Slides
Page 1
Not for promotional use
Page 2
Q4 2025 EARNINGS CALL ELI LILL Y AND COMPANY
Page 3
2025 Q4 EARNINGS Introduction and Key Events Dave Ricks, Chair and Chief Executive Officer Q4 2025 Financial Results & 2026 Financial Guidance Lucas Montarce, Chief Financial Officer R&D Update Dan Skovronsky, M.D., Ph.D., Chief Scientific and Product Officer Question & Answer Session Agenda 3
Page 4
2025 Q4 EARNINGS Not for promotional use 4 Safe Harbor Provision and Other Information This presentation contains forward-looking statements that are based on management's current expectations, but actual results may differ materially due to various factors. The company's results may be affected by factors including, but not limited to, the risks and uncertainties in pharmaceutical research and development; competitive developments; regulatory actions; litigation and investigations; business development transactions; trade and economic conditions; the negotiation and implementation of our voluntary agreement with the U.S. government related to drug pricing and access; and changes in laws and regulations, including healthcare reform. For additional information about the factors that affect the company's business, please see the company's latest Form 10-K and subsequent Forms 10-Q and 8-K filed with the Securities and Exchange Commission. Certain financial information in this presentation is presented on a non-GAAP basis. Investors should refer to the reconciliations included in this presentation and should consider the company's non- GAAP measures in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. These materials are not intended to promote the products referenced herein or otherwise influence healthcare prescribing decisions. The safety and efficacy of the agents under investigation have not been established. There is no guarantee that the agents will receive regulatory approval or become commercially available for the uses being investigated. The company undertakes no duty to update forward-looking statements except as required by applicable law.
Page 5
2025 Q4 EARNINGS Not for promotional use 5 Q4 2025 Summary Speed Life-Changing MedicinesInvest in Future Innovation Robust revenue growth of 43% driven by Key Products1 U.S. incretin analogs market grew 33%, Lilly share of market increased to 60.5%2 Revenue outside the U.S. grew 43%, driven by Mounjaro New manufacturing investments in Huntsville, AL, Lehigh Valley, PA and the Netherlands Expanded NVIDIA collaboration with a Co-Innovation AI Lab Entered into agreement to acquire Ventyx Biosciences 1 Key products include Ebglyss, Inluriyo (effective Q4 2025), Jaypirca, Kisunla, Mounjaro, Omvoh, Verzenio and Zepbound 2 IQVIA NPA total prescriptions, rolling four week data December 26, 2025; Incretin analogs market includes: injectable GLP-1s, oral GLP-1s and GLP-1/GIP dual agonists Note: Growth rates reflect change vs. Q4 2024 Full U.S. FDA approval and expanded indication for Jaypirca Phase 3 topline data for retatrutide in knee osteoarthritis pain and obesity Phase 3 topline data for orforglipron in maintenance setting Orforglipron now submitted in more than 40 countries worldwide Deliver Revenue Growth
Page 6
2025 Q4 EARNINGS Not for promotional use 6 Strategic Deliverables RESEARCH & DEVELOPMENT $3.8B TOTAL REVENUE $19.3B CAPITAL INVESTMENTS (YTD) • Mounjaro approved in the U.S. in pediatric patients 10 years and older with type 2 diabetes APPROVALS/LAUNCHES STUDY RESULTS $1.3B $1.5B DISTRIBUTED VIA DIVIDENDS DISTRIBUTED IN SHARE REPURCHASES Invest in Current PortfolioInvest in Future InnovationDeliver Revenue Growth Speed Life-Changing Medicines Return Capital to Shareholders 43% KEY PRODUCT REVENUE $13.8B 91% 26% MARKETING, SELLING & ADMINISTRATIVE $3.1B 29% NON-GAAP EARNINGS PER SHARE $7.54 42% Note: Total revenue, key product revenue, research and development, marketing, selling and administrative, and Non-GAAP EPS growth rates reflect change vs. Q4 2024 PsA=psoriatic arthritis; CLL=Chronic Lymphocytic Leukemia; SLL=Small Lymphocytic Lymphoma $7.8B • Jaypirca approved for expanded indication in adults with relapsed or refractory CLL/SLL previously treated with a covalent BTK inhibitor • Orforglipron helped patients maintain weight loss after injectable therapy • Retatrutide delivered weight loss and pain relief in OA knee pain and obesity/overweight • Jaypirca significantly improved PFS in patients with treatment-naïve CLL/SLL • Taltz and Zepbound delivered superior efficacy in PsA and obesity/overweight 55%
Page 7
2025 Q4 EARNINGS Dollars in millions; except per share data Q4 2025 GAAP Reported Adjustments Non-GAAP Adjusted YoY Non-GAAP Adjusted Change TOTAL REVENUE $19,292 $ - $19,292 43% GROSS MARGIN 82.5% 0.7 pp 83.2% 0.0pp TOTAL OPERATING EXPENSE $7,547 $ (84) $7,463 32% OPERATING INCOME $8,373 $208 $8,581 52% OTHER INCOME (EXPENSE) $(108) $(39) $(147) 58% EFFECTIVE TAX RATE 19.7% 0.0pp 19.7% 6.5pp NET INCOME $6,636 $135 $6,771 41% EPS $7.39 $0.15 $7.54 42% Acquired IPR&D Charge per share1 $0.52 $ - $0.52 174% Performance Margin2 46.1% 47.2% +4.2pp 1 Acquired IPR&D (in-process research and development) charge of $529 million (pre-tax). Numbers may not add due to rounding Not for promotional use 7 Q4 2025 Key Income Statement Measures (unaudited) 2 The Company defines Performance Margin as gross margin less research and development, marketing, selling and administrative, and asset impairment, restructuring and other special charges divided by revenue Note: The Non-GAAP Performance Margin excludes the amortization of intangible assets. The applicable impact of amortization of intangible assets can be found in the reconciliation tables on slide 23.
