LLY51	纽约证券交易所
2061年到期的1.375%票据	LLY61	纽约证券交易所

请勾选表明注册人是否 (1) 已在此前12个月内（或注册人必须提交此类报告的较短期间内）提交了《1934年证券交易法》第13或15(d)条要求提交的所有报告，以及 (2) 在过去90天内一直受此类申报要求约束。

是 ☒ 否 ☐

请勾选表明注册人是否已在此前12个月内（或注册人必须提交此类文件的较短期间内），以电子方式提交了根据本章第232.405条《S-T条例》第405条要求提交的每一份交互式数据文件。

是 ☒ 否 ☐

请勾选表明注册人是大型加速申报人、加速申报人、非加速申报人、较小型申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报人”“加速申报人”“较小型申报公司”和“新兴成长型公司”的定义。

大型加速申报人

☒

加速申报人

☐

非加速申报人

☐

较小型申报公司

☐

新兴成长型公司

☐

如果是新兴成长型公司，请勾选表明注册人是否已选择不使用《交易法》第13(a)条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。 ☐

请勾选，说明注册人是否为壳公司（定义见《交易法》第12b-2条）。

是 ☐ 否 ☒

截至2026年10月26日已发行在外的普通股股数：


类别		已发行在外股数
普通股		940,745,031

Eli Lilly and Company

Form 10-Q

截至2026年9月30日的季度


		页码
第一部分：财务信息		5

第1项。	财务报表	5
	合并简明经营报表	5
	合并简明综合收益表	6
	合并简明资产负债表	7
	合并简明现金流量表	8
	合并简明财务报表附注	9
第2项。	管理层对经营业绩和财务状况的讨论与分析	24
	执行概览	24
	经营业绩	28
	财务状况与流动性	31
	关键会计估计	31
	我们网站上的可用信息	32
第3项。	有关市场风险的定量和定性披露	32
第4项。	控制与程序	32

第二部分：其他信息		33

第1项。	法律诉讼	33
第1A项。	风险因素	33
第2项。	未注册的股权证券销售及所得款项用途	33
第5项。	其他信息	33
第6项。	附件	34

签名		34

前瞻性陈述

本季度Form 10-Q报告及我们其他公开可用的文件包含《1933年证券法》第27A条和《1934年证券交易法》（《交易法》）第21E条所指的前瞻性陈述，并受《1995年私人证券诉讼改革法》据此设立的安全港条款保护。前瞻性陈述包括所有并非仅涉及历史或当前事实的陈述，通常可通过使用“可能”“能够”“旨在”“寻求”“相信”“将”“预期”“预计”“估计”“打算”“目标”“预料”“计划”“继续”等词语，或类似表达及将来时或条件式动词来识别。

前瞻性陈述本质上涉及许多风险和不确定性，可能导致实际结果与前瞻性陈述所表达的内容不同。前瞻性陈述基于管理层当前的计划和预期，这些计划和预期是善意表达的，且被认为具有合理依据。但我们无法保证任何预期或信念会实现或达成。因此，投资者不应过度依赖前瞻性陈述。以下列出了一些但并非全部可能导致实际结果或事件与预期不同的因素：

•药物研发过程中的重大成本和不确定性，包括获得监管批准的时间和流程，以及公司临床试验能否达到预期；

•收购和业务拓展交易的影响及其不确定结果，以及相关成本；

•影响我们产品、研发管线或行业的激烈竞争；

•已上市产品及适应症的市场接受度；

•持续的定价压力，以及政府和私人主体的行动对药品定价、报销和患者可及性的影响，或由此产生的报告义务；

•落实我们与美国政府就药品定价和可及性达成的自愿协议；

•与我们或竞争对手的产品相关的进展或不确定性，包括可能涉及的安全性或疗效问题；

•我们的总收入有很大比例依赖相对较少的产品或产品类别，以及供应链的整合；

•我们某些产品的知识产权保护到期，以及仿制药和生物类似药带来的竞争；

•我们保护和执行专利及其他知识产权的能力，以及与数据资料独占期相关的专利法或法规变化；

•信息技术系统不完善、控制或程序不足、安全漏洞或运营故障；

•我们信息技术系统、网络和设施中存储的机密信息或其他数据，或与我们共享数据的第三方所存储的数据遭到未经授权的访问、披露、挪用或泄露，以及违反数据保护法律或法规；

•因制造困难、中断或短缺而导致的产品供应、监管批准问题或其他不利结果，包括需求的不可预测性和波动、劳动力短缺、第三方履约、质量问题、网络攻击，或针对我们及第三方设施采取的监管行动所造成的情况；

•依赖第三方关系和外包安排；

•在我们运营的各个方面使用人工智能或其他新兴技术，包括与第三方使用或共享此类技术相关的合作关系，这可能会加剧竞争、监管、诉讼、网络安全及其他风险；

•全球宏观经济状况的影响，包括经济增长不均衡、经济衰退或不确定性；贸易及其他全球争端和中断，包括与关税、贸易保护措施及类似限制有关的情况；国际紧张局势、冲突、区域依赖，或在全球开展业务相关的其他成本、不确定性和风险；

•外币汇率波动、利率变化以及通货膨胀或通货紧缩；

•普通股交易价格和市值大幅、突然下跌或波动；

•涉及过去、当前或未来产品、活动或知识产权的诉讼、调查或其他类似程序；

•税法和法规、税率的变化，或与税务立场相关的事件与我们的假设不符；

•监管方面的变化、进展和不确定性；

•对我们运营和产品的监管监督及监管行动；

•监管合规问题或政府调查；

•假冒、错误标示、掺假或非法配制产品泛滥带来的风险；

•实际或被认为偏离与环境、社会或治理相关的要求或预期；

•资产减值和重组费用；以及

•会计和报告准则的变化。

有关可能导致我们的实际业绩与前瞻性陈述所述内容不同的因素的更多信息，不时载于我们向美国证券交易委员会提交的报告中，包括截至2025年12月31日止年度的年度报告 Form 10-K，特别是第一部分第1A项“风险因素”。投资者应了解，无法预测或识别所有此类因素，不应将上述风险以及我们年度报告 Form 10-K 第一部分第1A项“风险因素”所述风险视为对所有潜在风险和不确定性的完整陈述。

所有前瞻性陈述仅截至本季度报告 Form 10-Q 发布之日，并明确受本季度报告 Form 10-Q 中包含或以引用方式纳入的警示性声明的整体限定。除法律要求外，我们明确声明不承担公开发布任何前瞻性陈述修订的义务，以反映本季度报告 Form 10-Q 发布日之后发生的事件。

商标和商品名称

本季度 Form 10-Q 报告中提及的所有商标或商号均为本公司的财产；若本季度 Form 10-Q 报告提及属于其他公司的商标或商号，则其为各自所有者的财产。为方便起见，本季度 Form 10-Q 报告中的商标和商号均未标注 ® 和 ™ 符号，但此类引用不应被解释为表明本公司或（如适用）其各自所有者不会在适用法律允许的最大范围内主张其相关权利。我们使用或展示其他公司的商标和商号，并不意在暗示我们与任何其他公司存在关联，或获得其认可或赞助。

第一部分：财务信息

第 1 项：财务报表

合并简明经营报表

（未经审计）

礼来公司

（金额和股数以百万计，每股数据除外）


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
收入	$	24,397			$	17,601		$	67,170	$	45,887
成本、费用及其他：
销售成本	3,933			3,008			10,778		7,680
研发	4,247			3,466			11,576		9,536
市场、销售及行政费用	3,125			2,741			9,489		7,963
收购的在研研发项目	4,181			656			7,541		2,381
资产减值、重组及其他特别费用	303			365			1,285		400
其他净额，（收益）费用	202			132			(2)		462
	15,991			10,368			40,667		28,422
所得税前利润	8,406			7,233			26,503		17,465
所得税	1,955			1,650			5,561		3,463
净利润	$	6,451			$	5,583		$	20,942	$	14,002



每股收益：
基本	$	7.23			$	6.22		$	23.45	$	15.60

摊薄	$	7.22			$	6.21		$	23.42	$	15.56


每股收益计算所用股数：
基本	891.9		896.9		892.9		897.8
摊薄	893.4		898.8		894.4		899.7

参见合并简明财务报表附注。

合并简明综合收益表

（未经审计）

礼来公司

（金额以百万计）


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
净利润	$	6,451			$	5,583		$	20,942	$	14,002
其他综合收益，扣除税项后	132			510			251		1,116
综合收益	$	6,583			$	6,093		$	21,193	$	15,118

参见合并简明财务报表附注。

合并简明资产负债表

礼来公司

（金额以百万计）


	2026年9月30日		2025年12月31日
资产	（未经审计）
流动资产
现金及现金等价物	$	4,885			$	7,268
应收账款	22,089			17,760
其他应收款	3,142			2,395
存货	18,194			13,744
预付费用	16,862			14,315
其他流动资产	91			147
流动资产总额	65,263			55,629
非流动资产
投资	4,013			2,802
商誉	9,874			5,898
其他无形资产，净额	18,084			6,521
递延所得税资产	10,955			9,959
不动产、厂房及设备，扣除累计折旧$13,373 (2026)和$12,560 (2025)	32,188			24,675
其他非流动资产	7,695			6,992
资产总额	$	148,072			$	112,476
负债和权益
流动负债
短期借款及长期债务的流动部分	$	2,517			$	1,635
应付账款	5,793			5,379
员工薪酬	2,292			2,375
销售返利和折扣	24,170			17,382
其他流动负债	12,224			8,457
流动负债总额	46,996			35,228
非流动负债
长期债务	46,986			40,868

