Eli Lilly and Company (LLY): Business Model Canvas [June-2026 Updated]

This ready-made Business Model Canvas gives you a practical, research-based view of how Eli Lilly and Company creates and captures value through high-value metabolic and neurology R&D, late-stage trials, manufacturing scale-up, and a 48,000-employee global workforce, supported by partnerships with CVS Caremark, telehealth providers, retail pharmacy networks, Medicare Part D and Medicare Bridge programs, and acquired biotech and vaccine developers. You'll see how LillyDirect, pharmacies, telehealth, and specialist channels serve adults with obesity or overweight, type 2 diabetes, obstructive sleep apnea with obesity, Alzheimer's patients and caregivers, and oncology patients, while revenue flows from product sales and costs are driven by R&D, manufacturing expansion, acquisitions, SG&A, launches, and litigation defense.

Eli Lilly and Company - Canvas Business Model: Key Partnerships

Eli Lilly and Company's partnership layer is built around access, dispensing, and pipeline expansion. The most visible dollar amounts in this layer are $399, $549, $590, $2,000, $610 million, $1.04 billion, $1.4 billion, $1.925 billion, and $3.2 billion.

CVS Caremark preferred coverage shapes access to Lilly medicines when a PBM decides whether a drug sits in a preferred position on a formulary. For high-demand drugs, the difference between covered access and cash pay can be $399 a month for the 2.5 mg Zepbound vial and $549 a month for the 5 mg vial through LillyDirect.

• $399 monthly self-pay price for the 2.5 mg Zepbound vial.
• $549 monthly self-pay price for the 5 mg Zepbound vial.
• Preferred coverage reduces the need for patients to move to cash-pay channels.
• Preferred formulary status matters most for chronic drugs with monthly refills.

Independent telehealth providers connect diagnosis, prescribing, and fulfillment. LillyDirect launched in 2024, and the self-pay vial pathway turned telehealth into a direct access route for obesity treatment at $399 and $549 per month for the starter and 5 mg vial doses.

• 2024 LillyDirect launch year.
• $399 and $549 monthly vial prices tied to direct access.
• Telehealth reduces the gap between screening and first fill.

Retail pharmacy networks remain the last-mile partner for scale. Lilly medicines need high-volume dispensing points, and the major U.S. chains provide that reach: CVS Pharmacy at about 9,000 locations, Walgreens at about 8,500, and Walmart at about 4,600 U.S. stores.

• CVS Pharmacy: about 9,000 U.S. locations.
• Walgreens: about 8,500 U.S. locations.
• Walmart: about 4,600 U.S. stores.
• Large networks matter because chronic drugs depend on repeat fills.

Medicare Part D and Medicare Bridge programs matter because public coverage rules determine who can stay on therapy after the first prescription. In 2025, the Part D deductible maximum is $590, the annual out-of-pocket cap is $2,000, and the market covers about 53 million beneficiaries.

• $590 2025 Part D deductible maximum.
• $2,000 2025 annual Part D out-of-pocket cap.
• About 53 million Part D beneficiaries.
• Bridge programs fill temporary access gaps while coverage is unresolved.

Acquired biotech and vaccine developers expand Lilly's pipeline with large, upfront cash commitments. The disclosed deal values in this partnership layer include $610 million for Akouos, $1.04 billion for Prevail Therapeutics, $1.4 billion for POINT Biopharma, $1.925 billion for Versanis Bio, and $3.2 billion for Morphic Holding.

• Akouos: $610 million.
• Prevail Therapeutics: $1.04 billion.
• POINT Biopharma: $1.4 billion.
• Versanis Bio: $1.925 billion.
• Morphic Holding: $3.2 billion.
• These deals turn outside science into internal revenue potential.

Eli Lilly and Company - Canvas Business Model: Key Activities

$45.0 billion of 2024 revenue depended on 2 core science areas: metabolic disease and neurology. The operating model rests on 5 linked activities: R&D, late-stage trials, regulatory approvals and launches, manufacturing scale-up, and IP defense.

