In the third quarter of 2025, fueled by the strong performance of its tirzepatide product line (Mounjaro® and Zepbound®), Eli Lilly achieved a remarkable revenue growth. The combined sales of its star products, Zepbound® and Mounjaro®, reached 10.1 billion US dollars, which for the first time exceeded that of Merck’s Keytruda® and made them the best - selling drugs globally. Nevertheless, confronted with multiple challenges including the fierce counterattack from Novo Nordisk, the impact from compounding pharmacies and changes in policies, Eli Lilly did not indulge in the current achievements. Instead, it took proactive preventive measures and responded actively. 

Stellar Performance: Securing the Global Top-Selling Drug Title

Eli Lilly’s revenue surged 54% year-over-year to $17.6 billion in the third quarter of 2025, exceeding analysts’ expectations of $16.1 billion. Among this, Zepbound and Mounjaro contributed $10.1 billion in sales, representing a substantial increase from $4.37 billion in the same period last year. This performance enabled the tirzepatide product line to successfully surpass Merck’s Keytruda (which generated $8.1 billion in Q3 sales) and claim the title of the world’s top-selling drug.

Multiple Challenges: From Competitors to the Policy Landscape

Aggressive Responses from Competitors

On the very same day Eli Lilly released its impressive financial results, Novo Nordisk announced an $8.5 billion acquisition of Metsera, a biotechnology company focused on obesity treatment. This move directly challenged the previously reached acquisition agreement between Pfizer and Metsera. Since taking office, Maziar Mike Doustdar, the new CEO of Novo Nordisk, has rolled out a series of proactive measures aimed at concentrating resources to recapture the market leadership. This unusual acquisition battle underscores the intense competition in the GLP-1 (Glucagon-Like Peptide-1) market.

The Shockwave from Compounding Pharmacies

Beyond competitors' moves, compounding pharmacies have emerged as a new variable reshaping the market structure in the United States. It is estimated that around 1 million patients in the U.S. are using compounded GLP-1 medications, which has exerted a substantial impact on the operations of pharmaceutical enterprises. Although the molecular structure of tirzepatide makes it more difficult to compound compared with Wegovy, compounded drugs, boasting greater accessibility and lower prices, are bound to pose a non-negligible threat to the sales volume of Eli Lilly’s weight-loss products.

Uncertainties in the Policy Environment

In May 2025, Trump signed an executive order mandating that drug prices in the United States be pegged to the lowest prices in developed countries, specifically requiring a 50% to 90% price cut for certain medications. While this policy is confronting challenges at the U.S. legal level, this sudden bombshell has forced pharmaceutical companies to slash their profits, significantly amplifying anxiety across the industry.

Strategic Responses: Multi - dimensional Layout for the Future

To address various challenges both current and upcoming, Eli Lilly has formulated a three - pronged strategic layout.

       Continuously Improving the Product Pipeline

Despite the strong sales performance of Tirzepatide, Eli Lilly is vigorously developing new GLP - 1 weight - loss drugs to improve the completeness of its product pipeline and meet diverse clinical needs.Firstly, Orforglipron, an oral GLP - 1 receptor agonist, has achieved four consecutive positive Phase III clinical trial results and is expected to file a new drug application by the end of this year. According to the results of the ACHIEVE - 1 trial published in the New England Journal of Medicine, Orforglipron significantly reduced glycosylated hemoglobin levels by 1.24 to 1.48 percentage points during the 40 - week treatment period. Meanwhile, it achieved a weight reduction of 4.5% to 7.6% with favorable safety profiles.In addition, in October 2025, Eli Lilly announced that Mazdutide, a drug co - developed with Innovent Biologics, performed exceptionally well in a head - to - head study, outperforming Semaglutide in efficacy. Although this result was based on a higher dosage (6mg versus 1mg), Mazdutide’s value remains invaluable given its first - in - class mechanism of action and excellent safety (having obtained approval from the NMPA). It is expected to become a crucial driver of Eli Lilly’s performance growth.

        Intensifying Channel Innovation

Previously, the launch of its direct - to - consumer platform LillyDirect led to the great success of Tirzepatide in the US market, outcompeting Wegovy. In the second quarter of 2025, over 35% of new prescription orders were generated through this channel. Going a step further, Eli Lilly has established a strategic partnership with Walmart. Under the agreement between the two parties, starting from mid - November 2025, patients can place orders via LillyDirect and pick up their medications at Walmart pharmacies. Self - paying patients are eligible for price discounts of up to 50%. This strategy not only enhances product accessibility but also helps alleviate pressures from US healthcare policies.

       Expanding Production Capacity

Drawing on its past successful experience, Eli Lilly attaches particular importance to supply chain capabilities. On October 29, 2025, Eli Lilly announced a $1.2 billion investment to upgrade its manufacturing facility in Puerto Rico, with a primary focus on boosting Orforglipron production capacity. This is not an isolated investment decision. In recent years, Eli Lilly has invested more than $50 billion in the United States to expand its overall production capacity. These investments not only meet the growing demand in the domestic market but also help cope with potential changes in trade policies.

       Conclusion

Thanks to the outstanding performance of the Tirzepatide product line, Eli Lilly has established a leading position in the global weight - loss market. Its Q3 performance serves as the best testament to the competitiveness of its products and the effectiveness of its market execution. Nevertheless, in the face of future competition and unforeseen challenges, Eli Lilly is strengthening its competitive edge through multi - dimensional strategies such as optimizing the product pipeline, expanding consumer channels and scaling up production capacity. Such a mindset of being vigilant in times of peace and a long - sighted vision have set an exemplary benchmark for strategic planning among pharmaceutical enterprises worldwide.