长期应付所得税	6,070			5,875
其他非流动负债	7,749			3,970
非流动负债合计	60,805			50,713
承诺和或有事项
权益
普通股	588			590
额外实缴资本	7,309			7,346
留存收益	37,969			24,470
员工福利信托	(3,013)			(3,013)
累计其他综合亏损	(2,629)			(2,880)
其他权益	47			22
权益合计	40,271			26,535
负债和权益合计	$	148,072			$	112,476

参见合并简明财务报表附注。

合并简明现金流量表

（未经审计）

礼来公司

（百万美元）


	截至9月30日的九个月
	2026		2025
经营活动现金流量
净利润	$	20,942			$	14,002
将净利润调节为经营活动现金流量的调整项目：

折旧和摊销	1,588			1,411
递延所得税变动	(1,098)			(959)

股份支付薪酬费用	562			490



收购的在研研发项目	7,541			2,381
经营资产和负债的其他变动（扣除收购和剥离的影响）	(1,899)			(4,419)
其他经营活动净额	(216)			682
经营活动提供的现金净额	27,420			13,588
投资活动现金流量
购置不动产和设备	(8,437)			(5,294)



购买非流动投资	(862)			(518)
购买在研研发项目	(7,548)			(2,584)
收购支付的现金（扣除取得的现金）	(10,692)			(549)
其他投资活动净额	(72)			776
投资活动使用的现金净额	(27,611)			(8,169)
融资活动现金流量
支付的股息	(4,635)			(4,039)
短期借款净变动	—			(4,338)
发行长期债务所得款项	8,941			13,167
偿还长期债务	(1,623)			(778)
购买普通股	(4,334)			(2,600)

其他融资活动净额	(612)			(746)
融资活动使用（提供）的现金净额	(2,263)			666
汇率变动对现金及现金等价物的影响	71			439

现金及现金等价物净（减少）增加	(2,383)			6,524
1月 1日的现金及现金等价物	7,268			3,268
9月30日的现金及现金等价物	$	4,885			$	9,792

参见合并简明财务报表附注。

合并简明财务报表附注

（表格中的金额和股数以百万为单位，每股数据除外；由于四舍五入，数字相加可能不一致）

附注1：列报基础及新财务会计准则的实施

我们根据 Form 10-Q 的要求编制了随附的未经审计合并简明财务报表，因此，这些报表未包含按照美国公认会计原则（GAAP）公允列报财务状况、经营业绩和现金流量所需的全部信息和脚注。我们认为，合并简明财务报表反映了对所列期间经营业绩进行公允列报所需的所有调整（包括正常且经常性的调整）。按照 GAAP 编制财务报表时，我们必须作出估计和假设，这些估计和假设会影响财务报表日及报告期内列报的资产、负债、收入、费用金额及相关披露。实际结果可能与这些估计不同。

本季度 Form 10-Q 报告所载信息应与我们截至 2025 年 12 月 31 日止年度的年度报告中所载合并财务报表及其附注一并阅读，该年度报告的文件为 Form 10-K。我们通过向美国证券交易委员会提交文件发布了财务报表，并已评估截至本季度 Form 10-Q 报告提交时的期后事项。

除脚注另有说明外，所有每股金额均按稀释后口径列示；也就是说，以加权平均流通普通股数加上我们的股权薪酬计划产生的增量股份影响（如具有稀释性）为基础。

我们作为单一经营分部运营，业务涉及全球药品的发现、开发、制造、营销和销售。全球研发组织和供应链组织负责产品的发现、开发、制造和供应。我们的商业组织负责产品的营销、分销和销售。全球企业职能部门也为业务提供支持。更多信息请参见附注 11。

新财务会计准则的实施

2024-03 号会计准则更新，利润表—综合收益报告—费用分类披露（主题 220-40）：利润表费用分类，要求在财务报表附注中细分特定费用类别，并对未单独细分的剩余费用金额作定性说明。该准则适用于 2026 年 12 月 15 日之后开始的年度报告期间，要求采用未来适用法，并允许选择追溯适用。我们拟在截至 2027 年 12 月 31 日止年度的 Form 10-K 年度报告中采用该准则。目前，我们正在评估采用该准则对披露可能产生的影响。

附注 2：收入

下表汇总了在合并简明经营报表中确认的收入：


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
产品净收入	$	22,650			$	16,331		$	62,506	$	42,658
合作及其他收入	1,747			1,270			4,664		3,229
收入	$	24,397			$	17,601		$	67,170	$	45,887

我们的收入主要来自两类不同的合同：向客户销售产品（产品净收入），以及合作和其他安排。合作和其他安排确认的收入包括我们在合作中的利润分成，以及根据此类合同收到的特许权使用费、预付款和里程碑付款。有关合作和其他安排的更多信息，请参见附注 3。上述披露的合作及其他收入包括与 Boehringer Ingelheim 合作产生的收入，以及产品权利出售所得收入。其余合作及其他收入几乎全部与按客户合同进行会计处理的合同有关。

收入调整

对于以前期间已发货产品，我们因估计发生变化而对美国（U.S.）最重要的销售退货、返利和折扣负债余额确认的收入调整，在截至 2026 年 9 月 30 日的三个月和九个月期间占美国收入的 2%，在截至 2025 年 9 月 30 日的三个月和九个月期间占美国收入的不到 1%。

收入细分

下表按产品汇总截至 2026 年和 2025 年 9 月 30 日的三个月收入，包括产品净收入以及合作及其他收入：


	截至 9 月 30 日的三个月
	2026		2025
	美国	美国以外	总计		美国	美国以外	总计

心血管代谢健康：
Mounjaro	$	4,998		$	5,725		$	10,723		$	3,550	$	2,965	$	6,515
Zepbound(1)	5,267		86		5,352			3,568	20		3,588
Jardiance(2)	781		796		1,578			424	535		959
Trulicity	601		302		904			707	345		1,052
其他心血管代谢健康产品	729		479		1,207			618	446		1,064
心血管代谢健康合计	12,376		7,388		19,764			8,867	4,311		13,178

肿瘤：
Verzenio	897		614		1,511			880	590		1,470
其他肿瘤产品	621		468		1,089			495	443		937
肿瘤合计	1,518		1,082		2,600			1,375	1,033		2,408

免疫学：
Taltz	539		316		856			583	318		902
其他免疫学产品	262		318		579			190	271		461
免疫学合计	801		634		1,435			773	589		1,362

神经科学	384		59		444			240	76		316

其他	57		97		154			45	292		337

收入	$	15,136		$	9,261		$	24,397		$	11,300	$	6,301	$	17,601

(1) 替尔泊肽在加拿大、日本和美国以 Zepbound 品牌用于治疗肥胖症。

(2) Jardiance 收入包括 Glyxambi、 Synjardy、和 Trijardy XR。

下表按产品汇总截至 2026 年和 2025 年 9 月 30 日的九个月收入，包括产品净收入以及合作及其他收入：


	截至 9 月 30 日的九个月
	2026		2025
	美国	美国以外	总计		美国	美国以外	总计

心血管代谢健康：
Mounjaro	$	14,022		$	15,306		$	29,328		$	9,508	$	6,048	$	15,556
Zepbound(1)	14,273		167		14,440			9,254	28		9,281
Jardiance(2)	1,909		2,014		3,924			1,116	1,547		2,663
Trulicity	2,109		932		3,042			2,221	1,018		3,239
其他心血管代谢健康产品	1,728		1,416		3,143			1,709	1,281		2,989
心血管代谢健康合计	34,041		19,836		53,877			23,807	9,922		33,729

肿瘤：
Verzenio	2,448		1,838		4,286			2,467	1,651		4,118
其他肿瘤产品	1,770		1,381		3,151			1,373	1,277		2,650
肿瘤合计	4,218		3,219		7,437			3,840	2,929		6,769

免疫学：
Taltz	1,495		949		2,444			1,609	902		2,511
其他免疫学产品	716		895		1,611			444	751		1,195
免疫学合计	2,211		1,844		4,055			2,052	1,654		3,706

神经科学	1,002		253		1,254			677	255		932

其他	197		349		546			227	525		752

收入	$	41,668		$	25,502		$	67,170		$	30,604	$	15,283	$	45,887

(1) 替尔泊肽在加拿大、日本和美国以 Zepbound 品牌用于治疗肥胖症。

(2) Jardiance 收入包括 Glyxambi、 Synjardy、和 Trijardy XR。

下表汇总了按地理区域划分的收入：


	截至 9 月 30 日的三个月，		截至 9 月 30 日的九个月，
	2026		2025		2026		2025
收入(1)：
美国	$	15,136			$	11,300		$	41,668	$	30,604
欧洲	4,459			3,498			12,219		8,461
中国	947			560			2,582		1,477
日本	648			555			1,847		1,478
世界其他地区	3,206			1,688			8,854		3,867
收入	$	24,397			$	17,601		$	67,170	$	45,887

(1) 收入根据客户或其他方所在地归属至各国家。

注 3：合作与其他安排

我们经常签订合作及其他安排，以开发和商业化候选药物或出售产品权利。关于我们对合作及其他安排收入的确认，请参见注 2。

合作活动可能包括研发、营销和销售、制造及分销，我们可能因此获得合作伙伴的费用报销，或向其支付费用报销。根据这些安排发生的运营费用计入各自的费用项目，并扣除应付合作伙伴的款项或应收合作伙伴的报销款；此类报销款在对方承担付款义务时确认。每项安排的性质各不相同，以下讨论我们较为重要的安排。

