Eli Lilly and Company

Ladies and gentlemen, thank you for standing by and welcome to the Lilly Q4 2025 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will be conducting a question and answer session and instructions will be given at that time. Should you request assistance during the call, please press star, then zero, and an operator will assist you offline. I would now like to turn the conference over to your host, Mike Zappar, Senior Vice President of Investor Relations. Please go ahead.

Well, good morning. Thank you for joining us for Eli Lilly and Company's Q4 2025 Earnings Call. I'm Mike Sapar, Senior Vice President of Investor Relations. Joining me on today's call are Dave Ricks, Lilly's Chair and CEO, Lucas Montarse, Chief Financial Officer, Dr. Dan Skowronski, Chief Scientific and Product Officer, Adrian Brown, President of Lilly Immunology, Dr. Carol Ho, President of Lilly Neuroscience, Olivia Ufa, President of Lilly USA and Global Customer Capabilities, Jake Van Narden, President of Biology and Head of Business Development, Patrick Janssen, President of Lilly International, and Ken Custer, President of Lilly Cardiometabolic Health. We're also joined by Mark Keeman, Susan Hedgeland, and Wes Tall of the Investor Relations Team. During this conference call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to several factors, including those listed on slide four. Additional information concerning factors that could cause actual results to differ materially is contained in our latest Form 10-K, Subsequent Filings with the SEC. The information we provide about our products and pipeline is for the benefit of the investment community. It does not intend to be promotional. It is not sufficient for prescribing decisions. As we transition to our prepared remarks, please note that our commentary will focus on our non-GAAP financial measures. Now, I'll turn the call over to Dave.

Thank you, Mike. 2025 was a strong year for Lilly. We delivered robust revenue growth, advanced our pipeline, expanded our manufacturing footprint, and helped over 70 million people around the world. In 2025, full-year revenue grew 45% compared to 2024, driven by our key products. We launched new medicines like InLurio, secured new indications for OMVO and JPRCA, and entered new markets as we completed the international rollouts of both Manjaro and Kisanla. We generated positive clinical data in more than 25 Phase III trials, including registration trials to support two new incretins, Forglupron and Ritatrutide. We submitted Orforglupron for obesity in the U.S. and in more than 40 countries globally. We started 14 new Phase III programs over the past few months, including Oloralintide and Bernapatide, and we have one of the largest clinical stage pipelines in our company's history. We executed 39 business development transactions across all our therapeutic areas and added multiple clinical stage assets through transactions, including Scorpion, Verve, SiteOne, Advarum, and the upcoming acquisition of Ventex. We continue investing in artificial intelligence to discover and develop new medicines. In addition to our new supercomputer, we recently announced a new collaboration with NVIDIA to open a co-innovation AI lab. This project will combine Lilly's scientific expertise with NVIDIA's leading technology to accelerate drug discovery. We progressed our manufacturing expansion efforts and announced plans to build multiple new manufacturing sites in the US and Europe. We increased our manufacturing capacity and began making medicine at our new sites in Wisconsin and North Carolina. We exceeded our goal to produce 1.8 times the number of incretin doses in the second half of 25 compared to the second half of 24. Since 2020, we've committed over $55 billion, the largest manufacturing buildout in company history. We announced an agreement with the U.S. government to provide access to obesity medicines to millions of Americans with insurance through Medicare and Medicaid. proud of our ability to bring these important medicines to patients at a cost of only $50 per month out of pocket. The number of people engaging with our U.S. direct-to-patient platform, Lilly Direct, increased to over 1 million patients in 2025. Our most popular offering, the Zepbound self-pay vials, now makes up one-third of new patient starts who start on any brand of obesity medications. Lastly, we distributed $1.3 billion in dividends and $1.5 billion in share repurchases. We also strengthened our leadership team with the addition of two new executives, and I welcome both Carol Ho and Adrian Brown to this call for the first time. Now, I'll turn it over to Lucas to review our Q4 results and share details on the 2026 guide.