What is Eli Lilly's R&D?

Eli Lilly (LLY) reported R&D of $3.51B in Q1 2026.

How has Eli Lilly's R&D changed year-over-year?

Eli Lilly's R&D increased by 28.4% year-over-year, from $2.73B to $3.51B.

What is the long-term trend for Eli Lilly's R&D?

Over 4 years (2021 to 2025), Eli Lilly's R&D has grown at a 17.8% compound annual growth rate (CAGR), from $6.93B to $13.34B.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Eli Lilly LLY R&D

R&D at other companies

AmgenAMGN

$1.72B+15.7%

MannkindMNKD

$17.23M+56.3%

Oruka Therapeutics, Inc.ORKA

$29.15M+46.3%

ExelixisEXEL

$199.92M-5.8%

Lexicon PharmaceuticalsLXRX

$12.76M-16.6%

Protagonist TherapeuticsPTGX

$46.74M+30.2%

Other financials

Income statement

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Revenue$19.8B+55.5%

Gross profit$16.2B+54.4%

Net income$7.4B+168%

EPS (diluted)$8.26+170%

Balance sheet

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Cash & equivalents$5.3B+70.8%

Total debt$43.4B+12.6%

Total equity$31.2B+97.9%

Total assets$116.58B+30.4%

Cash flow

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Operating cash flow$5.3B+220%

CapEx$2.3B+54.0%

Free cash flow$3.0B+1,828%

Valuation

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Market cap$1.09T+56.4%

Enterprise value$1.12T+53.8%

P/E42.9×-7.3×

P/S15×+2.0×

Profitability

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Gross margin82.8%+1.1pp

Net margin35%+12.3pp

FCF margin16.4%+8.7pp

Returns & leverage

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Return on equity107.6%+29.9pp

Debt / equity1.4×-1.1×

Current ratio1.5×+0.1×

Where this comes from

Reported directly by Eli Lilly in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost.

The official record: Eli Lilly’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Eli Lilly's R&D?: Eli Lilly (LLY) reported R&D of $3.51B in Q1 2026.
How has Eli Lilly's R&D changed year-over-year?: Eli Lilly's R&D increased by 28.4% year-over-year, from $2.73B to $3.51B.
What is the long-term trend for Eli Lilly's R&D?: Over 4 years (2021 to 2025), Eli Lilly's R&D has grown at a 17.8% compound annual growth rate (CAGR), from $6.93B to $13.34B.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.