Boehringer Ingelheim 合作

我们与 Boehringer Ingelheim 签订了一项全球协议，共同开发和商业化一系列化合物。Boehringer Ingelheim 的 Jardiance 产品系列（包括 Glyxambi、Synjardy 和 Trijardy XR）是该合作中包含的重要产品系列。

对于仍在合作范围内、合作期限至 2028 年 12 月 31 日的主要市场中的 Jardiance 产品系列，我们根据产品表现获得一定比例的净销售额分成，并将其确认为合作及其他收入。下表汇总了确认的收入：


	截至 9 月 30 日的三个月，	截至 9 月 30 日的九个月，
	2026		2025	2026		2025
Jardiance	$	1,578			$	959	$	3,924	$	2,663

截至 2026 年 9 月 30 日的三个月和九个月，我们分别确认了 Jardiance 的销售额里程碑款 4.10 亿美元和 9.10 亿美元；相比之下，截至 2025 年 9 月 30 日的三个月和九个月均为 2 亿美元。在截至 2025 年 9 月 30 日的九个月期间，我们还确认了 Jardiance 一次性收益 3.70 亿美元。截至 2026 年 9 月 30 日，该合作项下已无待赚取的销售额里程碑款。

Ebglyss

我们与 F. Hoffmann-La Roche Ltd 和 Genentech, Inc.（统称 Roche）签订了许可协议，该协议授予我们 lebrikizumab 的全球开发和商业化权利，该药品以 Ebglyss 为品牌并注册商标。Roche 可按全球净销售额获得分级特许权使用费，比例从高个位数到高十几位数不等，我们将其确认为销售成本。截至 2026 年 9 月 30 日，Roche 有资格从我们这里获得额外付款，包括最高 9 亿美元的潜在销售额里程碑款。

我们与 Almirall, S.A.（Almirall）签订了许可协议，根据协议，Almirall 获得了在欧洲开发和商业化 Ebglyss 的权利，用于治疗或预防皮肤科适应症，包括但不限于特应性皮炎。我们按欧洲净销售额的分级比例收取特许权使用费，比例从较低的两位数到较低的二十几，我们将其确认为合作及其他收入。截至 2026年9月30日，我们有资格在一系列基于销售额的里程碑中额外收取最高达 $1.2 十亿美元的款项。

Foundayo

我们与 Chugai Pharmaceutical Co., Ltd.（Chugai）签订了许可协议，该协议授予我们 orforglipron 的全球开发和商业化权利，该药物以 Foundayo 为品牌并注册商标。除金额不重大的里程碑付款权利外，Chugai 按全球净销售额收取分级特许权使用费，比例从中个位数到较低的十几，我们将其确认为销售成本。

注 4：收购

我们通过多种形式的业务拓展活动来增强或优化产品管线，包括收购、合作、投资和许可安排。在这些安排中，如果产品获批商业化，我们的合作伙伴可能有权根据销售额获得未来特许权使用费和/或商业里程碑付款；也可能有权根据化合物成功推进开发流程的情况获得里程碑付款。我们根据 GAAP 将每项安排作为企业合并或资产收购进行会计处理。

企业合并

当一项收购符合 GAAP 对企业的定义时，所收购的资产和所承担的负债均按收购日各自的公允价值计入我们的合并简明财务报表。估计公允价值需要管理层作出重大估计和假设。购买价格超过所收购净资产公允价值的部分确认为商誉。自收购日起，该收购的经营业绩纳入我们的合并简明财务报表。

截至 2026 年和 2025 年 9 月 30 日的九个月期间，我们按企业合并进行会计处理的重大收购包括 Kelonia Therapeutics, Inc.（Kelonia）、Centessa Pharmaceuticals plc（Centessa）和 Ventyx Biosciences, Inc.（Ventyx），汇总如下表：


	Kelonia	Centessa	Ventyx
收购日期	2026年6月25日	2026年6月24日	2026年3月4日






业务描述	体内嵌合抗原受体 T 细胞（CAR-T）疗法	用于睡眠-觉醒障碍的食欲素受体 2 激动剂	用于炎症介导疾病的口服疗法
收购日估计公允价值：
现金	$	46		$	233	$	120
已收购的在研研发项目（IPR&D）	4,695		6,058		977
商誉(1)	1,052		1,655		232
递延所得税负债，净额	(822)		(1,279)		(150)
其他资产和负债，净额	(74)		(74)		(1)
收购日对价公允价值	4,897		6,593		1,178
减：
收购的现金	(46)		(233)		(120)
或有对价的公允价值	(1,765)		(402)		不适用

支付的现金对价，扣除取得的现金	$	3,086		$	5,958	$	1,058

或有对价(2)	$	3,750		$	1,542	不适用
主要收购的 IPR&D 无形资产	KLN-1010	ORX750	VTX3232

(1) 这些收购确认的商誉主要归因于未来尚未确定的项目和产品、被收购公司的现有员工队伍，以及确认的递延所得税负债；该负债不得在税务上抵扣。

(2) 这些金额代表潜在付款的最高金额，并取决于是否达到某些指定里程碑。有关或有对价金额的更多信息，请参阅附注 8。

不适用 - 不适用

由于在每次收购前我们获取信息的渠道有限，目前正在确定所收购资产和承担负债的公允价值及计税基础，包括无形资产和税务风险的识别与估值。这些金额的最终确定将尽可能及时完成，但不晚于各收购日后一年。最终确定结果可能导致资产和负债的公允价值及计税基础与初步估计不同，并要求调整已确认的初步金额。

资产收购

每次资产收购时，若所收购的 IPR&D 化合物没有其他未来用途，则分配给所收购 IPR&D 的成本立即作为所收购 IPR&D 费用确认。在化合物获得监管批准前产生的里程碑付款义务，在触发里程碑付款义务的事件发生时，作为所收购 IPR&D 费用确认。截至2026年9月30日的三个月和九个月，我们分别确认了42亿美元和75亿美元的所收购 IPR&D 费用；截至2025年9月30日的三个月和九个月，我们分别确认了6.56亿美元和24亿美元。

下表汇总了我们在2026年和2025年发生的重大所收购 IPR&D 费用：

交易对方

化合物、疗法或资产

收购月份

开发阶段(1)

所收购 IPR&D 费用

AtaiBeckley Inc. (AtaiBeckley)

BPL-003（甲氧基苯乙胺苯甲酸盐），用于治疗难治性抑郁症的 5-MeO-DMT 合成形式

2026年9月

2期

2,610

Curevo Inc. (Curevo)

Amezosvatein，用于预防带状疱疹的佐剂亚单位疫苗

2026年7月

2期

954

Ajax Therapeutics, Inc. (Ajax)

AJ1-11095，口服 II 型 JAK2 抑制剂，用于治疗骨髓纤维化和真性红细胞增多症

2026年6月

1期

909

Orna Therapeutics, Inc. (Orna)

ORN-252，靶向 CD19 的体内 CAR-T 疗法，旨在治疗由 B 细胞驱动的自身免疫性疾病

2026年5月

1期

1,233

SiteOne Therapeutics, Inc.(SiteOne)

STC-004，Nav1.8 抑制剂，用于治疗疼痛

2025年7月

1期

494

Scorpion Therapeutics, Inc. (Scorpion)

STX-478，PI3Kα 抑制剂，用于治疗乳腺癌及其他晚期实体瘤

2025年3月

1期

1,412

(1) 如适用，所列开发阶段截至安排日期，并代表所收购资产中开发进展最先进者的开发阶段。

后续事项

2026年10月，我们收购了 Merida Biosciences, Inc.（Merida），总金额最高可达$2.9 billion，其中包括一笔预付款以及基于实现某些临床和监管里程碑的额外潜在付款。收购前，我们获取信息的能力有限。因此，我们正在确定所收购资产和承担负债的公允价值及相关会计处理。

注5：资产减值、重组及其他特别费用

截至2026年9月30日的三个月和九个月内确认的资产减值、重组及其他特别费用分别为$303 million和$1.3 billion。截至2026年9月30日的三个月和九个月内确认的费用与一项开发中分子相关无形资产的部分减值有关。此外，截至2026年9月30日的九个月内确认的费用还包括与收购完成相关的收购及整合成本，以及与诉讼事项相关的费用。

截至2025年9月30日的三个月和九个月内确认的资产减值、重组及其他特别费用分别为$365 million和$400 million，主要与一项诉讼费用以及与收购完成相关的收购及整合成本有关。

有关收购和诉讼事项的更多信息，请参阅注 4和注9。

注6：所得税

截至2026年9月30日的三个月和九个月的有效税率分别为23.3 percent和21.0 percent，而截至2025年9月30日的三个月和九个月的有效税率分别为22.8 percent和19.8 percent；主要原因是收购的IPR&D费用不可抵扣所产生的不利税务影响，且2026年的影响更大。2025年的有效税率还受到美国税法变更的不利影响。

截至2026年9月30日和2025年12月31日，预付费用中分别包含$15.1 billion和$12.9 billion的预缴税款。

2026年10月，美国国税局（IRS）开始审查2022-2024纳税年度。IRS对2019-2021纳税年度的审查仍在进行中。对于2016-2018纳税年度，我们正通过相互协商程序（MAP）寻求主管当局协助，以处理某些公司间交易的定价问题。这些审计期间的结案可能会超过未来12个月。

注 7：存货

下表汇总了存货的组成部分：


	2026年9月30日		2025年12月31日
产成品	$	2,998			$	1,931
在产品	10,688			8,183
原材料及供应品	4,460			3,587
合计（约为重置成本）	18,146			13,701
后进先出法成本增额	48			43
存货	$	18,194			$	13,744