Metabolic and neurology R&D

Tirzepatide is a dual GIP and GLP-1 receptor agonist. Donanemab is a neurology asset aimed at early symptomatic Alzheimer's disease. Lilly's R&D concentration shows up in 3 major milestones: Mounjaro on May 13, 2022, Zepbound on November 8, 2023, and Kisunla on July 2, 2024. That sequence shows a pipeline that can move from one molecule family into multiple approved products.

• 2 core areas: metabolic disease and neurology
• 3 product milestones in 2022, 2023, and 2024
• $45.0 billion in 2024 revenue

Late-stage clinical trials

SURMOUNT-1 enrolled 2,539 adults, ran for 72 weeks, and tested 5 mg, 10 mg, 15 mg, and placebo. The 15 mg arm produced 22.5% mean weight loss. TRAILBLAZER-ALZ 2 enrolled 1,736 participants over 18 months. Those trial sizes and timelines show why late-stage execution is a core activity, not a side task.

• 2,539 participants in SURMOUNT-1
• 1,736 participants in TRAILBLAZER-ALZ 2
• 72-week and 18-month study horizons
• 22.5% mean weight loss at the 15 mg dose in SURMOUNT-1

Regulatory filings and launches

The launch cadence is tight: Mounjaro on May 13, 2022, Zepbound on November 8, 2023, and Kisunla on July 2, 2024. That gives Lilly 3 major FDA milestones in a little more than 2 years. For a company with a $45.0 billion revenue base, every approval date matters because it converts trial work into commercial supply and reimbursement activity.

• May 13, 2022: Mounjaro approval
• November 8, 2023: Zepbound approval
• July 2, 2024: Kisunla approval
• 3 major FDA approvals across 2022, 2023, and 2024

Manufacturing scale-up

Manufacturing is a capital-heavy activity for Lilly's injectable and specialty-drug model. In 2024, the company announced $5.3 billion for a new manufacturing site in Lebanon, Indiana. That is the kind of investment needed when demand is tied to high-volume chronic-disease products and when supply continuity affects both launches and prescription fill rates.

• $5.3 billion announced in 2024
• 1 new manufacturing site in Lebanon, Indiana
• 2 high-volume metabolic brands behind the scale-up need

IP enforcement and litigation defense

When 2 tirzepatide brands and 1 neurology launch sit behind $45.0 billion of annual revenue, IP defense becomes part of the operating model. The value of each protected year rises when a franchise is this large, because exclusivity affects both launch economics and the duration of peak sales.

• 2 tirzepatide brands: Mounjaro and Zepbound
• 1 neurology brand: Kisunla
• $45.0 billion 2024 revenue base

Eli Lilly and Company - Canvas Business Model: Key Resources

Eli Lilly and Company's late-2025 key resources are anchored by $11.5 billion in Mounjaro revenue in 2024, $4.9 billion in Zepbound revenue in 2024, $50 billion+ in U.S. manufacturing investment since 2020, and a 48,000-employee workforce.

Mounjaro is the largest named resource in this chapter because $11.5 billion in 2024 revenue gives Eli Lilly and Company a very large cash-generating base. That scale matters because it funds more manufacturing, more research, and faster market expansion.

Zepbound added $4.9 billion in 2024 revenue, which shows that one science platform can create two major commercial assets. For business model analysis, that lowers dependence on a single product and raises the value of the underlying discovery platform.

Kisunla, approved in 2024, and Retevmo, approved in 2020, widen the resource base beyond metabolic disease. They matter because they keep Eli Lilly and Company exposed to multiple therapeutic areas, not just diabetes and obesity.

LillyDirect, launched in 2024, is a digital channel resource. It matters because direct access can reduce friction in patient onboarding, prescription fulfillment, and follow-up care, which is critical when demand is large and access controls can slow conversion into sales.

$50 billion+ in U.S. manufacturing investment since 2020 makes production capacity one of the company's most important resources. In a drug business, capacity is a strategic asset because shortages, delays, and supply constraints can limit revenue even when demand is strong.

• 48,000 employees support discovery, clinical development, regulatory work, manufacturing, quality control, and commercialization.
• 2024 is the key year for both Mounjaro and Zepbound revenue disclosure in this resource set.
• 2020 and 2024 are the key approval years for Retevmo and Kisunla.
• 2024 is also the launch year for LillyDirect.

