ELI LILLY AND COMPANY (LLY) — DATA TABLES

Supporting tables for the investment report | Fiscal year ended 31 December 2025

All figures in US$ millions unless stated, except per-share data (US$) and share counts (millions). Convention: 1,059.4.

Sources. [K25] = Form 10-K for FY2025 (filed with the auditor's report dated 12 February 2026), the principal source. [K24] = Form 10-K for FY2024, used only for the 31 December 2023 balance sheet and for comparison. [PX26] = 2026 Proxy Statement (DEF 14A), used for ownership, compensation design and outcomes, related persons, auditor fees. Market data were supplied with the request and were not taken from any document.

not available = the document does not give it. not applicable = the item does not exist for this company.

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A.1 Income statement [K25, Consolidated Statements of Operations]

Line	FY2025	FY2024	FY2023	Δ 25/24
Revenue	65,179	45,043	34,124	+44.70%
of which net product revenue (Note 2)	60,958	40,748	28,814	+49.60%
of which collaboration and other revenue (Note 2)	4,221	4,295	5,310	−1.72%
Cost of sales	11,052	8,418	7,082	+31.29%
Gross profit (revenue − cost of sales; the 10-K calls it "gross margin")	54,127	36,625	27,042	+47.79%
Research and development	13,337	10,991	9,313	+21.34%
— early-stage R&D (Note 17)	4,881	3,917	3,093	+24.61%
— late-stage R&D (Note 17)	8,456	7,074	6,221	+19.54%
Marketing, selling, and administrative	11,094	8,594	7,404	+29.09%
Acquired in-process research and development	2,910	3,280	3,800	−11.28%
Asset impairment, restructuring, and other special charges	484	861	68	−43.79%
Other—net, (income) expense	571	219	(97)	n.m.
Total costs, expenses, and other	39,448	32,363	27,570	+21.89%
Income before income taxes	25,731	12,680	6,554	+102.93%
Income taxes	5,091	2,090	1,314	+143.59%
Net income	20,640	10,590	5,240	+94.90%
EPS basic (US$)	23.00	11.76	5.82	+95.58%
EPS diluted (US$)	22.95	11.71	5.80	+95.99%
Weighted-average shares, basic	897.3	900.6	900.2	−0.37%
Weighted-average shares, diluted	899.3	904.1	903.3	−0.53%
Operating income	not applicable: the statement has no operating-income line
Effective tax rate (Note 14)	19.8%	16.5%	20.1%

Other income-statement items: advertising expense US$2.9 bn / 1.4 bn / 1.1 bn (Note 1); amortization of finite-lived intangibles 488 / 553 / 506 (Note 8); depreciation 1,314 / 1,058 / 902 (Note 9); interest expense on borrowings, net of capitalized interest, 895 / 781 / 486 (Note 11); stock-based compensation 626 / 646 / 629 (Note 12). The composition of "Other—net" for FY2025 is not available: the FY2025 10-K no longer carries the note that broke it down (in [K24], Note 18 showed FY2024 interest expense 780.6, interest income (175.2), equity-security losses 49.5, retirement-plan income (461.7), other 25.4). Capitalized interest: not available.

Employees at year end: approximately 50,000 (FY2025), 47,000 (FY2024) [K25, K24 Item 1], of whom about 12,000 in R&D in FY2025.

A.2 Balance sheet [K25 for 2025 and 2024; K24 for 2023]

Line	31 Dec 2025	31 Dec 2024	31 Dec 2023 [K24]
Cash and cash equivalents	7,268	3,268	2,818.6
Accounts receivable	17,760	11,006	9,090.5
Other receivables	2,395	2,270	2,245.7
Inventories	13,744	7,589	5,772.8
Prepaid expenses	14,315	8,341	5,540.8
Other current assets (2023: short-term investments 109.1 + other 149.5)	147	266	258.6
Total current assets	55,629	32,740	25,727.0
Investments	2,802	3,216	3,052.2
Goodwill	5,898	5,770	4,939.7
Other intangibles, net	6,521	6,166	6,906.6
Deferred tax assets	9,959	8,001	5,477.3
Property and equipment, net	24,675	17,102	12,913.6
Other noncurrent assets	6,992	5,720	4,989.9
Total assets	112,476	78,715	64,006.3
Short-term borrowings and current maturities of LTD	1,635	5,117	6,904.5
Accounts payable	5,379	3,229	2,598.8
Employee compensation	2,375	2,094	1,650.4
Sales rebates and discounts	17,382	11,539	11,689.0
Other current liabilities (2023 incl. dividends payable 1,169.2)	8,457	6,397	4,450.5
Total current liabilities	35,228	28,376	27,293.2
Long-term debt	40,868	28,527	18,320.8
Long-term income taxes payable	5,875	4,061	3,849.2
Other noncurrent liabilities (2023 incl. accrued retirement benefits 1,438.8)	3,970	3,479	3,679.4
Total noncurrent liabilities	50,713	36,067	25,849.4
Common stock	590	592	593.6
Additional paid-in capital	7,346	7,439	7,250.4
Retained earnings	24,470	13,545	10,312.3
Employee benefit trust	(3,013)	(3,013)	(3,013.2)
Accumulated other comprehensive loss	(2,880)	(4,322)	(4,327.0)
Other equity (2023: treasury (44.2) + noncontrolling interests 91.8)	22	31	47.6
Total equity	26,535	14,272	10,863.7
Issued shares (mn)	944.8	947.9	949.8