注8：金融工具

股权和债务证券投资

下表汇总了截至2026年9月30日和2025年12月31日，按经常性基础以公允价值计量的投资资产的部分公允价值信息，以及某些其他投资的账面金额和摊余成本：


					采用以下方法计量的公允价值
	账面金额		成本		相同资产在活跃市场中的报价（第1级）		重要的其他可观察输入值（第2级）	重要的不可观察输入值（第3级）		公允价值
2026年9月30日
现金等价物(1)	$	1,336			$	1,336		$	1,336		$	—		$	—	$	1,336
短期投资：
可供出售债务证券(2)	$	14			$	14		$	5		$	9		$	—	$	14
其他证券	60			60			—		20		40		60
短期投资	$	74
非流动投资：
可供出售债务证券(2)	$	355			$	380		$	67		$	288		$	—	$	355
其他证券	84			54			—		1		83		84
可交易股权证券	760			597			760		—		—		760
公允价值不易确定的股权投资(3)	1,191
权益法投资(3)	1,623
非流动投资	$	4,013

2025年12月31日
现金等价物(1)	$	4,392			$	4,392		$	4,392		$	—		$	—	$	4,392
短期投资：
可供出售债务证券(2)	$	16			$	16		$	9		$	7		$	—	$	16
其他证券	89			89			—		12		78		89
短期投资	$	105
非流动投资：
可供出售债务证券(2)	$	360			$	368		$	69		$	291		$	—	$	360
其他证券	85			54			—		2		83		85
可交易股权证券	223			292			223		—		—		223
公允价值不易确定的股权投资(3)	846
权益法投资(3)	1,288
非流动投资	$	2,802

(1) 我们将所有自购买日起到期日为三个月或以内的高流动性投资视为现金等价物。这些投资的成本约等于其公允价值。

(2) 对于可供出售债务证券，披露金额为证券的摊余成本。

(3) 公允价值披露不适用于权益法投资以及采用权益投资计量替代法核算的投资。

债务

以下是我们2026年发行长期债务的详情。所得现金用于一般企业用途，包括偿还未偿商业票据，以及为收购Centessa和Kelonia时应付的部分预付现金对价及相关费用和开支提供资金。


发行日期	金额	到期日	票面利率
2026年5月	$	9,000		2028-2066	4.150%-5.700%(1)

(1) 2028年和2029年期次中合计包括13亿美元浮动利率票据，利率按担保隔夜融资利率（SOFR）加0.350和0.460个百分点（分别对应各期次）按季度重置并支付。

2026年8月，我们续签了364天信贷额度，该额度仍提供60亿美元的授信能力，可用于支持我们的商业票据计划。截至2026年9月30日，我们尚未动用该364天额度。

2026年8月，我们对多年期信贷额度进行了再融资，该额度继续提供$4.0 billion的融资能力，并可用于支持我们的商业票据计划。我们的多年期信贷额度现将于2031年8月到期。截至2026年9月30日，我们尚未动用多年期信贷额度。

下表汇总了我们长期债务的账面金额以及使用第2级输入值确定的公允价值：


	2026年9月30日		2025年12月31日
	账面金额	公允价值		账面金额	公允价值

长期债务，包括流动部分	$	49,503		$	43,687	$	42,503	$	39,799

或有对价

或有对价是指因收购（按企业合并入账）而应支付的额外对价，其支付取决于是否达到某些开发、基于成功的监管或基于销售的里程碑。或有对价负债按公允价值列账，公允价值使用贴现现金流分析和第3级输入值估算。这些输入值包括与约定里程碑相关的预期现金支付额预测，主要依据技术成功的概率、相关化合物可能达到里程碑事件的时间以及估计贴现率。下表汇总了我们或有对价负债的公允价值：


	2026年9月30日		2025年12月31日
其他流动负债	$	818			$	34
其他非流动负债	2,070			217

2026年，或有对价负债增加主要与我们收购 Kelonia 有关。更多信息请参见附注 4。

套期保值

作为一家全球性公司，我们面临汇率波动带来的外币风险，主要是美元兑欧元的汇率风险。我们主要通过使用外币债务和外币远期合约来管理外币风险。截至2026年9月 30日和2025年12月 31日，我们指定为会计套期工具的外币计价票据账面金额分别为$5.0 billion和$6.0 billion。下表汇总了我们未结外币远期合约名义金额总额的美元等值：


	2026年9月30日		2025年12月31日
	买入	卖出		买入	卖出
指定为会计套期工具	$	5,712		$	—		$	67	$	—
未指定为会计套期工具	11,438		7,969			14,281	9,264

下表汇总了重大套期保值活动对我们合并简明财务报表的影响：


	截至9月30日止三个月		截至9月30日止九个月
	2026		2025		2026		2025
计入其他净额（收益）费用：
未指定为会计套期工具的外币远期合约	$	163			$	170		$	13	$	(468)
计入其他综合收益（亏损）：
外币计价票据：
指定为会计套期工具	37			6			168		(683)
外币远期合约：
指定为会计套期工具	14			1			(16)		(1,292)

附注9：或有事项

我们目前涉及并可能继续涉及在业务经营过程中不时发生的各种诉讼、索赔、政府调查及其他法律程序，包括专利、环境、商业、合同、许可、雇佣、健康与安全、消费者保护、定价、准入、消费者、销售与营销、产品责任、保险、反垄断、证券及监管合规等事项。这些事项可能涉及与各类主体的调查或争议，包括政府、监管机构、竞争对手、客户、供应商、服务提供商、被许可方、员工或股东等。我们无法预测这些程序的最终结果；虽然我们拟酌情积极主张或捍卫自身立场，但无法保证一定成功或获得所请求的救济。相关事项往往会历时较长，且预期可能因新的调查结果、裁决、上诉、和解、法律或监管变化或其他因素而改变。我们可能会不时酌情终止、和解或妥协处理相关事项，以符合我们的最佳利益。

对于我们被列为被告的程序，除非另有说明，我们无法合理估计超过已计提金额的最大潜在风险敞口或可能损失范围；但我们认为，所有此类事项的解决不会对我们的合并财务状况或流动性产生重大不利影响，但在任何一个会计期间可能对我们的合并经营业绩产生重大影响。

诉讼应计款项、环境负债及任何相关的预计保险应收款，分别按总额列示为合并资产负债表中的负债和资产。根据当时可获得的信息，对于既很可能发生又能够合理估计的风险敞口，我们会计提预计金额。对于某些尚未提出的产品责任索赔，只要我们能够对其风险敞口作出合理估计，就会计提相应金额。我们主要根据历史索赔经验及产品使用数据估计这些风险敞口。对于预计将因重大负债损失或有事项而发生的法律抗辩费用，在既很可能发生又能够合理估计时予以计提。

由于药品的性质，我们未来可能会面临大量额外的产品责任及相关索赔。由于诉讼责任保险市场极为受限，对于所有目前及过去上市的产品，我们主要自行承担诉讼责任损失。

专利事项

在业务经营过程中，我们是涉及第三方的诉讼和程序的当事方；第三方试图质疑、使其无效或规避与我们的产品、候选产品及技术相关的专利和专利申请，包括下文所述事项。

Emgality 专利诉讼

2018年9月，Teva Pharmaceuticals International GmbH 和 Teva Pharmaceuticals USA, Inc.（统称 Teva）在美国马萨诸塞州联邦地区法院提起诉讼，指控 Lilly 推出并持续销售 Emgality 侵犯了 Teva 三项专利中的多项权利要求。2022年11月，陪审团审理后作出有利于 Teva 的裁决。2023年9月，审判法院推翻陪审团裁决，认定所有被主张的权利要求均无效，并判决 Lilly 胜诉。2026年4月，美国联邦巡回上诉法院发表意见，推翻审判法院关于专利无效的认定，并将案件发回地区法院；我们确认了与此事项相关的费用，计入截至2026年3月31日止三个月的业绩。2026年9月，联邦巡回上诉法院驳回了我们请求全院复审的申请。

Verzenio Hatch-Waxman 诉讼

2026年4月，Lilly 收到通知，Cipla Ltd. 已提交简略新药申请（ANDA），申请在美国食品药品监督管理局（FDA）橙皮书所列化合物专利到期前，批准 Verzenio（abemaciclib）片剂的仿制药版本。2026年6月，Lilly 在美国特拉华州联邦地区法院对 Cipla Ltd. 及其子公司 Cipla USA Inc. 提起专利侵权诉讼。审判定于2028年5月进行。

Tirzepatide Hatch-Waxman 诉讼

2026年7月，Lilly 收到通知，多家仿制药公司已提交 ANDA，申请在 FDA 橙皮书中列出的部分或全部相关产品专利到期前，批准销售 Mounjaro 和/或 Zepbound 的仿制药版本。2026年8月，我们在美国特拉华州联邦地区法院对这些公司提起专利侵权诉讼。

环境事项

我们是环境诉讼及其他事项的当事方，并根据多项联邦、州和外国法律承担责任，包括《综合环境响应、赔偿与责任法》（通常称为“超级基金法”），需承担调查和/或修复因过去在我们目前或以前的场址活动，或由第三方运营的废物处置或再加工设施而产生的某些环境问题的成本。