AI, digital twin, and zero-trust systems are supporting resources rather than standalone products. A digital twin is a virtual model of a plant or process, and zero-trust means every access request is checked instead of assumed safe, which matters when the company is running large-scale research, manufacturing, and data operations at the same time.

Eli Lilly and Company - Canvas Business Model: Value Propositions

20.9% mean weight loss, 2.30% HbA1c reduction, 14.7% oral weight loss, 35% slower Alzheimer's decline, and $399 to $549 cash-pay vial pricing are the clearest numeric signals behind Eli Lilly and Company's value proposition.

Best-in-class obesity and diabetes efficacy

Tirzepatide gives Eli Lilly and Company a measurable edge in both obesity and type 2 diabetes. In SURMOUNT-1, 2,539 adults were treated for 72 weeks, and the 15 mg dose produced 20.9% mean weight loss versus 3.1% with placebo. In SURPASS-2, the same molecule reduced HbA1c by 2.01% at 5 mg, 2.24% at 10 mg, and 2.30% at 15 mg, compared with 1.86% for the active comparator.

• 2,539 participants in SURMOUNT-1.
• 72 weeks in SURMOUNT-1.
• 20.9% mean weight loss at 15 mg.
• 3.1% placebo weight loss.
• 40 weeks in SURPASS-2.
• 2.30% HbA1c reduction at 15 mg.
• 1.86% comparator HbA1c reduction.
• Weight-management eligibility: BMI 30 or higher, or BMI 27 to 29.9 with at least one weight-related condition.

Oral needle-free weight-loss option

Orforglipron gives Eli Lilly and Company an oral, once-daily option instead of an injection. Phase 2 obesity data showed up to 14.7% weight loss at 36 weeks, which supports a lower-friction treatment path for patients who want a tablet-based option.

• 1 oral tablet taken once daily.
• 14.7% maximum reported weight loss.
• 36 weeks of phase 2 data.

Expanded treatment for sleep apnea and Alzheimer's

The value proposition expands when obesity treatment also reaches obstructive sleep apnea and early symptomatic Alzheimer's disease. Eli Lilly and Company's sleep apnea program includes 2 phase 3 trials, and donanemab is dosed every 4 weeks. In the Alzheimer's program, the reported slowing of decline was 35% in the low/medium-tau group and 22% in the overall population over 76 weeks.

• 2 phase 3 sleep apnea trials.
• 4-week dosing interval for donanemab.
• 76 weeks in the Alzheimer's readout.
• 35% slower decline in the low/medium-tau group.
• 22% slower decline in the overall population.

Reliable high-volume supply

Supply is part of the value proposition because the obesity and diabetes franchises depend on volume, not only efficacy. Eli Lilly and Company announced manufacturing investments of $2.5 billion and $5.3 billion, for $7.8 billion combined.

• $2.5 billion manufacturing investment announcement.
• $5.3 billion manufacturing investment announcement.
• $7.8 billion combined amount.

Convenient direct access through LillyDirect

LillyDirect gives Eli Lilly and Company a direct cash-pay route to patients. The published vial prices were $399 for 2.5 mg and $549 for 5 mg, with the launch in 2024.

• $399 monthly vial price for 2.5 mg.
• $549 monthly vial price for 5 mg.
• 2024 launch.

Eli Lilly and Company - Canvas Business Model: Customer Relationships

Eli Lilly and Company's customer relationships in late 2025 are built around $45.0 billion in 2024 revenue, direct-to-patient access launched in 2024, insulin out-of-pocket caps of $35 per month, and Zepbound self-pay vial prices of $399 and $549. The model mixes self-service, payer access, pharmacy routing, and specialist prescribing.

Direct-to-consumer self-service is most visible in LillyDirect. The patient-facing route matters because chronic therapies are refill-driven, and the company has tied convenience to price with Zepbound self-pay vial prices of $399 and $549 per month. The same affordability logic appears in insulin, where Lilly capped out-of-pocket costs at $35 per month and cut list prices by up to 70% in 2023. Those numbers matter because a lower entry price can keep patients on therapy longer.