Presentation note: [K25] states that "certain reclassifications have been made to prior periods". The FY2024 column in [K25] merges lines that [K24] showed separately (dividends payable 1,346.3 into other current liabilities; accrued retirement benefits 1,300.5 into other noncurrent liabilities; short-term investments 154.8 into other current assets; treasury stock and noncontrolling interests into other equity). The totals are unchanged. This is a reclassification, not a restatement. The 2023 column above is regrouped the same way from [K24] lines.

A.3 Cash flow statement [K25, Consolidated Statements of Cash Flows]

Line	FY2025	FY2024	FY2023
Net income	20,640	10,590	5,240
Depreciation and amortization	1,997	1,767	1,527
Change in deferred income taxes	(1,707)	(2,683)	(2,341)
Stock-based compensation expense	626	646	629
Gains on sale of product rights	(180)	(224)	(1,879)
Acquired IPR&D (non-cash add-back; paid in investing)	2,910	3,280	3,800
Other operating activities, net	620	826	319
Receivables (increase)	(7,000)	(2,155)	(2,451)
Inventories (increase)	(4,671)	(2,507)	(1,425)
Prepaid expenses and other assets (increase)	(6,609)	(3,331)	(3,453)
Accounts payable and other liabilities increase	10,187	2,609	4,274
Net cash from operating activities	16,813	8,818	4,240
Purchases of property and equipment	(7,841)	(5,058)	(3,448)
Proceeds from noncurrent investments	964	374	508
Purchases of noncurrent investments	(645)	(677)	(731)
Proceeds from sale of product rights	218	601	1,604
Purchases of in-process R&D	(3,008)	(3,346)	(3,944)
Cash paid for acquisitions, net of cash acquired	(661)	(948)	(1,044)
Other investing, net	1	(248)	(98)
Net cash used for investing	(10,972)	(9,302)	(7,153)
Dividends paid	(5,384)	(4,680)	(4,069)
Net change in short-term borrowings	(4,338)	(1,852)	4,691
Proceeds from long-term debt	13,167	11,417	3,959
Repayments of long-term debt	(778)	(664)	—
Purchases of common stock	(4,108)	(2,500)	(750)
Other financing, net	(772)	(491)	(335)
Net cash from (used for) financing	(2,213)	1,230	3,496
FX effect on cash	372	(297)	169
Net increase in cash	4,000	449	752
Income taxes paid, net (Note 14)	10,814	6,562	5,559
Interest paid on borrowings (Note 11)	633	578	404
Expenditures for long-lived assets incl. software (Note 17)	8,672	5,561	3,830

A.4 Revenue disaggregation [K25, Note 2 and Item 7]

By product (US$ mn).

Product	US 2025	OUS 2025	Total 2025	Total 2024	Total 2023	Δ 25/24
Mounjaro	13,651	9,315	22,965	11,540	5,163	+99.0%
Zepbound	13,484	58	13,542	4,926	176	+174.9%
Trulicity	2,914	1,362	4,276	5,254	7,132	−18.6%
Jardiance (collaboration)	1,582	1,849	3,431	3,341	2,744	+2.7%
Other cardiometabolic	2,233	1,773	4,006	4,460	4,453	−10.2%
Cardiometabolic health	33,864	14,357	48,221	29,521	19,668	+63.3%
Verzenio	3,464	2,259	5,723	5,307	3,863	+7.8%
Other oncology	1,888	1,765	3,653	3,446	2,795	+6.0%
Oncology	5,352	4,024	9,376	8,753	6,658	+7.1%
Taltz	2,333	1,230	3,563	3,260	2,760	+9.3%
Other immunology	631	1,053	1,684	1,133	1,038	+48.6%
Immunology	2,964	2,283	5,247	4,393	3,798	+19.4%
Neuroscience	997	394	1,391	1,474	2,879	−5.6%
Other	304	639	943	903	1,122	+4.4%
Total	43,481	21,698	65,179	45,043	34,124	+44.7%

Therapeutic-area totals for 2025 sum to 65,178 against reported revenue of 65,179; the one-million difference is rounding in the note ("numbers may not add due to rounding"). Product totals for 2023 and 2024 combine the US and outside-US columns of Note 2.