Page 8
2025 Q4 EARNINGS Q4 2025 Amount Price FX Rate Volume Total CER U.S. $12,877 (7)% - 50% 43% 43% EUROPE $3,096 1% 6% 19% 26% 20% JAPAN $654 (1)% (2)% 20% 17% 19% CHINA $474 (1)% 0% 11% 10% 10% REST OF WORLD $2,190 1% 2% 102% 106% 104% TOTAL REVENUE $19,292 (5)% 1% 46% 43% 41% CER = price change + volume changeNumbers may not add due to rounding Dollars in millions Not for promotional use 8 Price/Rate/Volume Effect on Revenue FY 2025 Amount Price FX Rate Volume Total CER U.S. $43,481 (10)% - 53% 43% 43% EUROPE $11,558 (0)% 5% 62% 67% 62% JAPAN $2,132 (0)% 1% 17% 17% 16% CHINA $1,951 1% (0)% 17% 18% 18% REST OF WORLD $6,057 0% (1)% 42% 42% 42% TOTAL REVENUE $65,179 (6)% 1% 50% 45% 44% Dollars in millions
Page 9
2025 Q4 EARNINGS Not for promotional use 9 Q4 2025 Update on Key Products MOUNJARO U.S. type 2 diabetes incretin analogs SOM leader with TRx SOM 48% and NBRx SOM 55% at end of Q4 2025 International revenue grew 10% vs. Q3 2025 ZEPBOUND U.S. branded anti-obesity SOM leader with TRx SOM 64% and NBRx SOM 69% at end of Q4 2025 VERZENIO Q4 2025 sales of $1.6B; sales increased 3% vs. Q4 2024 International volume grew 16% vs. Q4 2024 JAYPIRCA Q4 2025 sales of $148M; sales increased 30% vs. Q4 2024 INLURIYO Q4 2025 sales of $14M following U.S. launch EBGLYSS Q4 2025 sales of $134M; U.S. TRx grew 25% vs. Q3 2025 OMVOH Q4 2025 sales of $88M; US TRx grew 22% vs. Q3 2025 KISUNLA Q4 2025 sales of $109M grew 54% vs. Q3 2025 Key Product Highlights: $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Millions
Page 10
2025 Q4 EARNINGS Not for promotional use 10 Total Prescriptions 4 Week Rolling Average (thousands) Source: IQVIA weekly NPA total prescriptions, weekly data December 26, 2025; Incretin analogs market includes: injectable GLP-1s, oral GLP-1s and GLP-1/GIP dual agonists U.S. Incretin Analogs Market Incretin Analogs Market Key Highlights: U.S. market grew 33% in Q4 vs. prior year and 6% vs. Q3 2025 Lilly share of market increased to 60.5%, +2.6pp vs. prior quarter Announced agreement with the U.S. government to expand access in 2026 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0 300 600 900 1,200 1,500 1,800 2,100 2,400 LILLY SOM 60.5% TOTAL PRESCRIPTIONS +33% in Q4 vs. PY NOVO SOM 39.1%
Page 11
2025 Q4 EARNINGS $ in billions Dividend R&D* Capital Investments Business Development** Share Repurchase GrowthReturn * After tax ** Includes development milestones, closed acquisitions and cash outflows associated with equity investments FY 2025 Capital Allocation Not for promotional use 11 Capital Allocation $4.1 $5.4 $4.1 $7.8 $10.9
Page 12
2025 Q4 EARNINGS Not for promotional use 12 Select Factors Influencing 2026 Financial Outlook Continued momentum from Mounjaro and Zepbound worldwide Expanded obesity medicine access in Medicare expected by July 1, 2026 Growth from key products including Ebglyss, Omvoh, Jaypirca, Inluriyo, and Kisunla Expected orforglipron U.S. launch in Q2, pending FDA approval Global pricing decline in low- to mid-teens driven by: o Access agreement with the U.S. government o New Zepbound direct-to-patient pricing o Mounjaro reimbursement in China for type 2 diabetes o Medicaid MFN pricing impact on later lifecycle products Flat or eroding contributions from later lifecycle products including Taltz, Trulicity, and Verzenio Acceleration of R&D expense growth driven by announced and planned investments in the portfolio Favorable Unfavorable MFN: Most Favored Nation
Page 13
2025 Q4 EARNINGS 2025 Non-GAAP Adjusted 2026 Guidance 2026 Comments REVENUE1 $65.2 billion $80.0 – $83.0 billion Midpoint represents 25% growth PERFORMANCE MARGIN2 46.3% 46.0% – 47.5% Gross Margin will be stable to slightly down, with favorable product mix and productivity offset by price and new facilities Research and development expense will continue to accelerate, driven by ongoing and new late-phase programs TAX RATE 18.4% Approximately 18-19% EARNINGS PER SHARE3 $24.21 $33.50 – $35.00 1 GAAP measure 2 The Company defines Performance Margin as gross margin less research and development and marketing, selling, and administrative expenses divided by revenue. Excludes the impact of intangible asset amortization 3 2026 assumes shares outstanding of approximately 894 million FX assumptions of 1.16 (Euro), 153 (Yen) and 7.1 (Yuan) Not for promotional use 13 2026 Guidance (Non-GAAP)
Page 14
2025 Q4 EARNINGS 0.8% 31.7% 20.4% 33.5% Not for promotional use 14 TOGETHER-PsA T opline Phase 3b Results Concomitant use of Taltz and Zepbound delivered superior results to Taltz monotherapy Regimen delivered 64% relative increase in proportion of patients who achieved ACR50 vs. Taltz monotherapy >60% of patients had prior experience with advanced therapies Adverse events in participants treated with concomitant therapy were consistent with the known safety profile of each medicine Key Highlights: ** P value ≤0.001. Hypothetical efficacy estimand in the modified intent-to-treat (mITT) population. Represents efficacy in all mITT participants who remained on study intervention without initiating prohibited medication * P value ≤0.05. Hypothetical efficacy estimand in the mITT population PsA=psoriatic arthritis; ACR50=American College of Rheumatology 50 ACR50 at 36 Weeks Taltz and Zepbound Taltz Monotherapy * ACR50 and ≥10% Weight Reduction at 36 Weeks Taltz and Zepbound Taltz Monotherapy ** Proportion of Patients Proportion of Patients
Page 15
2025 Q4 EARNINGS Not for promotional use 15 Pirtobrutinib Progression Free Survival in Treatment-Naïve CLL 80% BRUIN CLL-313 ITT1 BRUIN CLL-314 TN Subgroup2 1 PFS results presented are IRC assessed 2 PFS results presented are INV assessed; PFS data immature at time of readout CLL: Chronic lymphocytic leukemia; ITT: Intent to Treat; TN: Treatment Naïve; BendaR: Bendamustine plus rituximab; IRC: Independent Review Committee; INV: Investigator Pirtobrutinib safety and tolerability consistent with other Phase 3 trials, with low rates of discontinuation and atrial fibrillation/flutter reduction in risk of progression or death vs ibrutinib 20 30 0 10 50 70 100 40 60 80 90 3660 42 8 1210 1614 Time Since Randomization (Months) 20 2218 24 26 28 30 32 34 38 40 BendaR Pirtobrutinib Progression-Free Survival Probability (%) reduction in risk of progression or death vs BendaR 76% Time Since Randomization (Months) 100 90 80 70 60 50 40 30 20 10 0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 Ibrutinib Pirtobrutinib Progression-Free Survival Probability (%)
Page 16
