Eli Lilly's fourth quarter performance was defined by accelerating demand for its obesity and diabetes medicines, as well as rapid uptake in international markets. Management highlighted the strong contribution from Mounjaro and Zepbound, noting that volume growth in these products was the primary driver of revenue gains. CEO David Ricks underscored the impact of new product launches and expanded manufacturing capacity, stating, “We delivered robust revenue growth, advanced our pipeline, expanded our manufacturing footprint, and helped over 70 million people around the world.” The company also benefited from progress in its neuroscience and immunology segments, with Kisanlo becoming the US market leader in amyloid-targeting therapies and solid adoption trends for Eblis and Omvo.

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While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Eli Lilly’s Q4 Earnings Call

• Evan Seigerman (BMO Capital Markets) asked about key success metrics for the orforglipron launch. President Kenneth Custer cited market expansion and patient satisfaction as primary measures for tracking performance.
• Courtney Breen (Bernstein) inquired about the timing of international orforglipron launches. President Patrik Jonsson explained that most launches outside the US would occur in 2027, with a few exceptions in late 2026.
• Terence Flynn (Morgan Stanley) questioned assumptions about the Medicare ramp and its impact on commercial coverage. CFO Lucas Montarce projected a gradual Medicare build and noted ongoing efforts to increase employer-based insurance coverage.
• Mohit Bansal (Wells Fargo) asked about the importance of expanding obesity-related indications for coverage. President Ilya Yuffa emphasized growing evidence for broader obesity coverage and ongoing clinical exploration of additional comorbidities.
• Akash Tewari (Jefferies) requested analogs for modeling long-term weight loss product penetration. CEO David Ricks noted there is no clear analog in pharmaceuticals, highlighting the unique consumer pay dynamics in this market.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will closely monitor (1) the pace and scale of the orforglipron launch in the US and initial international approvals, (2) the rollout and patient uptake of Medicare-covered obesity medicines, and (3) continued progress in late-stage pipeline readouts across obesity, immunology, and oncology. Manufacturing execution and the success of new business development initiatives will also serve as important indicators of future performance.

Eli Lilly currently trades at $1,027, up from $1,003 just before the earnings. Is there an opportunity in the stock?See for yourself in our full research report (it’s free).

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