ELI LILLY & Co FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$65.2B
Gross margin	83.0%
Operating income	— not reported
Net income	$20.6B
Diluted EPS	$22.95
Cash & equivalents	$7.3B
Total assets	$112.5B
Long-term debt	$40.9B

Key takeaway

Lilly's growth was concentrated in its diabetes and obesity franchise, led by Mounjaro and Zepbound, both incretin-based GLP-1 therapies now facing intensifying private-payer coverage restrictions.

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Beneath the surface

Despite $7.27B in cash, total debt is $42.5B, leaving Lilly in a net debt position of roughly $35.2B, far more leveraged than the cash balance alone suggests.

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