定价事项

340B 诉讼与调查

自 2021 年以来，我们一直卷入与 340B 项目相关的诉讼、行政程序及其他调查。各州和 340B 医疗服务提供方原告已对我们提起诉讼，部分案件还涉及其他制造商和第三方，诉讼内容与 340B 项目相关，包括我们的合同药房政策、索赔数据提交，以及我们对声称旨在监管 340B 项目的州法律的遵守情况。这些诉讼的起诉状提出了多种主张，包括反垄断、消费者保护、不公平或欺骗性贸易行为、不正当竞争、违约、违反诚信和公平交易默示契约、不当得利，以及违反有关 340B 定价的州法规。这些诉讼目前在多个联邦法院审理。原告通常寻求损害赔偿、民事罚款和/或禁令救济，诉讼进程各不相同。我们还卷入其他与 340B 项目有关的未决诉讼和调查，包括 Lilly 提起的、对 340B 项目某些方面提出质疑的诉讼。

胰岛素定价诉讼

自 2017 年以来，包括消费者、各州及州检察长、县、市镇、美洲原住民部落、学区、批发商、第三方付款方等在内的各类原告，已对我们、其他制造商、药品福利管理机构及其他方提起诉讼，包括拟议集体诉讼，涉及胰岛素药物定价，有些案件还涉及其他糖尿病药物的定价，以及制造商向药品福利管理机构支付的返利。各诉讼的起诉状提出了多种主张，包括但不限于消费者保护、不公平或欺骗性贸易行为、欺诈、虚假广告、不当得利、民事共谋、敲诈勒索、反垄断和不正当竞争。大多数案件已协调或合并，在美国新泽西州地区法院待审的多地区诉讼（MDL）中进行审前程序。这些诉讼处于不同的诉讼阶段。

定价调查

我们曾受到多项调查，并收到来自各政府机构的传票、民事调查要求、信息请求、质询及其他询问，内容涉及我们药物的定价和销售，和/或平均制造商价格及最佳价格的计算。这些机构包括美国司法部、美国联邦贸易委员会，以及多个州和哥伦比亚特区的检察长；我们也收到上述机构发出的传票、民事调查要求或信息请求。

对于上述尚未提起诉讼的政府机构，我们正配合各项调查、传票及询问。

其他事项

Actos 诉讼

我们与 Takeda Chemical Industries, Ltd. 及其关联公司（统称 Takeda）被列为美国加利福尼亚州中区联邦地区法院一起第三方支付方集体诉讼的被告。原告声称，膀胱癌风险被对其隐瞒，并称因此他们及其第三方支付方集体有权追回为 Actos 处方支付的款项。根据我们与 Takeda 的协议，Takeda 将按照协议条款，为我们在美国因 Actos 的生产、使用或销售而引发的诉讼以及其他相关费用进行辩护并赔偿我们的损失和支出。2025 年 10 月，被告提交了简易判决动议，该动议仍待审理。

Mounjaro、Trulicity 和 Zepbound 产品责任诉讼

Since August 2023, various plaintiffs have filed lawsuits against us, Novo Nordisk A/S, and other related entities, alleging various injuries following purported use of incretin medicines, including Mounjaro, Trulicity, and Zepbound. The complaints assert a variety of claims and generally seek damages and/or other relief. Most of these lawsuits in the United States have been coordinated or consolidated for pretrial proceedings in two federal MDLs: one focused on alleged gastrointestinal injuries, and the other relating to claims of non-arteritic anterior ischemic optic neuropathy (NAION). Both MDLs are pending in the U.S. District Court for the Eastern District of Pennsylvania. There are also similar proceedings pending against Lilly in Indiana and other state courts. In addition to the cases in the United States, there are two class action petitions in Israel and two class action petitions in Canada alleging various injuries and claims.

Health Choice Alliance

In October 2019, a relator filed a qui tam lawsuit against us in Texas state court asserting claims under the Texas Medicaid Fraud Prevention Act (TMFPA) based on allegations about certain patient support programs related to three of our products. The relator sought to recover the value of payments by the Texas Medicaid Program for these products, as well as civil penalties and other relief. In August 2025, the relator purported to dismiss the first lawsuit and filed a second lawsuit in a different Texas state court adding the State of Texas as a party and expanding claims under the TMFPA to fifteen of our products. We are opposing the relator's purported dismissal of the first lawsuit.

Note 10: Equity

The following table summarizes components of equity with significant changes during the three months ended September 30, 2026 and 2025:


	Common Stock		Additional Paid-in Capital		Retained Earnings	Accumulated Other Comprehensive Loss
Shares		Amount
Balance at June 30, 2026	941.5			$	588		$	7,117	$	31,893	$	(2,761)
Net income						6,451
Other comprehensive income, net of tax								132

Purchases of common stock	(0.3)			—				(377)

Issuance of stock under employee stock plans, net	—			—		(8)
Stock-based compensation					200
Other						2
Balance at September 30, 2026	941.2			$	588		$	7,309	$	37,969	$	(2,629)

Balance at June 30, 2025	947.2			$	592		$	7,089	$	17,376	$	(3,716)
Net income						5,583
Other comprehensive income, net of tax								510

Purchases of common stock	(1.0)			(1)				(708)

Issuance of stock under employee stock plans, net	—			—		(8)
Stock-based compensation					151
Other						1
Balance at September 30, 2025	946.2			$	591		$	7,232	$	22,252	$	(3,206)

The following table summarizes components of equity with significant changes during the nine months ended September 30, 2026 and 2025:


	Common Stock		Additional Paid-in Capital		Retained Earnings	Accumulated Other Comprehensive Loss
Shares		Amount
Balance at December 31, 2025	944.8			$	590		$	7,346	$	24,470	$	(2,880)
Net income						20,942
Other comprehensive income, net of tax								251
Cash dividends declared per share: $3.46						(3,088)
Purchases of common stock	(4.7)			(3)				(4,361)

Issuance of stock under employee stock plans, net	1.1			1		(599)
Stock-based compensation					562
Other						6
Balance at September 30, 2026	941.2			$	588		$	7,309	$	37,969	$	(2,629)

Balance at December 31, 2024	947.9			$	592		$	7,439	$	13,545	$	(4,322)
Net income						14,002
Other comprehensive income, net of tax								1,116
Cash dividends declared per share: $3.00						(2,692)
Purchases of common stock	(3.3)			(2)				(2,598)

Issuance of stock under employee stock plans, net	1.6			1		(697)
Stock-based compensation					490
Other						(5)
Balance at September 30, 2025	946.2			$	591		$	7,232	$	22,252	$	(3,206)

As of September 30, 2026, we had $6.6 billion remaining under our $15.0 billion share repurchase program authorized in December 2024. We retire shares once we repurchase them.

The following table summarizes the activity related to each component of accumulated other comprehensive income (loss) during the three months ended September 30, 2026 and 2025:



	Foreign Currency Translation(1)		Retirement Benefit Plans		Other		Accumulated Other Comprehensive Loss
Balance at June 30, 2026	$	(1,055)			$	(1,957)		$	250	$	(2,761)
Other comprehensive income (loss)	132			13			(13)		132
Balance at September 30, 2026	$	(922)			$	(1,944)		$	237	$	(2,629)

Balance at June 30, 2025	$	(1,758)			$	(2,193)		$	235	$	(3,716)
Other comprehensive income (loss)	466			20			23		510
Balance at September 30, 2025	$	(1,292)			$	(2,173)		$	259	$	(3,206)

(1) Includes the impact of foreign currency transactions designated as net investment hedges. See Note 8 for additional information.

The following table summarizes the activity related to each component of accumulated other comprehensive income (loss) during the nine months ended September 30, 2026 and 2025:



	Foreign Currency Translation(1)		Retirement Benefit Plans		Other		Accumulated Other Comprehensive Loss
Balance at December 31, 2025	$	(1,149)			$	(1,987)		$	255	$	(2,880)
Other comprehensive income (loss)	226			43			(18)		251
Balance at September 30, 2026	$	(922)			$	(1,944)		$	237	$	(2,629)

Balance at December 31, 2024	$	(2,390)			$	(2,179)		$	246	$	(4,322)
Other comprehensive income (loss)	1,098			6			12		1,116
Balance at September 30, 2025	$	(1,292)			$	(2,173)		$	259	$	(3,206)

(1) Includes the impact of foreign currency transactions designated as net investment hedges. See Note 8 for additional information.

Note 11: Segment Information

We operate as a single reportable segment engaged in the discovery, development, manufacturing, marketing, and sales of pharmaceutical products worldwide. A global research and development organization and a supply chain organization are responsible for the discovery, development, manufacturing, and supply of our products. Our commercial organizations market, distribute, and sell the products. The business is also supported by global corporate staff functions. Our determination that we operate as a single segment is consistent with the nature of our operations and the financial information regularly reviewed by the chief executive officer, in his capacity as the chief operating decision maker (CODM), for the purposes of evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting for future periods.

Our purpose is to unite caring with discovery to create medicines that make life better for people around the world. Our long-term success is significantly dependent on our ability to research and develop innovative medicines. The CODM uses consolidated net income to assess performance of our company, ensuring that we are investing in future research and development while efficiently delivering products to patients. The CODM allocates research and development resources based upon several factors, including the likelihood of technical success, unmet medical needs, and the viability of commercial success. A significant component of the CODM’s decision-making process is to ensure a balanced investment in our research and development portfolio to drive near-term success and sustain for the long-term.