2025 Q4 EARNINGS Not for promotional use 16 Orforglipron A TT AIN-MAINT AIN T opline Results Key Highlights: Semaglutide1 to Orforglipron Tirzepatide1 to Orforglipron 1 Treatment was at maximum tolerated doses of either 1.7 mg or 2.4 mg (semaglutide) or 10 mg or 15 mg (tirzepatide) 2. Observed mean based on efficacy estimand data set 3 Mixed Model for Repeated Measures (MMRM) based on efficacy estimand data set After subsequent 52 weeks of orforglipron3 After 72 weeks of semaglutide2 113.5 kg 95.0 kg 95.9 kg Prior to Incretin Therapy2 115.8 kg 90.9 kg 95.9 kg After 72 weeks of tirzepatide2 Prior to Incretin Therapy2 Orforglipron met primary and all key secondary endpoints Safety and tolerability profile consistent with previous orforglipron Phase 3 studies Patients switching from semaglutide to orforglipron lost weight at 24 weeks (-0.1 kg) vs regain on placebo (9.4kg) Could provide patients a convenient option for their long-term health journey After subsequent 52 weeks of orforglipron3 Average Body Weight Average Body Weight
Page 17
2025 Q4 EARNINGS -2.1 kg -29.1 kg -32.3 kg Not for promotional use 17 Retatrutide TRIUMPH-4 T opline Results Key Highlights: Body Weight Change BASELINE WEIGHT: 112.7 kg Placebo Retatrutide 9 mg Retatrutide 12 mg -26.4% -28.7% -2.1% WOMAC Pain Subscale Score Change BASELINE WOMAC PAIN SUBSCALE SCORE: 6.0 WOMAC: Western Ontario and McMaster Universities Osteoarthritis Index pain score; Percent change in the WOMAC pain subscale score and percent change in the WOMAC physical function subscale score were not pre-specified and were estimated from a post-hoc analysis (2.4) (4.5) (4.4) Co-Primary Endpoint Change at 68 Weeks Discontinuation rates due to AEs 4-18% across all participants and 5-12% in participants with BMI ≥ 35 -74.3%-75.8% -40.3% Participants taking retatrutide 12 mg lost an average of 71 pounds Retatrutide reduced WOMAC pain scores by up to an average of 75.8% Most common adverse events were consistent with those seen in clinical trials for other incretins 1 out of 8 participants were completely free from knee pain
Page 18
2025 Q4 EARNINGS February 3, 2026 Not for promotional use 18 PHASE 2 PHASE 1 PHASE 3 Lilly Select Pipeline REG REVIEW APPROVED NME NILEX / Other UPDATES SINCE October 28, 2025 REMOVAL ADDITION OR MILESTONE ACHIEVED VEPUGRATINIB Cancer TARGETS UNDISCLOSED Sixteen Additional NMEs TERSOLISIB (PI3Kα INH) Cancer UNC13A SSO ALS SMARCA2 (BRM) Cancer SNCA siRNA Neurodegeneration PTK7 ADC Cancer SARM1 INHIBITOR Neurodegeneration PCSK9 EDITOR ASCVD PNPLA3 siRNA MASLD NECTIN-4 ADC 2 Cancer PAN KRAS Cancer NAV 1.8 INH (SM) Pain NECTIN-4 ADC 1 Cancer LA-ANP Heart Failure MAPT siRNA Neurodegeneration INTEGRIN α5β1 CMH KRAS G12D Cancer GGG TRI-AGONIST III CMH GS INSULIN RECEPTOR AGONIST II Diabetes AT2R ANTAGONIST Pain FXR AGONIST Immunology ANGPTL3 EDITOR ASCVD ANTI-VEGF GENE THERAPY Vestibular Schwannoma [Ac-225]-PSMA-62 Prostate Cancer BRENIPATIDE Tobacco Use Disorder INTEGRIN α4β7 (MORF- 057) + MIRIKIKZUMAB UC BRENIPATIDE Asthma BRENIPATIDE Bipolar Disorder INTEGRIN α4β7 (MORF-057) Crohn’s Disease TIRZEPATIDE Higher Doses ELTREKIBART Ulcerative Colitis GBA1 GENE THERAPY Gaucher Disease Type 1 GS INSULIN RECEPTOR AGONIST Diabetes MACUPATIDE Obesity AIPL1 GENE THERAPY LCA4 GIPR AGONIST LA CINV SIMEPDEKINRA Psoriasis SOLBINSIRAN CVD OCADUSERTIB Rheumatoid Arthritis OTOF GENE THERAPY Hearing Loss NAPERIGLIPRON Obesity NISOTIROSTIDE Diabetes MEVIDALEN AD Symptomatic INTEGRIN α4β7 (MORF-057) Ulcerative Colitis EPIREGULIN Ab Pain GBA1 GENE THERAPY Parkinson’s Disease BIMAGRUMAB Obesity ELTREKIBART Hidradenitis Suppurativa CD19 ANTIBODY MS and RA GRN GENE THERAPY Frontotemporal Dementia RETATRUTIDE MASLD TIRZEPATIDE MASLD ORFORGLIPRON CV Outcomes ORFORGLIPRON PAD TIRZEPATIDE MMO TIRZEPATIDE Type 1 Diabetes RETATRUTIDE Diabetes SELPERCATINIB Adjuvant RET+ NSCLC RETATRUTIDE CLBP RETATRUTIDE CV / Renal Outcomes PIRTOBRUTINIB R/R CLL Combination PIRTOBRUTINIB R/R MCL Monotherapy ORFORGLIPRON Osteoarthritis Pain ORFORGLIPRON Stress Urinary Incontinence ORFORGLIPRON Hypertension ORFORGLIPRON Obstructive Sleep Apnea OLOMORASIB Adj KRAS G12C+ NSCLC (resected) OLOMORASIB Adj KRAS G12C+ NSCLC (unresected) MIRIKIZUMAB + TIRZEPATIDE UC OLOMORASIB 1L KRAS G12C+ NSCLC (PD-L1 high) LEBRIKIZUMAB CRSwNP MIRIKIZUMAB + TIRZEPATIDE CD IXEKIZUMAB + TIRZEPATIDE Psoriasis LEBRIKIZUMAB AR (perennial allergens) IMLUNESTRANT Adjuvant Breast Cancer IXEKIZUMAB + TIRZEPATIDE PsA SOFETABART MIPITECAN (FRa ADC) PROC DONANEMAB Preclinical Alzheimer’s Disease ELORALINTIDE Obesity IXO-VEC wet AMD RETATRUTIDE Obesity, OA, OSA BRENIPATIDE AUD OLOMORASIB 1L KRAS G12C+ NSCLC (All PD-L1) REMTERNETUG Preclinical / MCI AD LEPODISIRAN ASCVD MUVALAPLIN ASCVD TIRZEPATIDE CV Outcomes PIRTOBRUTINIB 1L CLL Monotherapy ORFORGLIPRON Diabetes ORFORGLIPRON Obesity INSULIN EFSITORA ALFA Diabetes TIRZEPATIDE Heart Failure pEF
Page 19
2025 Q4 EARNINGS REGULATORY ACTIONS Mirikizumab for Crohn’s disease [US ✓+ / EU ✓+ / J ✓+] Tirzepatide for HFpEF [US ✓- /EU ✓+] Tirzepatide for pediatric patients and adolescent T2D [US ✓+/ EU ✓+] Imlunestrant ER+, HER2- mBC [US ✓+ / J ✓+] Pirtobrutinib for CLL full approval [US ✓+ / EU ✓+ / J ✓+ ] Donanemab for early Alzheimer’s disease [EU] PHASE 3 INITIATIONS Orforglipron for hypertension and overweight or obesity Olomorasib for resected adjuvant NSCLC1 Muvalaplin for ASCVD2 Retatrutide for chronic low back pain and overweight or obesity Olomorasib for unresected NSCLC1 Tirzepatide for type 1 diabetes Orforglipron for OA3 pain of the knee and overweight or obesity Retatrutide and Tirzepatide for MASLD4 Orforglipron for SUI5 and overweight or obesity Brenipatide for AUD6 Orforglipron for cardiovascular outcomes PHASE 3 DATA DISCLOSURES Orforglipron for obesity [ATTAIN-1 ✓+ / 2 ✓+] Orforglipron for type 2 diabetes [ACHIEVE-1 ✓+ / 2 ✓+ / 3 ✓+ / 5 ✓+ ] Tirzepatide cardiovascular outcomes [SURPASS-CVOT] Pirtobrutinib 1L CLL vs. BR7 [BRUIN CLL-313] Pirtobrutinib 1L CLL vs. ibrutinib [BRUIN CLL-314] Retatrutide for OA3 pain of the knee and overweight or obesity [TRIUMPH-4] Orforglipron for maintenance of body weight reduction [ATTAIN-MAINTAIN] NEW SINCE LAST UPDATE Not for promotional use 19 Key Events 2025 1 Non-small cell lung cancer; 2 Atherosclerotic cardiovascular disease; 3 Osteoarthritis; 4 Metabolic dysfunction-associated steatotic liver disease; 5 Stress Urinary Incontinence; 6 Alcohol use disorder; 7 Bendamustine plus Rituximab ✓+ ✓+ ✓+ ✓+ ✓+ REGULATORY SUBMISSIONS Insulin efsitora alfa for type 2 diabetes [US ✓+ / EU ✓+ / J ✓+ ] Orforglipron for obesity [US ✓+ / EU ✓+ / J ✓+] Tirzepatide for cardiovascular outcomes [US✓+] Pirtobrutinib CLL full approval [US ✓+] Pirtobrutinib for 1L CLL [US ✓+ /EU ✓+] Tirzepatide for Pediatric and Adolescent type 2 diabetes [US ✓+/ EU ✓+] ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+ ✓+
Page 20
