In 2024, the US Food and Drug Administration (FDA) approved Eli Lilly’s Zepbound for a new indication as the first and only prescription medicine for moderate-to-severe obstructive sleep apnea (OSA) in adults with obesity. The injectable Zepbound originally launched in the United States for the treatment of adult patients with obesity or overweight with weight-related comorbidities in November 2023.
As reported today in its Q4 2024 financials, Lilly’s worldwide revenue was $13.53 billion, an increase of 45% compared with Q4 2023, driven by a 48% increase in volume, partially offset by a 4% decrease due to lower realized prices.
The volume increase was driven by growth from Mounjaro (the same compound as Zepbound, tirzepatide, but with an indication for type 2 diabetes) and Zepbound. Lower realized prices were primarily driven by Mounjaro, partially offset by Zepbound and Humalog. New product revenue—from Ebglyss, Jaypirca, Kisunla, Mounjaro, Omvoh, and Zepbound—grew by $3.15 billion to $5.64 billion in Q4 2024, led by Zepbound and Mounjaro. “Growth products”—Cyramza, Emgality, Jardiance, Olumiant, Retevmo, Taltz, Trulicity, Tyvyt, and Verzenio—revenue increased 13% to $5.95 billion in Q4 2024 driven by growth in Verzenio and Jardiance, partially offset by lower Trulicity sales.
Revenue in Q4 2024 increased 45% to $13.53 billion driven by volume growth from Mounjaro and Zepbound. US Zepbound revenue was $1.91 billion, compared with $175.8 million in Q4 2023.
In a press release, Lilly also noted that a significant event in Q4 2024 was the release of positive topline results from the SURMOUNT-5 Phase 3b open-label randomized trial in which Zepbound (tirzepatide) showed a 47% greater relative weight loss compared to Wegovy (semaglutide) head-to-head.
Eli Lilly 2025 Guidance
The company anticipates 2025 revenue to be between $58.0 billion and $61.0 billion. The midpoint represents approximately 32% growth compared to 2024, driven by new Lilly medicines such as Zepbound, Mounjaro, Jaypirca, Ebglyss, Omvoh, and Kisunla; approvals of new indications for existing Lilly medicines; launches of Mounjaro in additional worldwide markets; and potential launches of new medicines such as imlunestrant for metastatic breast cancer.
The company continues to invest heavily in increasing manufacturing capacity and estimates producing at least 1.6 times the amount of salable incretin doses in the first half of 2025, compared to the first half of 2024.
The company is also testing an oral GLP-1, dubbed orforglipron. It is currently enrolling participants in “A Master Protocol for Orforglipron in Participants With Obstructive Sleep Apnea and Obesity or Overweight (ATTAIN-OSA).” One study will include participants who are unable or are unwilling to use CPAP therapy. Another will include participants who are on CPAP therapy for at least 3 months at time of screening and plan to continue positive airway pressure therapy during the study. In its Q4 earnings conference call, a Lilly representative noted that the company “excited to explore if an oral GLP-1 can also deliver benefit” in obstructive sleep apnea.”
Overall, David A. Ricks, Lilly’s chair and CEO, says in a release: “2024 was a highly successful year for Lilly. We had major data readouts for tirzepatide in treating chronic disease associated with obesity, invested billions more in expanding our manufacturing capacity and launched Kisunla and Ebglyss — important drivers of our long-term balanced growth outlook. We enter 2025 with tremendous momentum and look forward to strong financial performance and several important Phase 3 readouts which, if positive, will further accelerate our long-term growth.”