The following table summarizes information for our single reportable segment, including significant segment expenses:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$	24,397			$	17,601		$	67,170	$	45,887
Less:
Cost of sales	3,933			3,008			10,778		7,680
Early-stage research and development(1)	1,663			1,250			4,379		3,396
Late-stage research and development(1)	2,584			2,216			7,197		6,140
Marketing, selling, and administrative	3,125			2,741			9,489		7,963
Acquired in-process research and development	4,181			656			7,541		2,381
Other segment items(2)	2,460			2,148			6,844		4,325
Net income	$	6,451			$	5,583		$	20,942	$	14,002

Interest expense	$	378			$	180		$	1,055	$	672
Expenditures for long-lived assets(3)	3,639			2,320			8,983		5,821

(1) Early-stage research and development primarily includes costs incurred from discovery through Phase 2 clinical trials. Late-stage research and development primarily includes costs incurred from Phase 3 clinical trials.

(2) Other segment items primarily include income taxes.

(3) Includes expenditures for property and equipment and computer software costs.

Item 2. Management's Discussion and Analysis of Results of Operations and Financial Condition

(Tables present dollars in millions, except per-share data, and numbers may not add due to rounding)

General

Management's discussion and analysis of results of operations and financial condition is intended to assist the reader in understanding and assessing significant changes and trends related to our results of operations and financial position. This discussion and analysis should be read in conjunction with the consolidated condensed financial statements and accompanying footnotes in Part I, Item 1 of this Quarterly Report on Form 10-Q. Certain statements in this Part I, Item 2 of this Quarterly Report on Form 10-Q constitute forward-looking statements. Various risks and uncertainties, including those discussed in \"Forward-Looking Statements\" in this Quarterly Report on Form 10-Q and \"Risk Factors\" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, may cause our actual results, financial position, and cash generated from operations to differ from these forward-looking statements.

EXECUTIVE OVERVIEW

This section provides an overview of our financial results, updates to our clinical development pipeline, and other matters affecting our company and industry.

Financial Results

The following table summarizes certain financial information:


	Three Months Ended September 30,		Percent Change	Nine Months Ended September 30,		Percent Change
	2026		2025		2026		2025
Revenue	$	24,397			$	17,601			39	$	67,170	$	45,887	46
Net income	6,451			5,583			16	20,942			14,002	50
Earnings per share - diluted	7.22			6.21			16	23.42			15.56	51

Revenue increased for the three and nine months ended September 30, 2026, driven primarily by increased volume, partially offset by lower realized prices. The increased volume and the lower realized prices during the three and nine months ended September 30, 2026 were primarily driven by Mounjaro and Zepbound.

Net income and earnings per share for the three and nine months ended September 30, 2026 increased primarily due to higher gross margin, partially offset by higher acquired IPR&D charges, research and development expenses, and marketing, selling, and administrative expenses.

See \"Results of Operations\" for additional information.

Clinical Development Pipeline Updates

Our long-term success depends on our ability to continually discover or acquire, develop, and commercialize innovative medicines. See “Management’s Discussion and Analysis of Results of Operations and Financial Condition—Executive Overview—Clinical Development Pipeline” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for select new molecular entities (NMEs) and new indication line extension (NILEX) products in clinical trials or that were submitted for regulatory review or received regulatory approval in the U.S., European Union (EU), or Japan. The following reflects certain developments since our Annual Report on Form 10-K for the year ended December 31, 2025:


Compound	Development
Insulin efsitora alfa (Onswik)	The FDA approved insulin efsitora alfa for type 2 diabetes.
The Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion recommending insulin efsitora alfa for the treatment of type 2 diabetes in the EU.
Orforglipron (Foundayo)	The FDA approved orforglipron for obesity.
The CHMP issued a positive opinion recommending orforglipron for the treatment of obesity and of type 2 diabetes in the EU.
Submitted orforglipron for type 2 diabetes in the U.S. and Japan.
Tirzepatide (Mounjaro)	The FDA approved tirzepatide to reduce cardiovascular risk in type 2 diabetes.
Retatrutide	Announced that Phase 3 trials for retatrutide for obesity met their primary endpoints.
Announced that Phase 3 trials for retatrutide for type 2 diabetes met their primary endpoints.
Baricitinib	A Phase 3 trial was initiated for baricitinib for type 1 diabetes.
Eloralintide	A Phase 3 trial was initiated for eloralintide incretin add-on for obesity.
A Phase 3 trial was initiated for eloralintide for obstructive sleep apnea (OSA).
A Phase 3 trial was initiated for eloralintide for osteoarthritis (OA) pain.
Brenipatide	A Phase 3 trial was initiated for brenipatide for major depressive disorder.
Sofetabart mipitecan(1)	A Phase 3 trial was initiated for sofetabart mipitecan for platinum-sensitive ovarian cancer.
Tersolisib	A Phase 3 trial was initiated for tersolisib for PIK3CA+ advanced breast cancer.

(1) The FDA granted Breakthrough Therapy designation for sofetabart mipitecan for the treatment of certain patients with platinum-resistant ovarian cancer. Breakthrough Therapy designation is designed to expedite the development and review of potential medicines that are intended to treat a serious condition when preliminary clinical evidence indicates that the treatment may demonstrate substantial improvement on a clinically significant endpoint(s) over already available therapies.

Other Matters

Trends Affecting Pharmaceutical Pricing, Reimbursement, and Access and Certain Other Regulatory Developments

Global concern over access to, and affordability of, pharmaceutical products continues to drive debate and action, as well as cost containment efforts by governmental authorities and scrutiny of pricing and access disparities. Cost containment measures include the use of mandated discounts, price reporting requirements, mandated reference prices, restrictive formularies, changes to available intellectual property protections, as well as other efforts.

Reforms, initiatives, and other actions, including those that may stem from political initiatives, periods of uneven economic growth or downturns, or as a result of inflation or deflation, trade and other global disputes and interruptions including related to tariffs, trade protection measures, and similar restrictions, the emergence or escalation of, and responses to, international tension and conflicts, or government budgeting priorities, are expected to continue to result in added pressure on cost, pricing, reimbursement, and access for our products.

We have entered into voluntary agreements with the U.S. government in which, among other arrangements, we agreed to lower Medicaid and certain other drug prices for U.S. patients and to launch new medicines with a more balanced pricing approach across developed nations. Under the Medicare GLP-1 Bridge program, Medicare beneficiaries obtained access to discounted Lilly obesity medicines effective July 1, 2026 through December 31, 2027, and individual state Medicaid programs separately have the option to expand access to these medicines. We continue to engage with the Centers for Medicare & Medicaid Services on long-term Medicare access to obesity medicines. Continued uptake from this expanded access is unknown. Moreover, the outcome of these arrangements and broader U.S. policy efforts to align domestic pharmaceutical pricing with international benchmarks from countries with competing healthcare cost containment priorities is uncertain and could negatively impact our pricing strategies, product demand or access, or competitive positioning across global markets, and may result in reduced revenue in certain markets.

The Inflation Reduction Act of 2022 (IRA) requires the U.S. Department of Health and Human Services (HHS) to effectively set prices for certain single-source drugs and biologics reimbursed under Medicare Part B and Part D. Currently, these government prices generally apply beginning at nine years (for medicines approved under a New Drug Application) or thirteen years (for medicines approved under a Biologics License Application) following FDA approval or licensure for the molecule. HHS selected Jardiance, which is part of our collaboration with Boehringer Ingelheim, in August 2023 (effective 2026), and selected Trulicity and Verzenio in January 2026 (to be effective 2028), as medicines subject to government-set prices. Given our product portfolio, we expect other significant products will be selected in future years. The IRA has, and will continue to, meaningfully influence our business strategies and those of our competitors and could significantly impact our business and consolidated results of operations.

The U.S. and other countries have imposed or reached alignment on tariffs. In some cases, imposed tariffs have been paused but may come into effect quickly and unpredictably. While Lilly and pharmaceuticals are exempt from certain of these tariffs, such exemptions may expire, may be terminated or may not apply to any future tariffs. The precise impact of tariffs, trade protection measures, and other restrictions depends on their ultimate scope, timing, and other factors. If enacted, additional restrictions could result in supply disruptions or delays, further increase costs, or otherwise have a negative impact on our business.

Private payers and pharmacy benefit managers in the U.S. continue to significantly impact the market for pharmaceuticals through negotiation of access, manufacturer price or rebate concessions and pharmacy reimbursement rates. Restrictive or unfavorable pricing, coverage, or reimbursement determinations for our medicines or product candidates by governments, regulatory agencies, courts, or private actors have and may continue to adversely impact our business and consolidated results of operations. In addition, we are engaged in litigation, investigations, and discussions with government entities related to government programs (including the 340B program), access to medicine, pricing, product safety, and other matters that could negatively impact our business and consolidated results of operations. It is not currently possible to predict the overall potential adverse impact to us or the general pharmaceutical industry of continued cost containment efforts worldwide.

In addition, regulatory issues concerning compliance with current Good Manufacturing Practices, quality assurance, safety signals, evolving standards, and increased scrutiny around excipients and potential impurities such as nitrosamines, and similar regulations and standards (and comparable foreign regulations and standards) for our products in some cases lead to regulatory and legal actions, product recalls and seizures, fines and penalties, interruption of production leading to product shortages, import bans or denials of import certifications, inability to realize the benefit of capital expenditures, or delays or denials in new product approvals, line extensions or supplemental approvals of current products pending resolution of the issues, or other negative impacts, any of which result in reputational harm or adversely affect our business.

Other policies, regulations, legislation, or enforcement, including those proposed or pursued by lawmakers, regulators, and other authorities in the U.S. and worldwide, have and may continue to adversely impact our business and consolidated results of operations.

Incretin Medicines

Mounjaro, Zepbound, and Foundayo accounted for 66 percent of our total revenue for the nine months ended September 30, 2026, and we expect cardiometabolic health products will continue to represent a significant and growing portion of our business, revenue, and prospects.