2025 Q4 EARNINGS PHASE 3 INITIATIONS Eloralintide for overweight or obesity Orforglipron for peripheral artery disease Vepugratinib for 1L metastatic urothelial cancer Tersolisib for advanced breast cancer Sofetabart Mipitecan for platinum-resistant ovarian cancer Sofetabart Mipitecan for platinum-sensitive ovarian cancer Brenipatide for major depressive disorder Baricitinib for Type 1 Diabetes REGULATORY SUBMISSIONS Orforglipron for T2D [US / EU ✓+/ J] Orforglipron for obstructive sleep apnea and overweight or obesity Retatrutide for overweight or obesity Retatrutide for obstructive sleep apnea and overweight or obesity Retatrutide for osteoarthritis pain of the knee and overweight or obesity Pirtobrutinib for R/R CLL combination Lebrikizumab for pediatric atopic dermatitis REGULATORY ACTIONS Zepbound Kwikpen [US] Tirzepatide for cardiovascular outcomes Orforglipron for overweight or obesity Insulin efsitora alfa for T2D Pirtobrutinib for 1L CLL Lebrikizumab maintenance dosing once every 8 weeks NEW SINCE LAST UPDATE Not for promotional use 20 Potential Key Events 2026 PHASE 3 DATA DISCLOSURES Ixekizumab and Tirzepatide for psoriatic arthritis and overweight or obesity Orforglipron for T2D [ACHIEVE-4] Orforglipron for obstructive sleep apnea Retatrutide for overweight or obesity [TRIUMPH 1/2/3] Retatrutide for T2D [TRANSCEND-T2D 1/2/3] Lebrikiuzmab for pediatric atopic dermatitis Pirtobrutinib for R/R CLL combination [BRUIN-322] ✓+ ✓+ ✓+ ✓+✓+
Page 21
2025 Q4 EARNINGS Not for promotional use 21 Supplemental Slides
Page 22
2025 Q4 EARNINGS * Includes research and development expense; marketing, selling and administrative; acquired in-process research and development charges; and asset impairment, restructuring and other special charges (as applicable) Not for promotional use 22 2025 Income Statement – Reported Dollars in millions; except per share data Q4 2025 Change TOTAL REVENUE $19,292 43% GROSS MARGIN 82.5% 0.3pp TOTAL OPERATING EXPENSE* $7,547 26% OPERATING INCOME $8,373 63% OPERATING MARGIN 43.4% 5.4pp OTHER INCOME (EXPENSE) $(108) (2)% EFFECTIVE TAX RATE 19.7% 7.2pp NET INCOME $6,636 50% EPS $7.39 51%
Page 23
2025 Q4 EARNINGS Not for promotional use 23 EPS Reconciliation Q4 2025 Q4 2024 % Change EARNINGS PER SHARE (REPORTED) $7.39 $4.88 51% AMORTIZATION OF INTANGIBLE ASSETS 0.11 0.12 (8)% ASSET IMPAIRMENT, RESTRUCTURING AND OTHER SPECIAL CHARGES 0.07 0.30 (77)% NET LOSSES (GAINS) ON INVESTMENTS IN EQUITY SECURITIES (0.03) 0.02 NM EARNINGS PER SHARE (NON-GAAP) $7.54 $5.32 42% ACQUIRED IPR&D $0.52 $0.19 174% Numbers may not add due to rounding; see slide 24 for more details on these adjustments; NM = not meaningful
Page 24
2025 Q4 EARNINGS Q4 2025 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • amortization of intangibles (cost of sales) primarily associated with costs of marketed products acquired or licensed from third parties totaling $124 million (pre-tax), or $0.11 per share (after-tax) • asset impairment, restructuring and other special charges totaling $84 million (pre-tax), or $0.07 per share (after-tax) • net gains on investments in equity securities totaling $39 million (pre-tax), or ($0.03) per share (after-tax) Q4 2024 NON-GAAP INFORMATION HAS BEEN ADJUSTED TO EXCLUDE: • asset impairment, restructuring and other special charges totaling $344 million (pre-tax), or $0.30 per share (after-tax) • amortization of intangibles (cost of sales) primarily associated with costs of marketed products acquired or licensed from third parties totaling $136 million (pre-tax), or $0.12 per share (after-tax) • net losses on investments in equity securities totaling $17.0 million (pre-tax), or $0.02 per share (after-tax) Not for promotional use 24 Q4 Non-GAAP Adjustments
Page 25
2025 Q4 EARNINGS 0 200 400 600 800 1,000 1,200 1,400 1,600 0% 10% 20% 30% 40% 50% 60% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13 Wk RA TRX Market Size 13 wk RA TRx SOM U.S. TRx SOM and Market Volume Source: IQVIA NPA TRx 3MMA, weekly data December 26, 2025; RA = rolling average TRx data is representative of the injectable incretin type 2 diabetes market Mounjaro $ in Millions U.S. sales were $4.1 billion International sales were $3.3 billion Market Not for promotional use 25 Q4 2025 Mounjaro Sales Increased $3.9B $1,807 $3,091 $3,113 $3,530 $3,842 $5,199 $6,515 $7,409 Q1 Q2 Q3 Q4 2024 2025
Page 26
2025 Q4 EARNINGS $517 $1,243 $1,258 $1,907 $2,312 $3,381 $3,588 $4,261 Q1 Q2 Q3 Q4 2024 2025 0 100 200 300 400 500 600 700 800 0% 10% 20% 30% 40% 50% 60% 70% 80% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13 Wk RA TRX Market Size 13 wk RA TRx SOM U.S. TRx SOM and Market Volume Source: IQVIA NPA TRx 3MMA, weekly data December 26, 2025; RA = rolling average TRx data is representative of the branded anti-obesity market Zepbound $ in Millions Market Not for promotional use 26 Q4 2025 Zepbound Sales Increased $2.4B 1 Tirzepatide is marketed for obesity under the brand name Zepbound in Canada, Japan, and the United States U.S. sales were $4.2 billion International sales were $31 million1
Page 27
2025 Q4 EARNINGS 0 2 4 6 8 10 12 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 13 Wk RA TRX Market Size 13 wk RA TRx SOM U.S. sales were $997 million International sales were $608 million U.S. TRx SOM and Market Volume Market Verzenio $ in Millions Not for promotional use 27 Q4 2025 Verzenio Sales Increased 3% Source: IQVIA NPA TRx 3MMA, weekly data December 26, 2025; RA = rolling average $1,050 $1,332 $1,369 $1,555 $1,159 $1,489 $1,470 $1,604 Q1 Q2 Q3 Q4 2024 2025
Page 28
2025 Q4 EARNINGS Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07219966 Alcohol Use Disorder A Study of Brenipatide in Participants With Moderate- to-Severe Alcohol Use Disorder (RENEW-ALC-1) 3 1100 Change in Drinking Patterns in Alcohol Use Disorder (AUD) as Assessed by the Timeline Followback Method (TLFB) Apr 2028 Apr 2028 NCT07219953 Alcohol Use Disorder A Study of Brenipatide in Participants With Alcohol Use Disorder (RENEW-ALC-2) 3 1100 Change in Drinking Patterns in Alcohol Use Disorder (AUD) as Assessed by the Timeline Followback Method (TLFB) Apr 2028 Apr 2028 NCT07223840 Tobacco Use Disorder A Study of Brenipatide in Adults Who Quit Smoking Cigarettes and Want to Avoid Relapse (RENEW-Smk-1) 2 222 Percentage of Participants that Achieve Carbon Monoxide (CO)-Confirmed Continuous Abstinence from Cigarette Smoking with Allowed Slips Feb 2027 Feb 2027 NCT07286175 Bipolar Disorder A Study of Brenipatide in Adult Participants With Bipolar Disorder (RENEW-Bipolar-1) 2 400 Time to Relapse Defined as Days from Randomization to the Date on Which the Participant Meets Any Relapse Criterion Nov 2027 Nov 2027 NCT07219173 Asthma A Study to Evaluate Brenipatide Compared With Placebo in Adult Participants With Uncontrolled Moderate to Severe Asthma 2 531 Annualized Asthma Exacerbation Rate Over 52 Weeks of Treatment, To assess the asthma exacerbation rate Apr 2028 Jun 2028 Not for promotional use 28 Select Trials – Brenipatide * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026
Page 29