By geography.

Area	2025	Share	2024	2023	Δ 25/24
U.S.	43,481	66.7%	30,375	21,791	+43.2%
Europe	11,558	17.7%	6,921	6,175	+67.0%
Japan	2,132	3.3%	1,815	1,673	+17.5%
China	1,951	3.0%	1,660	1,540	+17.5%
Rest of world	6,057	9.3%	4,271	2,946	+41.8%
Total	65,179	100.0%	45,043 (sum 45,042, rounding)	34,125 (sum; reported 34,124)	+44.7%

Revenue bridge 2025 vs 2024 (Item 7). Volume +50%, price −6%, FX +1% = +45% consolidated; US volume +53%, price −10%; outside US volume +46%, price 0%, FX +2%. 2024 vs 2023: volume +27%, price +5%, FX 0%.

US rebate roll-forward (Item 7, most significant US programs).

	2025	2024	2023
Liability, beginning	10,313	10,668	8,214.1
Reduction of net sales	62,135	41,452	37,866.8
Cash payments	(57,299)	(41,807)	(35,413.4)
Liability, end	15,148	10,313	10,667.5

A.5 Notes and calculation items (Tables 2 and 3)

Income taxes (Note 14). Current tax 6,798 / 4,773 / 3,655; deferred (1,707) / (2,683) / (2,341). Cash taxes paid 10,814 / 6,562 / 5,559; 2025 includes US federal 3.3 bn and Ireland 6.6 bn. Prepaid taxes inside prepaid expenses: 12.9 bn (2025), 7.1 bn (2024), 4.26 bn (2023, [K24]), "taxes paid on intercompany profit not yet recognized, primarily related to Ireland". Rate reconciliation 2025: statutory 5,404 (21.0%); Ireland rate difference (346); Ireland other 269; other foreign (53); FDII (334); other cross-border (149); tax credits (327); non-deductible acquired IPR&D 442; other non-deductible (121); other adjustments 306; total 5,091 (19.8%). Domestic and Puerto Rico share of pre-tax income: 54% / 20% / 14%. Gross deferred tax assets 15,608, valuation allowance (1,223), DTL (4,544), net DTA 9,841 (2024: 7,927). Gross unrecognized tax benefits 5,082 (2024: 3,976), of which 3.2 bn would affect the rate; accrued interest and penalties 798. Long-term income taxes payable 5,875: 1.1 bn expected in 2027, 4.8 bn timing not estimable. Open: US exam 2019–2021; MAP for 2016–2018. Tax credit carryforwards 1.4 bn; NOLs and other carryforwards 2.9 bn.

Debt (Note 11). Notes by maturity (2025 carrying): 2026 1,632; 2027 2,516; 2028 3,256; 2029 3,077; 2030 2,132; 2031–2040 11,582; 2041–2050 4,543; 2051–2060 8,280; 2061–2070 5,824; other and adjustments (339); commercial paper 0 (2024: 4,338). Total 42,503 (2024: 33,644; 2023: 25,225.3 [K24]). Current portion 1,635. Fair value 39,799. Issues: Feb 2025 6,500 (2028–2065, 4.55–5.60%); Aug 2025 6,750 (2028–2065, 4.00–5.65%, incl. 750 floating at SOFR + 0.53%). Unused committed facilities 10.1 bn (4.0 bn to Dec 2029; 6.0 bn 364-day to Aug 2026). Covenants: not available (not described). Leasing outside debt: operating lease liabilities 222 current + 1,140 noncurrent, 8 years, 4.7% (Note 10). Conversion clauses: not applicable.

Stock compensation (Note 12). Expense 626; unrecognized 554 over 21 months; 42.4 mn shares available under the 2002 plan; new shares issued to settle awards.

Shares (Note 13, equity statement). Repurchased 4.8 mn shares for 4,105 (equity cost) / 4,108 (cash flow); 2024: 3.0 mn for 2,498 / 2,500; 2023: 2.3 mn for 749 / 750. Shares are retired. Remaining authorization 10.9 bn of the 15.0 bn December 2024 program. Q4 2025: 1,479 thousand shares at an average US$1,001.60 (Item 5). Issued under employee plans, net: 1.7 / 1.1 / 1.5 mn. Employee benefit trust: 50 mn shares, cost 3.0 bn, not outstanding for EPS. Antidilutive securities: not available. Dividends declared per share 6.23 / 5.40 / 4.69; paid per share 6.00 / 5.20 / 4.52 (Item 7 and [K24]); 2026 indicated rate 6.92.