In the second quarter of 2026, we launched Foundayo (orforglipron) in the U.S. for the treatment of obesity and submitted orforglipron to the FDA for type 2 diabetes. Internationally, we have launched Mounjaro, and we have submitted or launched orforglipron for the treatment of obesity and/or type 2 diabetes in all major markets. To support anticipated demand for our current and prospective products, we have undertaken significant manufacturing expansion initiatives. Additional capacity is expected to become operational over the next several years.

We expect our near-term financial performance will be impacted by, among other factors, the timing of additional potential regulatory approvals for orforglipron, as well as the demand and pace of uptake in new incretin channels and markets, including in U.S. Medicare for Zepbound and Foundayo. More generally, incretin volume fluctuations due to channel dynamics or demand can have a disproportionate impact on our results of operations in any given period. Longer term, the durability of our cardiometabolic health product offerings and sustainability of our growth and prospects will depend on our ability to maintain or strengthen our competitive position as the therapeutic landscape evolves and to deliver further innovations that provide sufficient value to sustain our growth momentum.

We continue to see the production, marketing, and sale of counterfeit, misbranded, adulterated, and mass-compounded incretins. These practices may impact patient safety and undermine regulatory drug approval processes. Although the FDA has declared that compounding pharmacies are required to cease mass production, we cannot guarantee adequate regulation or compliance. Lilly will continue to consider all options, including filing lawsuits where appropriate, to address unlawful practices and the patient safety risks of unapproved, untested, and manipulated drugs.

Tax Matters

We are subject to income taxes and various other taxes in the U.S. and in many foreign jurisdictions; therefore, changes in both domestic and international tax laws or regulations have affected and may affect our effective tax rate, results of operations, and cash flows. The U.S. and countries around the world are actively proposing and enacting tax law changes. Further, actions taken with respect to tax-related matters by associations such as the Organisation for Economic Co-operation and Development and the European Commission could influence tax laws in countries in which we operate. Tax authorities in the U.S. and other jurisdictions in which we do business routinely examine our tax returns and are continuing to increase their scrutiny of cross-border tax issues. Additionally, we are subject to increasing tax disclosure obligations globally that could heighten our audit risk. Changes to existing U.S. and foreign tax laws and increased scrutiny by tax authorities in the U.S. and other jurisdictions could have a material adverse impact on our future consolidated results of operations and cash flows.

Acquisitions

We invest in external research and technologies and manufacturing capabilities that we believe complement and strengthen our own efforts. These investments can take many forms, including acquisitions, collaborations, investments, and licensing arrangements. We view business development activity as an important component of our research and development strategy.

Continued regulatory focus on business combinations in our industry, including by the Federal Trade Commission and competition authorities in Europe and other jurisdictions, could continue to delay, jeopardize, or increase the costs of our business development activities and may negatively impact our consolidated financial position or results of operations.

Foreign Currency Exchange Rates

As a global company, we face foreign currency risk exposure from fluctuating currency exchange rates, primarily the U.S. dollar against the euro. While we seek to manage a portion of these exposures through hedging and other risk management techniques, significant fluctuations in currency rates can have a material impact, either positive or negative, on our consolidated results of operations in any given period. There is uncertainty in the future movements in foreign currency exchange rates, and fluctuations in these rates have and could adversely impact our consolidated results of operations and cash flows.

Other Factors

Other factors have had, and may continue to have, an impact on our consolidated results of operations. See \"Business\" in Part I, Item 1 and \"Risk Factors\" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and Notes 4 and 9 to the consolidated condensed financial statements for additional information and risks and uncertainties that could impact our business and operations, including the matters described within this Executive Overview.

RESULTS OF OPERATIONS

Revenue

The following table summarizes our revenue activity by region:


	Three Months Ended September 30,		Percent Change	Nine Months Ended September 30,		Percent Change
	2026		2025		2026		2025
U.S.	$	15,136			$	11,300			34	$	41,668	$	30,604	36
Outside U.S.	9,261			6,301			47	25,502			15,283	67
Revenue	$	24,397			$	17,601			39	$	67,170	$	45,887	46

The following are components of the change in revenue compared with the prior year:


	Three Months Ended September 30,	Nine Months Ended September 30,
	2026 vs. 2025	2026 vs. 2025
	U.S.	Outside U.S.	Consolidated	U.S.	Outside U.S.	Consolidated
Volume	41	%	76	%	53	%	42	%	93	%	59	%
Price	(7)		(29)		(15)		(5)		(30)		(14)
Foreign exchange rates	—		—		—		—		4		1
Percent change	34	%	47	%	39	%	36	%	67	%	46	%

In the U.S. for the three and nine months ended September 30, 2026, the volume increase was primarily driven by Zepbound and Mounjaro. In the U.S. for the three months ended September 30, 2026, the lower realized prices were primarily driven by Zepbound, partially offset by adjustments to estimates for rebates and discounts primarily driven by Mounjaro. In the U.S. for the nine months ended September 30, 2026, the lower realized prices were primarily driven by Zepbound and Mounjaro, partially offset by adjustments to estimates for rebates and discounts primarily driven by Mounjaro, Trulicity, and Zepbound.

Outside the U.S. for the three and nine months ended September 30, 2026, the volume increase was driven by Mounjaro, and the lower realized prices were primarily driven by the inclusion of Mounjaro on the National Reimbursement Drug List (NRDL) in China.

The following table summarizes our revenue, including net product revenue and collaboration and other revenue, by product for the three months ended September 30, 2026 and 2025:


	Three Months Ended September 30,		Percent Change
	2026		2025
	U.S.		Outside U.S.		Total		Total
Mounjaro	$	4,998			$	5,725		$	10,723	$	6,515	65
Zepbound(1)	5,267			86			5,352		3,588	49
Jardiance(2)	781			796			1,578		959	65
Verzenio	897			614			1,511		1,470	3
Trulicity	601			302			904		1,052	(14)
Taltz	539			316			856		902	(5)
Other	2,052			1,422			3,474		3,115	12
Revenue	$	15,136			$	9,261		$	24,397	$	17,601	39

(1) Tirzepatide is marketed for obesity under the brand name Zepbound in Canada, Japan, and the U.S.

(2) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR.

The following table summarizes our revenue, including net product revenue and collaboration and other revenue, by product for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,		Percent Change
	2026		2025
	U.S.		Outside U.S.		Total		Total
Mounjaro	$	14,022			$	15,306		$	29,328	$	15,556	89
Zepbound(1)	14,273			167			14,440		9,281	56
Verzenio	2,448			1,838			4,286		4,118	4
Jardiance(2)	1,909			2,014			3,924		2,663	47
Trulicity	2,109			932			3,042		3,239	(6)
Taltz	1,495			949			2,444		2,511	(3)
Other	5,411			4,295			9,706		8,518	14
Revenue	$	41,668			$	25,502		$	67,170	$	45,887	46

(1) Tirzepatide is marketed for obesity under the brand name Zepbound in Canada, Japan, and the U.S.

(2) Jardiance revenue includes Glyxambi, Synjardy, and Trijardy XR.

Revenue of Mounjaro increased 41 percent and 47 percent in the U.S. during the three and nine months ended September 30, 2026, respectively, reflecting strong demand, partially offset by lower realized prices. Lower realized prices in the U.S. were partially offset by adjustments to estimates for rebates and discounts during the three and nine months ended September 30, 2026. Revenue of Mounjaro increased 93 percent and 153 percent outside the U.S. during the three and nine months ended September 30, 2026, respectively, primarily driven by volume growth, partially offset by lower realized prices driven by the inclusion of Mounjaro on the NRDL in China.

Revenue of Zepbound increased 48 percent and 54 percent in the U.S. during the three and nine months ended September 30, 2026, respectively, primarily driven by strong demand, partially offset by lower realized prices. Lower realized prices were partially offset by adjustments to estimates for rebates and discounts during the nine months ended September 30, 2026.

Gross Margin, Costs, and Expenses

The following table summarizes our gross margin, costs, and expenses:


	Three Months Ended September 30,		Percent Change	Nine Months Ended September 30,		Percent Change
	2026		2025		2026		2025
Gross margin	$	20,464			$	14,593			40	$	56,392		$	38,207	48
Gross margin as a percent of revenue	83.9	%		82.9	%			84.0	%		83.3	%
Research and development	$	4,247			$	3,466			23	$	11,576		$	9,536	21
Marketing, selling, and administrative	3,125			2,741			14	9,489			7,963		19
Acquired IPR&D	4,181			656			NM	7,541			2,381		NM
Asset impairment, restructuring, and other special charges	303			365			(17)	1,285			400		NM
Income taxes	1,955			1,650			18	5,561			3,463		61
Effective tax rate	23.3	%		22.8	%			21.0	%		19.8	%

NM - not meaningful

Gross margin as a percent of revenue increased 1.0 percentage point and 0.7 percentage points for the three and nine months ended September 30, 2026, respectively, primarily driven by improved cost of production and favorable product mix, partially offset by lower realized prices.

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

Marketing, selling, and administrative expenses increased 14 percent and 19 percent for the three and nine months ended September 30, 2026, respectively, primarily driven by promotional efforts supporting ongoing and planned launches.

Acquired IPR&D charges for the three months ended September 30, 2026 were primarily related to the acquisitions of AtaiBeckley and Curevo. Acquired IPR&D charges for the nine months ended September 30, 2026 were primarily related to the acquisitions of AtaiBeckley, Orna, Curevo, and Ajax. Acquired IPR&D charges for the three months ended September 30, 2025 were primarily related to the acquisition of SiteOne. Acquired IPR&D charges for the nine months ended September 30, 2025 were primarily related to the acquisitions of Scorpion's PI3Kα inhibitor program STX-478 and of SiteOne. See Note 4 to the consolidated condensed financial statements for additional information.