2025 Q4 EARNINGS Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT04437511 Alzheimer's Disease A Study of Donanemab (LY3002813) in Participants With Early Alzheimer's Disease (TRAILBLAZER-ALZ 2) 3 1736 Change From Baseline on the Integrated Alzheimer's Disease Rating Scale (iADRS) (Overall Population) Apr 2023 Nov 2028 NCT05738486 Alzheimer's Disease A Study of Different Donanemab (LY3002813) Dosing Regimens in Adults With Early Alzheimer's Disease (TRAILBLAZER-ALZ 6) 3 1175 Percentage of Participants with Any Occurrence of Amyloid-Related Imaging Abnormality-Edema/Effusion (ARIA-E) May 2024 May 2027 NCT05508789 Alzheimer's Disease A Study of Donanemab (LY3002813) in Participants With Early Symptomatic Alzheimer's Disease (TRAILBLAZER-ALZ 5) 3 1500 Change from Baseline on the Integrated Alzheimer's Disease Rating Scale (iADRS) May 2028 July 2028 NCT05026866 Alzheimer's Disease A Donanemab (LY3002813) Study in Participants With Preclinical Alzheimer's Disease (TRAILBLAZER-ALZ 3) 3 2996 Time to Clinical Progression of Composite Endpoint as Measured by Clinical Dementia Rating (CDR) Nov 2027 Nov 2027 Not for promotional use 29 Select Trials – Donanemab * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026
Page 30
2025 Q4 EARNINGS Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07282600 Obesity A Study of Eloralintide (LY3841136) in Participants With Obesity or Overweight, and Type 2 Diabetes (ENLIGHTEN-2) 3 1035 Percent Change from Baseline in Body Weight Jan 2028 Feb 2028 NCT06603571 Obesity A Study to Investigate Weight Management With LY3841136 and Tirzepatide (LY3298176), Alone or in Combination, in Adult Participants With Obesity or Overweight With Type 2 Diabetes 2 350 Percent Change from Baseline in Body Weight Jun 2026 Aug 2026 Not for promotional use 30 Select Trials – Eloralintide * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026
Page 31
2025 Q4 EARNINGS Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT04975308 Breast Neoplasms A Study of Imlunestrant, Investigator's Choice of Endocrine Therapy, and Imlunestrant Plus Abemaciclib in Participants With ER+, HER2- Advanced Breast Cancer (EMBER-3) 3 874 Investigator-assessed Progression Free Survival (PFS) (Between Arm A and Arm B) Jun 2024 Aug 2027 NCT055140541 Breast Neoplasms A Study of Imlunestrant Versus Standard Endocrine Therapy in Participants With Early Breast Cancer (EMBER-4) 3 8000 Invasive Disease-Free Survival (IDFS) Oct 2027 Mar 2032 Not for promotional use 31 Select Trials – Imlunestrant * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 1 CT.gov update in progress
Page 32
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 32 Select Trials – Lebrikizumab Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT05559359 Atopic Dermatitis A Study of Lebrikizumab (LY3650150) in Participants 6 Months to <18 Years of Age With Moderate-to-Severe Atopic Dermatitis (ADorable-1) 3 367 Percentage of Participants with an Investigator Global Assessment (IGA) score 0 or 1 and a Reduction ≥2 points from Baseline Jan 2026 Dec 2026 NCT05735483 Atopic Dermatitis A Study to Assess the Long-Term Safety and Efficacy of Lebrikizumab (LY3650150) in Participants 6 Months to <18 Years of Age With Moderate-to-Severe Atopic Dermatitis (ADorable-2) 3 310 Percentage of Participants Discontinued From Study Treatment due to Adverse Events (AEs) Dec 2027 Apr 2029 NCT06280716 Atopic Dermatitis A Study of Lebrikizumab (LY3650150) With/Without Topical Corticosteroid Treatment in Participants With Moderate-to-Severe Atopic Dermatitis (ADvance-Asia) 3 301 Percentage of Participants Achieving Eczema Area and Severity Index (EASI-75) ≥75% Reduction in EASI Score for Mono Cohort Sep 2025 Aug 2026 NCT06339008 Perennial Allergic Rhinitis (PAR) A Study of Lebrikizumab in Adult Participants With Perennial Allergic Rhinitis (PREPARED-1) 3 450 Mean Change From Baseline (CFBL) in Total Nasal Symptom Score (TNSS) at week 16 Sep 2026 Oct 2028 NCT06921759 Atopic Hand and Foot Dermatitis A Study to Investigate the Efficacy and Safety of Lebrikizumab in Participants With Moderate-to-Severe Atopic Hand and Foot Dermatitis (ADtouch) 3 206 Percentage of Participants Achieving a Hand and Foot Investigator Global Assessment (HF-IGA) Score of 0 or 1 with ≥2-point Improvement from Baseline Jul 2026 Sep 2026 NCT06338995 Chronic Rhinosinusitis With Nasal Polyps (CRSwNP) A Study of Lebrikizumab (LY3650150) in Adult Participants With Chronic Rhinosinusitis and Nasal Polyps Treated With Intranasal Corticosteroids (CONTRAST-NP) 3 510 Mean Change From Baseline (CFBL) in Participant Reported Nasal Congestion Score (NCS) Severity May 2027 Mar 2028
Page 33
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 33 Select Trials – Lepodisiran Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06292013 Atherosclerotic Cardiovascular Disease (ASCVD)1 A Study to Investigate the Effect of Lepodisiran on the Reduction of Major Adverse Cardiovascular Events in Adults With Elevated Lipoprotein(a) - ACCLAIM-Lp(a) 3 17300 Time to First Occurrence of Any Component of the Major Adverse Cardiac Event (MACE)-4 Composite Endpoint Mar 2029 Mar 2029 1 Reduction of major adverse cardiovascular events (MACE) in patients with Atherosclerotic Cardiovascular Disease (ASCVD) and those at-risk for ASCVD
Page 34
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 34 Select Trials – Mirikizumab Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT04232553 Crohn's Disease A Long-term Extension Study of Mirikizumab (LY3074828) in Participants With Crohn's Disease (VIVID-2) 3 996 Percentage of Participants Achieving Endoscopic Response Nov 2024 Apr 2027 NCT06937099 Crohn's Disease Mirikizumab and Tirzepatide Administered in Adult Participants With Moderately to Severely Active Crohn's Disease and Obesity or Overweight (COMMIT-CD) 3 290 Percentage of Participants Who Simultaneously Achieve Clinical Remission by Crohn's Disease Activity Index (CDAI), Endoscopic Remission, and at least 10% Weight Reduction May 2028 May 2028 NCT03519945 Ulcerative Colitis A Study to Evaluate the Long-Term Efficacy and Safety of Mirikizumab in Participants With Moderately to Severely Active Ulcerative Colitis (LUCENT-3) 3 1063 Percentage of Participants in Clinical Remission Jul 2026 Dec 2027 NCT06937086 Ulcerative Colitis Mirikizumab Administered at the Same Time as Tirzepatide in Adult Participants With Moderately to Severely Active Ulcerative Colitis and Obesity or Overweight: Phase 3b Study (COMMIT-UC) 3 350 Percentage of Participants Who Simultaneously Achieve Clinical Remission and at Least 10% Weight Reduction Apr 2028 Apr 2028
Page 35
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 35 Select Trials – Muvalaplin Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07157774 Elevated Lp(a) Assessing the Impact of Muvalaplin on Major Cardiovascular Events in Adults With Elevated Lipoprotein(a) – (MOVE-Lp(a)) 3 10450 Time to First Occurrence of Any Component of the Major Adverse Cardiac Event (MACE)-4 Composite Endpoint Mar 2031 Mar 2031
Page 36
