Health Care • Biopharmaceuticals, GLP-1/GIP Cardiometabolic & Oncology • SIC 2834
$1,417.54 ▲ +43.84
(+3.19%)
MKT CAP: $1.29T • VOL: 5.25M
52W L $232 52W H $1,450
LLY // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>)
SOURCE: Form 10-K (FY2025) // Item 1 Manufacturing, PBMs & Wholesalers
01 // UPSTREAM SUPPLIERS & FOUNDRIES
CTLT CRITICAL
Sterile Fill-Finish CDMOs & Peptide API Manufacturing Facilities
FOUNDRY / INFRA • Auto-Injector Pen Assembly, Sterile Parenteral Fill-Finish & API Synthesis
EST. COGS / CAPEX SHARE 48%
EVIDENCE: 10-K Item 1 ($20B+ Internal & CDMO Incretin Capacity Expansion)
BDX <GO>
CRITICAL
Becton, Dickinson / Medical Injector Component Suppliers
SUPPLIER • Single-Dose Auto-Injector Pens, Glass Vials & Delivery Devices
EST. COGS / CAPEX SHARE 22%
EVIDENCE: 10-K Item 1A Device Component Supply Chain Risks
CORE VALUE-CHAIN HUB NYSE
LLY // Eli Lilly and Company
GROSS MARGIN
83.6%
OP MARGIN
40.2%
ROIC %
32.4%
MKT CAP
$1.29T
UPSTREAM INPUTS ──► LLY OPERATING ENGINE ──► CUSTOMER REVENUE
03 // DOWNSTREAM REVENUE CUSTOMERS
MCK <GO>
REV SHARE: ~84%
McKesson, Cencora & Cardinal Health (Big 3 US Wholesalers)
CUSTOMER • Primary Pharmaceutical Distribution (~85%+ of US Gross Sales Volume)
EVIDENCE: 10-K Note 18 Significant Wholesaler Concentration (3 >15% Each)
UNH <GO>
REV SHARE: ~55%
OptumRx, CVS Caremark & Cigna Express Scripts PBMs
CUSTOMER • Commercial & Medicare Part D Formulary Access & Rebate Contracts
EVIDENCE: 10-K Gross-to-Net Rebates, Discounts & Formulary Access
DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX
LIVE DB CROSS-COMPARISON
| TICKER | COMPANY | LAST | MKT CAP | GROSS MGN | OP MGN | ROIC % | EV/EBITDA | REV YOY | HEAD-TO-HEAD |
|---|---|---|---|---|---|---|---|---|---|
| LLY ★ | Eli Lilly and Company | $1,417.54 | $1.29T | 83.6% | 40.2% | 32.4% | 36.4x | +45.5% | SUBJECT ISSUER |
| NVO | Novo Nordisk A/S | $39.14 | $173.31B | — | 13.9% | 9.9% | 21.0x | +2.2% | LLY VS NVO <GO> |
| AMGN | Amgen Inc. | $460.73 | $249.09B | 67.2% | 24.7% | 14.5% | 27.2x | +10.0% | LLY VS AMGN <GO> |
| ABBV | AbbVie Inc. | $290.79 | $513.86B | 70.2% | 24.6% | 29.0% | 33.3x | +8.6% | LLY VS ABBV <GO> |
| JNJ | Johnson & Johnson | $275.20 | $662.49B | 67.9% | 34.7% | 25.5% | 18.5x | +6.0% | LLY VS JNJ <GO> |
| UNH | UnitedHealth Group Incorporated | $410.91 | $368.83B | 88.6% | 4.8% | 11.5% | 16.4x | +6.5% | LLY VS UNH <GO> |
| MRK | Merck & Company Inc. | $146.33 | $361.02B | 74.8% | 34.3% | 20.7% | 15.3x | +1.3% | LLY VS MRK <GO> |