The filing desk starts with provenance, and Eli Lilly's most recent annual report supplies an unusually clean one. The Form 10-K covering the year ended December 31, 2025 was filed on February 12, 2026 under accession number 0000059478-26-000013, and its XBRL revenue tag tells the story before any narrative does: total revenue of $65.18 billion, up from $45.04 billion for 2024 and $34.12 billion for 2023. That is a near-doubling across two reporting periods, captured in the structured data of a single annual report.

The momentum did not stop at year-end. The same company-fact trail carries into the Form 10-Q for the first quarter of 2026, which reports quarterly revenue of $19.80 billion against $12.73 billion in the comparable 2025 quarter. Read in sequence, the periodic filings describe a business whose quarterly run-rate now exceeds what the entire company booked in some recent half-years.

What the filing language attributes the surge to is the incretin franchise. Lilly's prior-year 10-K stated that Mounjaro, Trulicity, and Zepbound together accounted for 48 percent of total revenues in 2024, and the company said it expected that concentration to continue. The earlier annual report described the period as one of "meeting strong demand for our incretin products," naming the strong uptake of Mounjaro and the launch of Zepbound as the drivers. The source text is consistent across filings; the numbers simply grew underneath it.

The same disclosures are disciplined about what could bend the curve. The 2025 10-K frames the outlook for Zepbound, and the candidate orforglipron, around "the demand and pace of uptake in new incretin channels and markets." That is the company telling readers, in its own words, that channel access and uptake speed — not just underlying demand — are the variables that decide how much of the addressable market converts to recognized revenue.

For a markets desk, the editorial point is restraint. The revenue figures are facts of record, pulled from the structured data in the filing rather than from a press headline. The framing — incretin-led, capacity-and-uptake-gated — is the company's framing, quoted from the document. The discovery layer that surfaced the filing chain and its accession trail was SEC filings, the SEC filing data API and evidence index; the record itself is the SEC filing.

Provenance for this read: the primary source is Lilly's Form 10-K for FY2025 at sec.gov, with the XBRL revenue facts and the quoted risk and demand language drawn directly from the company's filings. See the SEC filing on sec.gov for the primary record, discovered via SEC filings, the SEC filing data API and evidence index.