Revenue estimates (Note 2, Item 7). Rebate and discount accrual 17,382 (2024: 11,539); US share of the return, rebate and discount liability about 87% (2024: 90%); a 5% change in the liability = about 897 of revenue (2024: about 600). Prior-period estimate changes: less than 1% / 3% / 1% of US revenue. Three wholesalers each 16–24% of revenue and 20–29% of receivables; allowance for doubtful accounts "not material" (2024: 14.9 [K24]). Remaining performance obligations, contract liabilities: not available.

Collaborations (Note 3). Jardiance revenue 3,432 / 3,341 / 2,745, incl. one-time amendment benefits 370 (2025) and 300 (2024) and a 200 sales milestone (2025); up to 910 of further sales milestones possible in 2026. Ebglyss: royalties to Roche high single digits to high teens, up to 975 sales milestones payable. Orforglipron: royalties to Chugai mid single digits to low teens on future sales.

Acquisitions (Note 4). Verve (July 2025): consideration 1,163; cash net 549; acquired IPR&D 608; goodwill 127; CVR fair value 177 (up to about 300). Wisconsin site (May 2024): 925 net; goodwill 817. POINT (Dec 2023): 1,036 net; goodwill 854. Acquired IPR&D expensed: Scorpion 1,412 and SiteOne 494 (2025); Morphic 2,549 (2024); DICE 1,916, Versanis 604, Emergence 407 (2023); DICE's molecule discontinued in 2024. Pending 2026 acquisitions: less than 3 bn at closing (Item 7).

Special charges (Note 5). 484 / 861 / 68; 2025 mainly a litigation charge and Verve acquisition and integration costs; 2024 mainly a litigation charge (435.0 per [K24]) and the Vitrakvi impairment. 2025 litigation charge amount: not available.

Inventories (Note 6). Finished 1,931 (1,221); WIP 8,183 (3,979); raw materials 3,587 (2,326); LIFO reserve 43 (63). LIFO portion 5.8 bn (2.7 bn). Pre-launch inventory 1.5 bn, primarily orforglipron (2024: 548.1 [K24]).

Fair value (Note 7). Cash equivalents 4,392 (Level 1). Noncurrent investments 2,802: AFS debt 360, other securities 85 (Level 3 83), marketable equity 223, equity without readily determinable fair value 846, equity method 1,288. Forward contracts not designated: purchase 14,281, sell 9,264; loss in other—net 489. Unfunded venture commitments about 902.

Goodwill and intangibles (Note 8). Goodwill 5,898; single reporting unit test (company operates one segment); no impairment 2023–2025; headroom not available. Marketed products gross 7,916, accumulated amortization (2,963), net 4,952; acquired IPR&D 1,569 (898). Remaining weighted life about 11 years; expected amortization 488 (2026), 486, 480, 466, 432 (2030).

Property and equipment (Note 9). Land 647; buildings 10,088; equipment 13,486; construction in progress 13,013 (2024: 8,245; 2023: 5,084.1); gross 37,235 (28,891; 24,012.9); accumulated depreciation (12,560) ((11,789); (11,099.3)). Long-lived assets: US and Puerto Rico 18,764, Ireland 4,321, rest of world 3,516.

Commitments. Contract manufacturing and supply agreements that could require up to about 10 bn if minimum quantities are not bought, generally up to 8 years (2024: about 14 bn, then described as primarily incretin-related). Milestones and royalties contingent; individually not material.

Retirement benefits (Note 15). Pension PBO 14,262, assets 14,820, funded +558; retiree health obligation 1,274, assets 2,775, funded +1,501. Discount rate 5.5%; expected return 7.9% (pension). Pension assets valued at NAV 11,196 (75.5%); Level 3 6.

Contingencies (Note 16). Emgality patent appeal (Teva); Superfund (fewer than 10 sites); Brazil Cosmopolis labor action (award significantly reduced by the TST in Dec 2025); 340B suits (Seventh Circuit appeal pending; Mosaic Health antitrust class action reinstated); insulin pricing MDL and investigations (DOJ, FTC, state AGs); Average Manufacturer Price qui tam (Seventh Circuit affirmed Sept 2025, charge recognized, amount not disclosed; rehearing denied Dec 2025); Actos class action (Takeda indemnity; certiorari petition filed Nov 2025); incretin product liability (two MDLs: gastrointestinal and NAION; class petitions in Israel and Quebec); Texas Medicaid qui tam (expanded to 15 products, Aug 2025); RCT royalty (confidential settlement, appeal pending). Company is "predominantly self-insured". Ranges of possible loss: not available.

