Eli Lilly's Growth Story Goes Beyond GLP-1: New Drug Portfolio Driving Revenue Diversification

Eli Lilly’s stock milestone of crossing the $1,000 per share mark in November tells only part of the story. While the GLP-1 blockbusters Mounjaro (type II diabetes) and Zepbound (obesity) captured headlines and investor attention, the pharmaceutical giant is quietly building a much broader revenue engine through newly approved therapies and aggressive strategic acquisitions.

The Emerging Drug Pipeline That’s Quietly Boosting Top Line

The real narrative shift at Lilly isn’t just about GLP-1 dominance—it’s about portfolio expansion. In the first nine months of 2025, the company’s newer approved medications generated substantial revenue contributions:

• Omvoh (ulcerative colitis and Crohn’s disease): $176.9 million
• Ebglyss (atopic dermatitis): $274.1 million
• Kisunla (early symptomatic Alzheimer’s disease): $140.6 million
• Jaypirca (BTK inhibitor for mantle cell lymphoma and chronic lymphocytic leukemia): $358.2 million

These numbers demonstrate that Lilly’s revenue diversification strategy is working. Jaypirca’s strong performance as a BTK inhibitor especially signals Lilly’s growing competitive foothold in the oncology space, where it faces established players like AbbVie and AstraZeneca.

Expansion Plans: Wider Indications and Geographic Growth

What makes these drug launches even more significant is the company’s pipeline for label expansions. Ebglyss is advancing in phase III trials for perennial allergens and chronic rhinosinusitis with nasal polyps. Jaypirca, the BTK inhibitor candidate, is being studied in earlier lines of therapy to capture a broader patient population within its approved indications. Kisunla just secured European approval in September, with Lilly expecting full commercial launches by Q4 2025 and throughout 2026.

The recent September 2025 U.S. approval of Inluriyo for ER+HER2-metastatic breast cancer adds another growth lever, while EU regulatory review is underway.

Strategic M&A Fueling Long-Term Growth Beyond GLP-1

To ensure sustained revenue growth and reduce dependence on a single therapeutic class, Lilly has pursued an aggressive M&A strategy across cardiovascular, oncology, and neuroscience spaces throughout 2025:

Acquisition highlights:

• Verve Therapeutics: Gene therapies targeting heart disease
• Scorpion Therapeutics: Oncology drug portfolio expansion
• SiteOne Therapeutics: Non-opioid pain management candidate
• Adverum Biotechnologies: Lead candidate Ixo-vec, a gene therapy (phase III) for wet age-related macular degeneration—potentially transforming chronic eye care into a one-time treatment

These moves signal Lilly’s determination to build sustainable growth beyond current blockbusters, positioning the company to weather any future GLP-1 market saturation.

Competitive Landscape: Lilly’s New Drugs Face Established Rivals

While Lilly’s portfolio expansion is impressive, competition remains fierce:

Omvoh faces entrenched competition from AbbVie’s IL-23 inhibitor Skyrizi and JAK inhibitor Rinvoq, both performing exceptionally well. Legacy drugs like Humira and J&J’s Stelara have lost exclusivity, but newer alternatives are capturing market share.

Kisunla directly competes with Eisai/Biogen’s Leqembi in the amyloid-targeting Alzheimer’s space—both vying for a massive market opportunity.

Jaypirca, as a BTK inhibitor, faces competition from older BTK inhibitor established players like AbbVie/J&J’s Imbruvica and AstraZeneca’s Calquence, though Lilly’s newer formulation offers potential advantages.

Ebglyss must contend with the market-leading biologic Dupixent (Sanofi/Regeneron) for atopic dermatitis treatment.

Valuation Reality Check: Premium Pricing Justified?

Lilly’s stock has rallied 35.8% year-to-date, substantially outpacing the pharmaceutical industry average of 14.4%. The stock currently trades at a 33.83 forward P/E ratio versus the industry average of 16.84—a significant premium.

However, this valuation premium sits below Lilly’s 5-year historical average of 34.54, suggesting current pricing may be reasonable given growth prospects.

Analyst consensus estimates reveal rising expectations: 2025 EPS estimates have moved upward from $22.94 to $23.78 per share over the past month, while 2026 projections have increased from $30.79 to $32.06—reflecting confidence in the expanding revenue base beyond GLP-1 alone.

The Bottom Line

As Eli Lilly approaches the $1 trillion market cap milestone, the growth story extends well beyond its famous GLP-1 successes. A robust pipeline of newly approved drugs, strategic geographic expansions, label extension opportunities, and a disciplined M&A approach targeting high-growth therapeutic areas are collectively strengthening the company’s financial foundation. With multiple catalysts lined up throughout 2026 and beyond, Lilly appears positioned for sustained revenue momentum regardless of GLP-1 market dynamics.

Currently assigned a Zacks Rank #3 (Hold), investors should monitor upcoming 2026 product launches and continued pipeline advancement as key metrics for reassessing the investment case.