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 36 Select Trials – Olomorasib Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06119581 Carcinoma, Non- Small-Cell Lung A Study of First-Line Olomorasib (LY3537982) and Pembrolizumab With or Without Chemotherapy in Patients With Advanced KRAS G12C-Mutant Non-small Cell Lung Cancer (SUNRAY-01) 3 1016 Dose Optimization and Safety Lead-In Part B: Number of Participants with a Treatment Emergent Adverse Event(s) (TEAE) Oct 2026 Oct 2029 NCT068905981 Carcinoma, Non- Small-Cell Lung Study of Olomorasib (LY3537982) in Combination With Standard of Care in Participants With Resected or Unresectable KRAS G12C-mutant Non-Small Cell Lung Cancer (SUNRAY-02) 3 700 Part A: Disease-Free Survival (DFS) by Investigator Assessment May 2029 Feb 2032 NCT049566402 Carcinoma, Non- Small-Cell Lung Study of LY3537982 in Cancer Patients With a Specific Genetic Mutation (KRAS G12C) 1|2 540 Phase 1a: To determine the recommended phase 2 dose (RP2D) of LY3537982 monotherapy Apr 2027 Apr 2027 1 Also lists AstraZeneca; 2 Also lists Merck Sharp & Dohme LLC
Page 37
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 37 Select Trials – Orforglipron Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT05803421 Type 2 Diabetes A Study of Daily Oral Orforglipron (LY3502970) Compared With Insulin Glargine in Participants With Type 2 Diabetes and Obesity or Overweight at Increased Cardiovascular Risk (ACHIEVE-4) 3 2749 Time to First Occurrence of Any Major Adverse Cardiovascular Event (MACE-4) [Myocardial Infarction (MI), Stroke, Hospitalization for Unstable Angina, or Cardiovascular (CV) Death] Mar 2026 Mar 2026 NCT06948422 Hypertension A Master Protocol for Orforglipron (LY3502970) in Participants With Hypertension and Obesity or Overweight: (ATTAIN-Hypertension) 3 974 Change from baseline in systolic blood pressure Sep 2027 Sep 2027 NCT05869903 Obesity A Study of Orforglipron (LY3502970) in Adult Participants With Obesity or Overweight With Weight-Related Comorbidities (ATTAIN-1) 3 3127 Mean Percent Change from Baseline in Body Weight Jul 2025 Oct 2027 NCT06672939 Obesity A Study of Orforglipron (LY3502970) in Adolescent Participants With Obesity, or Overweight With Related Comorbidities 3 125 Percent Change from Baseline in Body Mass Index (BMI) Feb 2027 Mar 2027 NCT06972472 Obesity A Study of Orforglipron (LY3502970) in Participants With Obesity or Overweight and Type 2 Diabetes 3 600 Change from Baseline in Hemoglobin A1c (HbA1c) Jan 2027 Aug 2027 NCT06972459 Obesity A Study of Orforglipron (LY3502970) in Participants With Obesity or Overweight and at Least One Weight-Related Comorbidity 3 600 Percent Change from Baseline in Body Weight Jan 2027 Aug 2027
Page 38
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 38 Select Trials – Orforglipron (Cont.) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06649045 OSA A Master Protocol for Orforglipron in Participants With Obstructive Sleep Apnea and Obesity or Overweight (ATTAIN-OSA) 3 600 Change from Baseline in Apnea-Hypopnea Index (AHI) Nov 2026 Jan 2027 NCT07153471 Osteoarthritis A Study of Orforglipron (LY3502970) in Participants With Obesity or Overweight and Osteoarthritis (OA) of the Knee (ATTAIN-OA PAIN) 3 800 Change from Baseline in the Western Ontario and McMaster Universities Osteoarthritis Index (WOMAC) Pain Subscale Score Apr 2028 May 2028 NCT07202884 Stress Urinary Incontinence A Study of Orforglipron in Female Participants With Stress Urinary Incontinence Who Have Obesity or Overweight (RESTRAIN-SUI) 3 1000 Change from Baseline in Incontinence Episode Frequency (IEF) Mar 2028 Mar 2028 NCT07241390 Atherosclerosis Cardiovascular Disease A Study of Orforglipron (LY3502970) on Cardiovascular Outcomes in Adults With Atherosclerotic Cardiovascular Disease and/or Chronic Kidney Disease (ATTAIN-Outcomes) 3 7140 Time to First Occurrence of Composite Endpoint of Major Cardiovascular Events Aug 2031 Aug 2031 NCT07223593 Peripheral Arterial Disease Efficacy and Safety of Orforglipron in Participants With Peripheral Artery Disease (ATTAIN-PAD) 3 1205 Percent Change from Baseline in Maximum Walking Distance Jun 2028 Jun 2028
Page 39
2025 Q4 EARNINGS Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 39 Select Trials – Pirtobrutinib Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT04666038 Chronic Lymphocytic Leukemia Study of LOXO-305 (Pirtobrutinib) Versus Investigator's Choice (Idelalisib Plus Rituximab or Bendamustine Plus Rituximab) in Patients With Previously Treated Chronic Lymphocytic Leukemia (CLL)/Small Lymphocytic Lymphoma (SLL) (BRUIN CLL-321) 3 238 Progression-free Survival (PFS) Assessed by Independent Review Committee (IRC) Aug 2023 May 2027 NCT05023980 Chronic Lymphocytic Leukemia A Study of Pirtobrutinib (LOXO-305) Versus Bendamustine Plus Rituximab (BR) in Untreated Patients With Chronic Lymphocytic Leukemia (CLL)/Small Lymphocytic Lymphoma (SLL) (BRUIN CLL-313) 3 309 To evaluate progression-free survival (PFS) of pirtobrutinib (Arm A) compared to bendamustine and rituximab (Arm B) Jul 2025 Oct 2027 NCT04965493 Chronic Lymphocytic Leukemia A Trial of Pirtobrutinib (LOXO-305) Plus Venetoclax and Rituximab (PVR) Versus Venetoclax and Rituximab (VR) in Previously Treated Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) (BRUIN CLL-322) 3 600 To evaluate progression-free survival (PFS) of pirtobrutinib plus venetoclax and rituximab (Arm A) compared to venetoclax and rituximab (Arm B) Oct 2026 Oct 2027 NCT05254743 Chronic Lymphocytic Leukemia A Study of Pirtobrutinib (LOXO-305) Versus Ibrutinib in Participants With Chronic Lymphocytic Leukemia (CLL)/Small Lymphocytic Lymphoma (SLL) (BRUIN CLL-314) 3 662 Percentage of Participants Achieving Complete Response (CR), Complete Remission with Incomplete Hematologic Recovery (Cri), Nodular Partial Remission (nPR) or Partial Response (PR): Overall Response Rate (ORR) Part 1 Jun 2025 Jan 2028 NCT04662255 Lymphoma, Mantle-Cell Study of BTK Inhibitor LOXO-305 Versus Approved BTK Inhibitor Drugs in Patients With Mantle Cell Lymphoma (MCL) (BRUIN MCL-321) 3 500 To compare progression-free survival (PFS) of pirtobrutinib as monotherapy (Arm A) to investigator choice of covalent BTK inhibitor monotherapy (Arm B) in patients with previously treated mantle cell lymphoma (MCL) Jan 2027 Apr 2028 * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes
Page 40
2025 Q4 EARNINGS Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 40 Select Trials – Pirtobrutinib (Cont.) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07162181 Non-Hodgkin Lymphoma Long-Term Safety of Pirtobrutinib in Participants With Previously Treated Types of Blood Cancers 2 13 Percentage of Participants with Grade 3 or Higher Treatment-emergent Adverse Events May 2030 May 2030 NCT06721013 Immune Thrombocytopeni a (ITP) A Study of Pirtobrutinib in Participants With Immune Thrombocytopenia 1|2 58 Ph. 1 - Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Serious Adverse Event(s) (SAEs) Considered by the Investigator to be Related to Study Drug Administration Dec 2026 Feb 2027 * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes
Page 41