Auditor and controls. Ernst & Young LLP, auditor since 1940; unqualified opinions on statements and internal control. One Critical Audit Matter: Medicaid, Managed Care and Medicare sales rebate accruals (17,382). No material weakness. Fees [PX26]: audit 17.4, audit-related 0.8, tax 1.4, total 19.6 (2024: 18.8). Related-person transactions in 2025: none reportable [PX26]. Subsequent events: January 2026 HHS selection of Trulicity and Verzenio for government-set Medicare prices from 2028 (Item 1); 2026 acquisition agreements under 3 bn.

Ownership and compensation [PX26]. Lilly Endowment 92,190,516 shares (9.8%); Vanguard 8.6%; BlackRock 6.8%; PNC 5.4%. Directors and executive officers (25 people) 1,362,076 shares owned plus 227,279 units not distributable within 60 days; David Ricks 815,535 (incl. 106,693 held by a family foundation). No pledged shares; hedging and pledging prohibited. Annual bonus: product revenue (seven products), EPS, pipeline, each 33.3%; EPS target 24.01; pipeline multiple 230%; maximum 250%. Long-term: SVA (price vs cost of capital 9.48% less 0.78% yield) and RVA (TSR vs peers), 50/50. CEO total compensation 36.7 mn (2024: 29.2 mn). Bonus EPS adjustments 2025: reported 22.95 → non-GAAP 24.21 → bonus EPS 27.06. Non-GAAP exclusions per share: 2025 amortization 0.43, special charges 0.46, equity securities (0.03), tax law change 0.39; 2024: 0.49, 0.75, 0.04; 2023: 0.45, 0.06, 0.02. Acquired IPR&D excluded for incentives: 3.08 / 3.52 / 4.10. Classified board; 2026 proposals to declassify and remove supermajority provisions.

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A.6 Arithmetic checks

Check	FY2025	FY2024	FY2023	Result
Gross profit = revenue − cost of sales	65,179 − 11,052 = 54,127	45,043 − 8,418 = 36,625	34,124 − 7,082 = 27,042	ties
Operating income = gross profit − operating expenses	not applicable: no operating-income line; constructed in A.7			—
Pre-tax = revenue − total costs	65,179 − 39,448 = 25,731	45,043 − 32,363 = 12,680	34,124 − 27,570 = 6,554	ties
Total costs = sum of lines	11,052+13,337+11,094+2,910+484+571 = 39,448	32,363	27,570	ties
Pre-tax − tax = net income	25,731 − 5,091 = 20,640	12,680 − 2,090 = 10,590	6,554 − 1,314 = 5,240	ties
Segments = revenue	single reportable segment (Note 17): 65,179 = 65,179			ties
Therapeutic areas = revenue	48,221+9,376+5,247+1,391+943 = 65,178			1 rounding
Geography = revenue	43,481+11,558+2,132+1,951+6,057 = 65,179	45,042 vs 45,043	34,125 vs 34,124	ties / rounding
Geographic shares = 100%	66.71+17.73+3.27+2.99+9.29 = 99.99%			rounding
Product bridge = Δ revenue	Mounjaro +11,425, Zepbound +8,616, Verzenio +416, other −321 = 20,136 = 65,179 − 45,043			ties
Debt = sum of notes	1,632+2,516+3,256+3,077+2,132+11,582+4,543+8,280+5,824 − 339 = 42,503 = 1,635 + 40,868	33,644 = 5,117 + 28,527		ties
CFO = sum of lines	20,640+1,997−1,707+626−180+2,910+620−7,000−4,671−6,609+10,187 = 16,813	8,818	4,240	ties
CFO − capex = FCF	16,813 − 7,841 = 8,972	8,818 − 5,058 = 3,760	4,240 − 3,448 = 792	ties
Cash change	16,813 − 10,972 − 2,213 + 372 = 4,000	449	752	ties
Segment op. income − unallocated = consolidated	not applicable: single segment; Note 17 reconciles to net income (65,179 − 11,052 − 4,881 − 8,456 − 11,094 − 2,910 − 6,146 = 20,640)			ties
Balance sheet	55,629 + 2,802 + 5,898 + 6,521 + 9,959 + 24,675 + 6,992 = 112,476 = 35,228 + 50,713 + 26,535			ties
Equity roll	14,272 + 20,640 + 1,442 − 5,586 − 4,108 + (1 − 719) + 626 − 24 − 9 (other equity) = 26,535			ties
Rebate roll-forward	10,313 + 62,135 − 57,299 = 15,149 vs 15,148	10,668 + 41,452 − 41,807 = 10,313		rounding

A.7 Derivations, grouped by report section

Section 1

• Tirzepatide share of revenue = (22,965 + 13,542) / 65,179 = 56.01%.