Formulary and payer access management is the gatekeeper relationship. Commercial insurers, pharmacy benefit managers, Medicare, and Medicaid decide whether the patient pays cash or a plan-based amount. For a company that reported $45.0 billion in 2024 revenue, payer access is not a side task; it is part of the customer relationship. A drug priced at $399 or $549 for self-pay can still face very different access conditions when a plan covers it, restricts it, or asks for prior authorization.

Patient support via telehealth and pharmacies links prescribing, fulfillment, and payment. LillyDirect's model depends on digital entry, telehealth routing, and pharmacy fulfillment instead of a single office visit. That is useful for therapies that need ongoing monitoring and repeated refills. The measurable parts of this relationship are the 2024 launch, the $35 monthly insulin cap, and the $399 and $549 self-pay Zepbound vial prices. Those figures show that Lilly is managing both access and adherence at the same time.

Specialist-led chronic disease treatment is where Eli Lilly and Company's relationships become long term. In the U.S., 38.4 million people have diabetes and 42.4% of adults have obesity, so the customer base is large and recurring. Endocrinologists, obesity-medicine physicians, and other specialists hold much of the prescribing power, while patients stay on therapy for months or years. That makes the relationship less like a one-time sale and more like a repeated clinical and financial process.

• $45.0 billion 2024 revenue
• 2024 LillyDirect launch
• $399 and $549 Zepbound self-pay vial prices
• $35 monthly insulin out-of-pocket cap
• Up to 70% insulin list price cuts in 2023
• 38.4 million people with diabetes in the U.S.
• 42.4% U.S. adult obesity prevalence

Eli Lilly and Company - Canvas Business Model: Channels

Eli Lilly and Company uses a mixed channel model built around LillyDirect, retail pharmacies, traditional prescription dispensing, telehealth providers, and specialist or hospital settings. The clearest numeric markers are LillyDirect's 2024 launch, Zepbound self-pay vial prices of $399 and $549, and the Zepbound pen list price of $1,059.87 per 4 weeks.

LillyDirect

LillyDirect launched in 2024. For Zepbound, the self-pay vial pathway has published prices of $399 for the 2.5 mg vial and $549 for the 5 mg vial. Against the Zepbound pen list price of $1,059.87 per 4 weeks, the vial prices are $660.87 lower and $510.87 lower, which is 62.4% and 48.2% below the pen list price.

• 2024 launch
• $399 self-pay vial price
• $549 self-pay vial price
• $1,059.87 pen list price
• 62.4% lower vs the pen list price
• 48.2% lower vs the pen list price

Retail pharmacies

Retail pharmacies are the main outpatient fill point for prescriptions that move through the standard insurance and pharmacy benefit flow. For Lilly, this matters most for branded medicines that patients pick up as a pharmacy claim rather than through a hospital or infusion center. The $1,059.87 Zepbound pen list price gives you a clear retail benchmark for a 4-week supply.

• $1,059.87 retail list price benchmark
• 4 weeks supply basis
• Outpatient pharmacy claim

Traditional prescription dispensing

This is the standard doctor-to-pharmacy route used for most Lilly outpatient medicines. The channel depends on a prescriber, a diagnosis, and pharmacy fulfillment, with refill timing often built around a 4-week supply cycle. It is the channel most exposed to copays, prior authorization, and pharmacy benefit rules.

• 4 weeks supply cycle
• Prescriber-written prescription
• Pharmacy fulfillment

Telehealth providers

LillyDirect includes independent telehealth providers, so the access path can start online before the prescription is routed to a pharmacy or self-pay option. This matters in obesity care because the first clinical touchpoint can happen without an in-person visit.

• 2024 digital channel launch
• Online consult
• Prescription routing

Specialist and hospital channels

Specialist and hospital channels are critical for therapies that need clinician supervision or infusion. Kisunla is administered as an intravenous infusion every 4 weeks, so specialist offices, infusion centers, and hospital outpatient departments are part of the channel mix. That makes this channel structurally different from retail pharmacy dispensing.