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 41 Select Trials – Remternetug Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT05463731 Alzheimer's Disease A Study of Remternetug (LY3372993) in Participants With Alzheimer's Disease (TRAILRUNNER-ALZ 1) 3 1667 Percentage of Participants Who Reach Amyloid Plaque Clearance on Amyloid PET Scan for Remternetug versus Placebo Apr 2024 Mar 2026 NCT06653153 Alzheimer's Disease A Study of Remternetug (LY3372993) in Early Alzheimer's Disease (TRAILRUNNER-ALZ 3) 3 1400 Time to Clinically Meaningful Progression as Measured by Clinical Dementia Rate Scale (CDR) Apr 2029 Oct 2030
Page 42
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 42 Select Trials – Retatrutide Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT05929066 Obesity A Study of Retatrutide (LY3437943) in Participants Who Have Obesity or Overweight (TRIUMPH-1) 3 2300 Percent Change From Baseline in Body Weight Apr 2026 May 2026 NCT05929079 Obesity A Study of Retatrutide (LY3437943) in Participants With Type 2 Diabetes Mellitus Who Have Obesity or Overweight (TRIUMPH-2) 3 1000 Percent Change from Baseline in Body Weight May 2026 May 2026 NCT05882045 Obesity A Study of Retatrutide (LY3437943) in Participants With Obesity and Cardiovascular Disease (TRIUMPH-3) 3 1800 Percent Change from Baseline in Body Weight Apr 2026 May 2026 NCT06383390 Obesity The Effect of Retatrutide Once Weekly on Cardiovascular Outcomes and Kidney Outcomes in Adults Living With Obesity (TRIUMPH-OUTCOMES) 3 10000 Time to First Occurrence of Composite Endpoints Feb 2029 Feb 2029 NCT06662383 Obesity A Study of Retatrutide (LY3437943) Compared to Tirzepatide (LY3298176) in Adults Who Have Obesity (TRIUMPH-5) 3 800 Percent Change from Baseline in Body Weight Dec 2026 Dec 2026
Page 43
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 43 Select Trials – Retatrutide (Cont.) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07035093 Obesity A Study of Retatrutide (LY3437943) in Participants Who Have Obesity or Overweight and Chronic Low Back Pain (TRIUMPH-7) 3 586 Percent Change from Baseline in Body Weight | Change from Baseline in Pain Intensity Per Numeric Rating Scale Sep 2027 Sep 2027 NCT06859268 Obesity A Study of Retatrutide (LY3437943) in the Maintenance of Weight Reduction in Individuals With Obesity (TRIUMPH-6) 3 643 Percent Change from Baseline in Body Weight Apr 2028 Apr 2028 NCT06354660 Type 2 Diabetes Effect of Retatrutide Compared With Placebo in Adult Participants With Type 2 Diabetes and Inadequate Glycemic Control With Diet and Exercise Alone (TRANSCEND-T2D-1) 3 480 Change from Baseline in Hemoglobin A1c (HbA1c) Jan 2026 Feb 2026 NCT06260722 Type 2 Diabetes Effect of Retatrutide Compared With Semaglutide in Adult Participants With Type 2 Diabetes and Inadequate Glycemic Control With Metformin With or Without SGLT2 Inhibitor (TRANSCEND-T2D-2) 3 1250 Change from Baseline in Hemoglobin A1c (HbA1c) Aug 2026 Jan 2027 NCT06297603 Type 2 Diabetes Effect of Retatrutide Compared With Placebo in Participants With Type 2 Diabetes and Moderate or Severe Renal Impairment, With Inadequate Glycemic Control on Basal Insulin, With or Without Metformin and/or SGLT2 Inhibitor (TRANSCEND-T2D-3) 3 320 Change from Baseline in Hemoglobin A1c (HbA1c) Oct 2026 Nov 2026
Page 44
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 44 Select Trials – Retatrutide (Cont.) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06982846 Type 2 Diabetes Mellitus A Study to Investigate the Response of Participants With Type 2 Diabetes Mellitus on Once-Weekly Retatrutide to Hypoglycemia 1 78 Time-to-Event of Recovery of Plasma Glucose (PG) Concentration from 48 Milligram per Deciliter (48 mg/dL) to 70 mg/dL (tPG_nadir-70 mg/dL) May 2026 May 2026 NCT06982859 Diabetes Mellitus A Study to Evaluate the Effect of Retatrutide on Insulin Secretion and Insulin Sensitivity in Adult Participants With Type 2 Diabetes Mellitus 1 95 Change from Baseline in Total Clamp Disposition Index (cDI) for Comparison of Retatrutide With Placebo Nov 2026 Nov 2026
Page 45
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 45 Select Trials – Retevmo Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT04211337 Medullary Thyroid Cancer A Study of Selpercatinib (LY3527723) in Participants With RET-Mutant Medullary Thyroid Cancer (LIBRETTO-531) 3 291 Progression Free Survival (PFS) by Blinded Independent Central Review (BICR) May 2023 Feb 2026 NCT04194944 Non-Small Cell Lung Cancer A Study of Selpercatinib (LY3527723) in Participants With Advanced or Metastatic RET Fusion-Positive Non-Small Cell Lung Cancer (LIBRETTO-431) 3 261 Progression Free Survival (PFS) by Blinded Independent Central Review (BICR) (With Pembrolizumab) May 2023 Jun 2030 NCT03157128 Non-Small Cell Lung Cancer A Study of Selpercatinib (LOXO-292) in Participants With Advanced Solid Tumors, RET Fusion-Positive Solid Tumors, and Medullary Thyroid Cancer (LIBRETTO-001) 1|2 857 Phase 1: MTD, Incidence rate and category of dose limiting toxicities (DLTs) during the first 28-day cycle of LOXO-292 (selpercatinib) treatment Feb 2025 Feb 2027 NCT04819100 Carcinoma, Non- Small-Cell Lung A Study of Selpercatinib After Surgery or Radiation in Participants With Non-Small Cell Lung Cancer (NSCLC) (LIBRETTO-432) 3 152 Event-Free Survival (EFS), EFS by Investigator Assessment in the Primary Analysis Population Jan 2026 Apr 2028
Page 46
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 46 Select Trials – Sofetabart Mipitecan (FRa ADC) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT07213804 Ovarian Neoplasms A Two-Part Phase 3 Study of Sofetabart Mipitecan (LY4170156) in Participants With Platinum-Resistant (Part A) and Platinum-Sensitive (Part B) Ovarian Cancer (FRAmework-01) 3 1080 Progression-free Survival (PFS), PFS per Response Evaluation Criteria in Solid Tumors (RECIST) v1.1 by Investigator Apr 2028 Aug 2031
Page 47
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 47 Select Trials – Taltz Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06588283 Psoriasis Ixekizumab Concomitantly Administered With Tirzepatide in Adults With Moderate-to-Severe Plaque Psoriasis and Obesity or Overweight (TOGETHER-PsO) 3 250 Percentage of Participants Who Simultaneously Achieved Psoriasis Area and Severity Index (PASI) 100 and At Least 10% Weight Reduction Jan 2026 May 2026 NCT06588296 Psoriatic Arthritis Ixekizumab Concomitantly Administered With Tirzepatide in Adults With Psoriatic Arthritis and Obesity or Overweight (TOGETHER-PsA) 3 279 Percentage of Participants Who Simultaneously Achieved American College of Rheumatology (ACR) ACR50 and at Least a 10% Weight Reduction Nov 2025 Apr 2026
Page 48