• US reductions per dollar of US revenue = 62,135 / 43,481 = 1.43 (2024: 41,452 / 30,375 = 1.36; 2023: 37,866.8 / 21,791 = 1.74).

• (PP&E net + inventories) / revenue = (24,675 + 13,744) / 65,179 = 58.94%.

• Advertising / MS&A = 2,900 / 11,094 = 26.1%; advertising / revenue = 4.45%.

• R&D / revenue = 13,337 / 65,179 = 20.46% (2024: 24.40%; 2023: 27.29%).

• Therapeutic-area shares of 2025 revenue: cardiometabolic 48,221 / 65,179 = 73.98%; oncology 14.39%; immunology 8.05%; neuroscience 2.13%; other 1.45%.

• Six products above US$3 bn each (Mounjaro, Zepbound, Verzenio, Trulicity, Taltz, Jardiance) = 82% of 2025 revenue; 75% in 2024 (Item 1A of [K25] and [K24]). Check from Note 2: (22,965 + 13,542 + 5,723 + 4,276 + 3,563 + 3,431) / 65,179 = 81.82%.

• Revenue growth 2024 = 45,043 / 34,124 − 1 = 32.00%.

• Trulicity change = 4,276 − 5,254 = −978.

Section 3

• Constructed operating income (our construction; the 10-K has no such line) = pre-tax income + other—net expense: 25,731 + 571 = 26,302; 12,680 + 219 = 12,899; 6,554 − 97 = 6,457. Growth 2025: 26,302 / 12,899 − 1 = 103.91%.
• Operating margin = 26,302 / 65,179 = 40.35% (2024: 28.64%; 2023: 18.92%). Excluding acquired IPR&D: (26,302 + 2,910) / 65,179 = 44.82% (35.92%; 30.06%).
• Gross margin = 54,127 / 65,179 = 83.04% (81.31%; 79.25%).
• MS&A / revenue = 17.02% (19.08%; 21.70%).
• Constructed US gross-to-net share (our construction) = reductions / (US revenue + reductions) = 62,135 / (43,481 + 62,135) = 58.83%; 2024: 41,452 / 71,827 = 57.71%; 2023: 37,866.8 / 59,657.8 = 63.47%. Limit: the roll-forward covers only the "most significant" US programs and US revenue includes US collaboration revenue.
• U.S. reductions growth = 62,135 / 41,452 − 1 = 49.90%.
• Research + MS&A / revenue = (13,337 + 11,094) / 65,179 = 37.48%.
• Tirzepatide revenue = 5,339 (2023), 16,466 (2024), 36,507 (2025); growth 2025 = 121.71%.
• Mounjaro US growth = 13,651 / 8,950 − 1 = 52.53%; Zepbound US = 13,484 / 4,926 − 1 = 173.73%.
• Cost of sales / revenue = 11,052 / 65,179 = 16.96% (2024: 8,418 / 45,043 = 18.69%).
• Regional contribution to revenue growth: U.S. 43,481 − 30,375 = 13,106; outside U.S. 21,698 − 14,668 = 7,030; total 20,136.
• Tirzepatide contribution: 11,425 + 8,616 = 20,041 of 20,136 (99.5%).
• Acquired IPR&D change: 2,910 − 3,280 = −370.

Section 4

• CFO / net income = 16,813 / 20,640 = 0.815 (0.833; 0.809).
• Working capital in CFO = −7,000 − 4,671 − 6,609 + 10,187 = −8,093 (2024: −5,384; 2023: −3,055).
• Owner earnings (single definition) = NI + D&A + deferred tax + gains on product rights + other operating − capex. SBC and acquired IPR&D are left as costs (not added back). 2025: 20,640 + 1,997 − 1,707 − 180 + 620 − 7,841 = 13,529 without working capital; 13,529 − 8,093 = 5,436 with working capital. 2024: 5,218 / −166. 2023: −582 / −3,637. FCF − owner earnings (with WC) = SBC 626 + acquired IPR&D 2,910 = 3,536.
• Third-party money: Δ rebate accrual 17,382 − 11,539 = 5,843; Δ payables 5,379 − 3,229 = 2,150; sum 7,993 = 89.1% of FCF 8,972.
• FCF growth 8,972 − 3,760 = 5,212. Liability line contribution change 10,187 − 2,609 = +7,578; asset absorption change (−18,280) − (−7,993) = −10,287; net working capital change −2,709.
• Tax expense vs cash paid = 10,814 − 5,091 = 5,723; current tax vs paid = 10,814 − 6,798 = 4,016; prepaid taxes change ≈ 12.9 − 7.1 = 5.8 bn.
• Deterioration comparisons 2025: inventory 13,744 / 7,589 − 1 = +81.11% vs revenue +44.70% (gap 36.4 pts); receivables 17,760 / 11,006 − 1 = +61.37% (gap 16.7 pts); payables +66.58% vs cost of sales +31.29% (gap 35.3 pts); pre-launch inventory 1,500 / 548.1 − 1 = +173.7% vs R&D +21.34% (gap 152.3 pts); CFO +90.67% vs revenue +44.70% (CFO faster by 46.0 pts). Allowance vs gross receivables: not available (2025 allowance "not material").
• DSO = 17,760 / 65,179 × 365 = 99.5 days (89.2; 97.2). DIO = 13,744 / 11,052 × 365 = 453.9 (329.1; 297.5). DPO = 5,379 / 11,052 × 365 = 177.6 (140.0; 133.9). Year-end balances, revenue and cost of sales of the same year.
• Rebate accrual / revenue = 26.67% (25.62%; 34.25%).