Asset impairment, restructuring, and other special charges for the three and nine months ended September 30, 2026 included a partial impairment of an intangible asset associated with a molecule in development. Asset impairment, restructuring, and other special charges for the nine months ended September 30, 2026 and for the three and nine months ended September 30, 2025 included charges related to acquisition and integration costs associated with the closing of our acquisitions and charges related to litigation matters. See Note 4 and Note 9 to the consolidated condensed financial statements for additional information.

The effective tax rates were 23.3 percent and 21.0 percent for the three and nine months ended September 30, 2026, respectively, compared to 22.8 percent and 19.8 percent for the three and nine months ended September 30, 2025, respectively, primarily driven by the unfavorable tax impact of nondeductible acquired IPR&D charges, with a larger impact occurring in 2026. The 2025 effective tax rates were also unfavorably impacted by U.S. tax law changes.

FINANCIAL CONDITION AND LIQUIDITY

We believe our available cash and cash equivalents, together with our ability to generate operating cash flow and our access to short-term and long-term borrowings, are sufficient to fund our existing and planned capital requirements. For a discussion of our capital requirements, see \"Management's Discussion and Analysis of Results of Operations and Financial Condition\" in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

We are making investments in global facilities to manufacture existing and future products. These investments, and other capital investments that support our operations, have increased our capital expenditures and will result in higher capital expenditures in the near term.

Cash and cash equivalents decreased to $4.9 billion as of September 30, 2026, compared with $7.3 billion as of December 31, 2025. Refer to the consolidated condensed statements of cash flows for additional information on the significant sources and uses of cash for the nine months ended September 30, 2026 and 2025.

In addition to our cash and cash equivalents, we held total investments of $4.1 billion and $2.9 billion as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026, we had approximately $862 million of unfunded commitments to invest in venture capital funds, which we anticipate will be paid over a period of up to 10 years. See Note 8 to the consolidated condensed financial statements for additional information.

In May 2026, we issued long-term debt totaling $9.0 billion and used the net cash proceeds from this offering for general corporate purposes, including the repayment of outstanding commercial paper and the funding of a portion of the upfront cash consideration and related fees and expenses payable in connection with our acquisitions of Centessa and Kelonia. See Note 8 to the consolidated condensed financial statements for additional information.

During the nine months ended September 30, 2026, we paid $18.2 billion related to business development activity, primarily driven by the acquisitions of Centessa, Kelonia, AtaiBeckley, Orna, Ventyx, Curevo, and Ajax. In October 2026, we acquired Merida for up to $2.9 billion in aggregate, inclusive of an upfront payment and additional potential payments based upon the achievement of certain clinical and regulatory milestones. See Note 4 to the consolidated condensed financial statements for additional information.

As of September 30, 2026, total debt was $49.5 billion, an increase of $7.0 billion compared with $42.5 billion as of December 31, 2025.

As of September 30, 2026, we had a total of $10.1 billion of unused committed bank credit facilities, $10.0 billion of which is available to support our commercial paper program. See Note 8 to the consolidated condensed financial statements for additional information. We believe that amounts accessible through existing commercial paper markets or other sources should be adequate to fund short-term borrowing needs.

During the nine months ended September 30, 2026, we repurchased $4.3 billion of shares under our $15.0 billion share repurchase program authorized in December 2024. As of September 30, 2026, we had $6.6 billion remaining under this program.

During the nine months ended September 30, 2026, we paid dividends of $4.6 billion, or $5.19 per share, to our shareholders. In October 2026, we declared a dividend for the fourth quarter of 2026 of $1.73 per share of outstanding common stock. The dividend of approximately $1.5 billion is payable on December 10, 2026 to shareholders of record at the close of business on November 13, 2026.

Both domestically and abroad, we monitor the potential impacts of the economic environment and international tension and conflicts; the creditworthiness of our wholesalers and other customers, including foreign government-backed agencies and suppliers; the uncertain impact of healthcare legislation; various international government funding levels; and fluctuations in interest rates, foreign currency exchange rates (see \"Executive Overview—Other Matters—Foreign Currency Exchange Rates\"), and fair values of equity securities.

CRITICAL ACCOUNTING ESTIMATES

For a discussion of our critical accounting estimates, refer to \"Management's Discussion and Analysis of Results of Operations and Financial Condition\" in Part II, Item 7 and the notes to our consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. See also Note 1 to the consolidated condensed financial statements. There have been no material changes to our critical accounting estimates since our Annual Report on Form 10-K for the year ended December 31, 2025.

AVAILABLE INFORMATION ON OUR WEBSITE

We make available through our company website, free of charge, our company filings with the Securities and Exchange Commission (SEC) as soon as reasonably practicable after we electronically file them with, or furnish them to, the SEC. The reports we make available include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, registration statements, and any amendments to those documents.

The website link to our SEC filings is investor.lilly.com/financial-information/sec-filings.

We routinely post important information for investors in the “Investors” section of our website, www.lilly.com. We may use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, filings with the SEC, public conference calls, presentations, and webcasts. We and our executive officers may also use social media channels to communicate with investors and the public about our business, products and other matters, and those communications could be deemed to be material information. The information contained on, or that may be accessed through, our website or our or our executive officers' social media channels, is not incorporated by reference into, and is not a part of, this Quarterly Report on Form 10-Q.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

For a discussion of our market risk, see “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

(a)Evaluation of Disclosure Controls and Procedures. Under applicable SEC regulations, management of a reporting company, with the participation of the principal executive officer and principal financial officer, must periodically evaluate the company's \"disclosure controls and procedures,\" which are defined generally as controls and other procedures of a reporting company designed to ensure that information required to be disclosed by the reporting company in its periodic reports filed with the SEC (such as this Quarterly Report on Form 10-Q) is recorded, processed, summarized, and reported on a timely basis.

Our management, with the participation of David Ricks, president and chief executive officer, and Lucas Montarce, executive vice president and chief financial officer, evaluated our disclosure controls and procedures (as such terms are defined in our Annual Report on Form 10-K for the year ended December 31, 2025) as of September 30, 2026, and concluded that they were effective.

(b)Changes in Internal Controls. During the third quarter of 2026, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. Other Information

Item 1. Legal Proceedings

We are a party to various currently pending legal actions, government investigations, and environmental proceedings. See Note 9 to the consolidated condensed financial statements for information on various legal proceedings.

This Item should be read in conjunction with \"Legal Proceedings\" in Part I, Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 1A. Risk Factors

Our material risk factors are disclosed in \"Risk Factors\" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes the activity related to repurchases of our equity securities during the three months ended September 30, 2026:


	Total Number of Shares Purchased (in thousands)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (in thousands)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)
July 2026	197		$	1,168.21		197		$	6,759
August 2026	28		1,188.97		28		6,726
September 2026	95		1,161.39		95		6,615
Total	320		1,167.99		320

During the three months ended September 30, 2026, we repurchased $374 million of shares under our $15.0 billion share repurchase program that our board authorized in December 2024.

Item 5. Other Information

On September 3, 2026, Ilya Yuffa, executive vice president and president Lilly USA and Global Customer Capabilities, adopted a sales plan (Yuffa Plan). The Yuffa Plan provides for the sale of up to 1,000 shares of company common stock and expires on February 10, 2027, subject to earlier termination in accordance with its terms.

On September 8, 2026, Jacob Van Naarden, executive vice president, president of Lilly Oncology and head of corporate business development, adopted a sales plan (Van Naarden Plan). The Van Naarden Plan provides for the sale of up to 7,064 shares of company common stock and expires on February 10, 2027, subject to earlier termination in accordance with its terms.

On September 8, 2026, Anat Hakim, executive vice president, general counsel and secretary, adopted a sales plan (Hakim Plan). The Hakim Plan provides for the sale of up to 22,591 shares of company common stock and expires on February 10, 2027, subject to earlier termination in accordance with its terms.

On September 14, 2026, Edgardo Hernandez, executive vice president and president, manufacturing operations, adopted a sales plan (Hernandez Plan). The Hernandez Plan provides for the sale of up to 1,350 shares of company common stock and expires on February 9, 2028, subject to earlier termination in accordance with its terms.

Each of the above described plans was entered into during an open trading window and is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act of 1934 and our policies regarding trading in our securities.

Item 6. Exhibits

The following documents are filed as a part of this Quarterly Report:


Exhibit		Description
3.1		Amended Articles of Incorporation, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 4, 2022

3.2		Bylaws, as amended, incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed on May 4, 2022

31.1		Rule 13a-14(a) Certification of David Ricks, Chair, President, and Chief Executive Officer*

31.2		Rule 13a-14(a) Certification of Lucas Montarce, Executive Vice President and Chief Financial Officer*

32		Section 1350 Certification*

101		Interactive Data Files (embedded within the Inline XBRL document)*

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

* Filed herewith.

Long-term debt instruments under which the total amount of securities authorized does not exceed 10 percent of our consolidated assets are not filed as exhibits to this Quarterly Report. We will furnish a copy of these agreements to the Securities and Exchange Commission upon request.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


		ELI LILLY AND COMPANY
		(Registrant)

Date:	October 29, 2026	/s/ Lucas Montarce
		Lucas Montarce
		Executive Vice President and Chief Financial Officer
Date:	October 29, 2026	/s/ Donald Zakrowski
		Donald Zakrowski
		Senior Vice President, Finance, and Chief Accounting Officer

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