• 4 weeks between infusions
• Specialist offices
• Infusion centers
• Hospital outpatient departments

Eli Lilly and Company - Canvas Business Model: Customer Segments

2.5 billion adults were overweight in 2022, and 890 million were living with obesity. The U.S. adult obesity prevalence was 41.9% in 2017-2020.

537 million adults were living with diabetes in 2021, and about 90% to 95% of diabetes cases are type 2. The U.S. had 38.4 million people with diabetes.

936 million adults aged 30-69 years were estimated to have obstructive sleep apnea worldwide, and 425 million had moderate-to-severe obstructive sleep apnea. The phase 3 SURMOUNT-OSA program enrolled 469 adults with obesity and moderate-to-severe obstructive sleep apnea.

55 million people were living with dementia worldwide, with 10 million new cases each year. In the United States, 6.9 million people age 65 and older were living with Alzheimer's in 2024, and 11.5 million unpaid caregivers were supporting people with Alzheimer's or other dementias.

20 million new cancer cases were recorded worldwide in 2022, with 9.7 million deaths and 53.5 million people living within 5 years of a cancer diagnosis. Breast cancer accounted for 2.3 million new cases, lung cancer for 2.5 million, and colorectal cancer for 1.9 million.

• Breast cancer: 2.3 million new cases in 2022
• Lung cancer: 2.5 million new cases in 2022
• Colorectal cancer: 1.9 million new cases in 2022
• Alzheimer's disease: 6.9 million U.S. patients age 65 and older in 2024
• Caregivers: 11.5 million unpaid caregivers in the United States
• Obesity: 890 million people living with obesity worldwide
• Type 2 diabetes: about 90% to 95% of diabetes cases

Eli Lilly and Company - Canvas Business Model: Cost Structure

$5.3B for Lebanon, Indiana and $3.2B for Morphic are the clearest large cost signals in Eli Lilly and Company's recent structure.

R&D and clinical trial spend

Research and development expense was $8.9B in 2023. Eli Lilly and Company's pipeline cost base also included acquisition-driven R&D spend of $2.4B for DICE Therapeutics, $1.93B for Versanis Bio, $1.4B for POINT Biopharma Global, and $309.6M for Sigilon Therapeutics.

• $8.9B research and development expense, 2023
• $2.4B DICE Therapeutics acquisition
• $1.93B Versanis Bio acquisition
• $1.4B POINT Biopharma Global acquisition
• $309.6M Sigilon Therapeutics acquisition

Manufacturing expansion and validation

Eli Lilly and Company announced $5.3B for a new manufacturing site in Lebanon, Indiana. That spend sits on top of validation work, equipment qualification, and scale-up costs that follow after construction starts.

• $5.3B Lebanon, Indiana manufacturing project

Acquisition and contingent consideration costs

Recent acquisition consideration totals include $3.2B for Morphic Holding, $2.4B for DICE Therapeutics, $1.93B for Versanis Bio, $1.4B for POINT Biopharma Global, and $309.6M for Sigilon Therapeutics.

SG&A and product launches

Marketing, selling and administrative expense was $6.6B in 2023. That line carries commercial launch spending, sales force costs, medical affairs, and market access work.

• $6.6B marketing, selling and administrative expense, 2023

Litigation and legal defense costs

Separate annual legal-defense spend disclosed: $0.

Companywide legal-defense cost is not presented as a separate annual line item in the disclosed operating expenses.

Eli Lilly and Company - Canvas Business Model: Revenue Streams

$16.4 billion from Mounjaro and Zepbound in 2024 versus $45.0 billion total revenue equals 36.4% of Eli Lilly and Company revenue.

Mounjaro product sales

$11.5 billion in 2024.

Zepbound product sales

$4.9 billion in 2024.

Kisunla product sales

$21 million in 2024.

Retevmo product sales

$0.7 billion in 2024.

Foundayo oral obesity sales

$0 as of late 2025.

• $11.5 billion from Mounjaro
• $4.9 billion from Zepbound
• $21 million from Kisunla
• $0.7 billion from Retevmo
• $0 from the oral obesity candidate

16.4 billion from Mounjaro and Zepbound versus $45.0 billion total revenue equals 36.4%.

0.05% for Kisunla.

1.6% for Retevmo.

0% for the oral obesity candidate.