Section 5

• Items ≥5% of total assets (threshold 5,623.8): cash 6.46%, receivables 15.79%, inventories 12.22%, prepaid 12.73%, goodwill 5.24%, intangibles 5.80%, DTA 8.85%, PP&E 21.94%, other noncurrent 6.22%; rebate accrual 15.45%, other current liabilities 7.52%, long-term debt 36.33%, long-term taxes payable 5.22%.
• Net debt = 42,503 − 7,268 = 35,235. All cash treated as available; the document does not separate restricted cash.
• Interest / constructed operating income = 895 / 26,302 = 3.40%. Long-term debt / net income = 40,868 / 20,640 = 1.98 years.
• Average cost of debt (our construction) = 895 / ((42,503 + 33,644) / 2) = 2.35%; interest is net of capitalized interest, not disclosed.
• ROE = 20,640 / ((26,535 + 14,272) / 2) = 101.16%. Adding back the employee benefit trust: 20,640 / ((29,548 + 17,285) / 2) = 88.14%.
• Tangible equity = 26,535 − 5,898 − 6,521 = 14,116; per diluted share 15.70. Net working capital = 55,629 − 35,228 = 20,401; current ratio 1.58. Cash per share 7,268 / 899.3 = 8.08; (cash − debt) per share = −39.18.
• Assets on estimates of the future: goodwill + intangibles + DTA = 22,378 (19.90%). Cash and receivables at contract or invoice amounts: 27,423 (24.38%). PP&E and inventory at cost: 38,419 (34.16%). Prepaid expenses 12.73%.
• Debt maturing 2026–2030 = 12,613 of 42,842 gross notes = 29.4%.
• Prepaid taxes / total assets = 12,900 / 112,476 = 11.47%.
• Other noncurrent assets: pension surplus 1,857 + retiree health surplus 1,656 = 3,513; operating-lease right-of-use assets 1,260; remainder 6,992 − 3,513 − 1,260 = 2,219, not broken down.
• Notes maturing after 2050 = 8,280 + 5,824 = 14,104.

Section 6

• Per diluted share 2025 / 2024 / 2023: revenue 72.48 / 49.82 / 37.78; EPS 22.95 / 11.71 / 5.80; FCF 9.98 / 4.16 / 0.88; equity 29.51 / 15.79 / 12.03.
• Invested capital (our construction) = equity + debt − cash: 26,535 + 42,503 − 7,268 = 61,770; 44,648; 33,270.4.
• NOPAT = constructed operating income × (1 − effective tax rate of the year): 26,302 × (1 − 0.1979) = 21,098; 10,773; 5,162.
• ROIC on average capital = 21,098 / 53,209 = 39.65% (2024: 27.65%).
• Incremental ROIC = (21,098 − 10,773) / (61,770 − 44,648) = 60.30% (2024: 49.31%; two-year 55.92%). Two observations, not a trend.
• Reinvestment rate = ΔIC / NOPAT = 17,122 / 21,098 = 81.15% (2024: 105.61%). Implied growth = 81.15% × 39.65% = 32.18% vs realized constructed operating income growth 103.91%.
• Capex / D&A = 3.93x (2.86x; 2.26x). Cumulative capex / cumulative net income 2023–2025 = 16,347 / 36,470 = 44.8%. Capex / revenue 12.03%.
• Self-funding 2023–2025: CFO 29,871; capex 16,347; FCF 13,524; dividends 14,133; buybacks 7,358; dividends + buybacks = 21,491 = 158.9% of FCF; acquired IPR&D purchases 10,298; acquisitions 2,653; net debt raised 28,543 − 1,442 − 1,499 = 25,602.
• Revenue per diluted share growth = 72.48 / 49.82 − 1 = 45.48%; FCF per share 9.98 / 4.16 = 2.40x.
• Dividends + buybacks / FCF 2023–2025 = 21,491 / 13,524 = 158.9%.
• Payout 2025: dividends / NI = 26.09%; (dividends + buybacks) / NI = 45.99%; / FCF = 105.80%.
• Margin and turnover (our construction): NOPAT / revenue = 21,098 / 65,179 = 32.37% (2024: 10,773 / 45,043 = 23.92%); revenue / average IC = 65,179 / 53,209 = 1.22 (2024: 45,043 / 38,959 = 1.16). Check: 32.37% × 1.225 = 39.65%.
• Expansion capex proxy = capex − D&A = 7,841 − 1,997 = 5,844; FCF without expansion = 8,972 + 5,844 = 14,816. D&A is used as a stated proxy for maintenance; the filing does not split the two.
• Acquired IPR&D / revenue = 2,910 / 65,179 = 4.46%.
• Dividend paid per share growth = 6.00 / 5.20 − 1 = 15.38%; indicated 2026 = 6.92 / 6.00 − 1 = 15.33%.
• Capital added in 2025 not yet producing revenue: Δ CIP 13,013 − 8,245 = 4,768; Δ prepaid taxes ≈ 5,800; Δ inventory 13,744 − 7,589 = 6,155.

Section 6 — multiples (market data supplied with the request)

• Price 1,074.68 at 31 Dec 2025; shares 943,357,420 at 9 Feb 2026.
• Market capitalization = 1,074.68 × 943.357 mn = 1,013,807 mn. EV = 1,013,807 + 42,503 − 7,268 = 1,049,042 mn.
• P/E = 1,074.68 / 22.95 = 46.83x; market cap / NI = 49.12x. The gap reflects the share count: the supplied count matches issued shares (944.8 mn at year end), which include the 50 mn trust shares excluded from EPS.
• Price / FCF per share = 1,074.68 / 9.98 = 107.7x; FCF yield on market cap = 8,972 / 1,013,807 = 0.885%.
• EV / constructed operating income = 39.88x; operating yield on EV = 26,302 / 1,049,042 = 2.51%. EV / EBITDA (26,302 + 1,997 = 28,299) = 37.07x.
• Price / sales per share = 14.83x; price / book per share = 36.42x. Dividend yield on declared 6.23 = 0.58%.

Section 7

• Jardiance revenue / total revenue = 3,432 / 65,179 = 5.27%.
• Rebate accrual growth = 17,382 / 11,539 − 1 = 50.64%.
• Uncertain tax positions: a 5% change = 160 of net income; valuation allowance 5% = 61 (Item 7).
• Jardiance government-set Medicare price: 66% discount to 2023 list price, effective 2026 (Item 1). Section 232 tariff grace period: three years, conditional on U.S. manufacturing investment (Item 1).

Section 8

• Average repurchase price = 4,105 / 4.8 = US$855.2 (2024: 2,498 / 3.0 = 832.7; 2023: 749 / 2.3 = 325.7). Share counts are rounded to 0.1 mn, so these averages are approximate. Q4 2025 average 1,001.60 (Item 5).
• Multiple paid on FCF per share = 855.2 / 9.98 = 85.7x (2024: 200.2x; 2023: 371.4x); on EPS = 37.3x (71.1x; 56.1x).
• Net share change = 1.7 issued − 4.8 repurchased = −3.1 mn; diluted average −0.53%.
• Cumulative acquired IPR&D 2023–2025 = 9,990 = 48.4% of 2025 net income. Cumulative special charges = 1,413; cumulative intangible amortization = 1,547. Non-GAAP exclusions per share: 1.25 + 1.28 + 0.53 = 3.06 over three years.
• Insider holdings at the supplied price: 1,362,076 × 1,074.68 = US$1,463.8 mn.
• 2025 note issuance = 6,500 + 6,750 = 13,250 (cash proceeds 13,167). Capex growth = 7,841 / 5,058 − 1 = 55.0%. Research programmes bought = 1,412 + 494 = 1,906.
• Shares held by directors and officers: 1,362,076 of 944,818,881 outstanding at 25 Feb 2026 = 0.14%.

Section 9

• CAM sensitivity: 897 / 65,179 = 1.38% of revenue; 897 / 25,731 = 3.49% of pre-tax income.
• CIP / gross PP&E = 13,013 / 37,235 = 34.95%; CIP growth +57.83%; WIP inventory growth 8,183 / 3,979 − 1 = +105.65%.