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 48 Select Trials – Tirzepatide Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT06047548 Obesity A Study of LY3298176 (Tirzepatide) For the Maintenance of Body Weight Reduction in Participants Who Have Obesity or Overweight With Weight-Related Comorbidities (SURMOUNT-MAINTAIN) 3 400 Percent Maintenance of Body Weight (BW) Reduction Achieved during the 60-Week Weight Loss Period May 2026 May 2026 NCT06075667 Obesity A Study of Tirzepatide (LY3298176) Once Weekly in Adolescent Participants Who Have Obesity or Overweight With Weight-Related Comorbidities (SURMOUNT-ADOLESCENTS) 3 150 Percent Change from Baseline in Body Mass Index (BMI) May 2026 Jul 2029 NCT06439277 Obesity A Study of Tirzepatide in Adolescents With Obesity and Weight-Related Comorbidities (SURMOUNT-ADOLESCENTS-2) 3 300 Percent Change from Baseline in Body Mass Index (BMI) Oct 2027 Dec 2030 NCT05556512 Obesity A Study of Tirzepatide (LY3298176) on the Reduction on Morbidity and Mortality in Adults With Obesity (SURMOUNT-MMO) 3 15374 Time to First Occurrence of Any Component Event of Composite (All-Cause Death, Nonfatal Myocardial Infarction (MI), Nonfatal Stroke, Coronary Revascularization, or Heart Failure Events) Oct 2027 Oct 2027 NCT07165028 MASLD A Master Protocol of Multiple Agents in Adults With Metabolic Dysfunction-Associated Steatotic Liver Disease (SYNERGY-Outcomes) 3 4500 Time to First Occurrence of Any Component of the Composite Endpoint for Major Adverse Liver Outcomes (MALO) Aug 2030 Aug 2032
Page 49
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 49 Select Trials – Tirzepatide (Cont.) Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT069148951 Type 1 Diabetes A Study of Tirzepatide (LY3298176) Compared With Placebo in Adults With Type 1 Diabetes and Obesity or Overweight 3 905 Change from Baseline in Hemoglobin A1c (HbA1c) May 2027 May 2027 NCT069622801 Type 1 Diabetes A Long-Term Study of Tirzepatide (LY3298176) in Adults With Type 1 Diabetes and Obesity or Overweight 3 465 Change from Baseline in Hemoglobin A1c (HbA1c) Apr 2027 Dec 2027 NCT06037252 Type 2 Diabetes A Study of Investigational Tirzepatide (LY3298176) Doses in Participants With Type 2 Diabetes and Obesity 2 350 Percent Change From Baseline in Body Weight Jan 2026 Oct 2026 NCT05536804 CKD A Study of Tirzepatide (LY3298176) in Participants With Overweight or Obesity and Chronic Kidney Disease With or Without Type 2 Diabetes (TREASURE-CKD) 2 140 Change from Baseline in Kidney Oxygenation in Participants With or Without T2D Sep 2026 Oct 2026 1 CT.gov update in progress
Page 50
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 50 Select Trials – Verzenio Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion NCT031559971 Breast Cancer Endocrine Therapy With or Without Abemaciclib (LY2835219) Following Surgery in Participants With Breast Cancer (monarchE) 3 5637 Invasive Disease-Free Survival (IDFS) Mar 2020 May 2029 NCT05169567 Breast Neoplasm Abemaciclib (LY2835219) Plus Fulvestrant Compared to Placebo Plus Fulvestrant in Previously Treated Breast Cancer (postMonarch) 3 368 Progression-Free Survival (PFS) Feb 2024 Dec 2027 1 Also lists NSABP Foundation Inc
Page 51
2025 Q4 EARNINGS Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Bimagrumab NCT07030127 Healthy A Study of LY3985863 in Healthy Participants 1 24 Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Serious Adverse Event(s) (SAEs) Considered by the Investigator to be Related to Study Drug Administration Apr 2026 Apr 2026 Bimagrumab NCT06643728 Obesity A Study to Investigate Weight Management With Bimagrumab (LY3985863) and Tirzepatide (LY3298176), Alone or in Combination, in Adults With Obesity or Overweight 2 240 Percent Change from Baseline in Body Weight Apr 2026 Jan 2027 GGG Tri-Agonist III NCT06945419 Healthy A Study of LY4086940 in Healthy Participants and Participants With Overweight or Obesity, With or Without Type 2 Diabetes 1 201 Number of Participants with One or More Serious Adverse Events (SAE) Considered by the Investigator to be Related to Study Drug Administration Apr 2026 Apr 2026 GS Insulin Receptor Agonist NCT07215312 Type 2 Diabetes Mellitus A Study of LY3938577 in Participants With Type 2 Diabetes Previously Treated With Basal Insulin 2 100 Change from Baseline in Glucose Time in Range Between 70 and 180 mg/dL Inclusive (Non-Inferiority Analysis) Nov 2026 Dec 2026 GS Insulin Receptor Agonist NCT06280703 Healthy A Study of LY3938577 in Healthy Participants and Participants With Type 1 Diabetes Mellitus (T1DM) 1 118 Part A: Number of participants with one or more Adverse Event (s) (AEs), and Serious Adverse Event(s) (SAEs) considered by the investigator to be related to study drug administration Sep 2026 Sep 2026 * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 51 Select Trials – Early Phase Cardiometabolic Health
Page 52
2025 Q4 EARNINGS Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion LA-ANP NCT06148272 Healthy A Study of LY3971297 in Healthy Participants 1 225 Part A and F: Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Serious Adverse Event(s) (SAEs) Considered by the Investigator to be Related to Study Drug Administration Sep 2026 Sep 2026 Macupatide NCT07215559 Obesity A Study of Macupatide (LY3532226) and Eloralintide (LY3841136), Alone or in Combination, in Adults With Obesity or Overweight and With Type 2 Diabetes 2 200 Percent Change from Baseline in Body Weight Mar 2027 May 2027 Nisotirostide NCT06897475 Type 2 Diabetes A Study of LY3457263 Compared With Placebo in Participants With Type 2 Diabetes on a Stable Dose of Semaglutide or Tirzepatide 2 240 Change from Baseline in Hemoglobin A1c (HbA1c) Dec 2026 Jan 2027 Naperiglipron NCT06683508 Obesity A Study to Investigate Weight Management With LY3549492 Compared With Placebo in Adult Participants With Obesity or Overweight 2 275 Percent Change from Baseline in Body Weight Apr 2026 Sep 2026 PNPLA3 siRNA NCT05395481 Metabolic Dysfunction- associated Steatotic Liver Disease (MASLD) A Single-Ascending and Repeated Dose Study of LY3849891 in Participants With Metabolic Dysfunction-Associated Steatotic Liver Disease (MASLD) 1 176 Part A: Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Adverse Event(s) (AEs) Considered by the Investigator to be Related to Study Drug Administration May 2026 May 2026 Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 52 Select Trials – Early Phase Cardiometabolic Health (Cont.) * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes
Page 53
2025 Q4 EARNINGS Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Solbinsiran NCT07269210 Severe Hypertriglycerid emia A Phase 2, Randomized, Double-Blind, Placebo- Controlled Study to Investigate the Efficacy and Safety of LY3561774 (Solbinsiran) in Adults With Severe Hypertriglyceridemia 2 60 Change from Baseline in Triglycerides Mar 2027 Aug 2027 ANGPTL3 EDITOR ASCVD NCT06451770 Hypercholester olemia Phase 1b Study of VERVE-201 in Patients With Refractory Hyperlipidemia 1 36 Incidence of treatment-emergent adverse events (TEAEs) and serious adverse events (SAEs) Dec 2027 Dec 2027 PCSK9 EDITOR ASCVD NCT06164730 Heterozygous Familial Hypercholester olemia A Study of VERVE-102 in Patients with Familial Hypercholesterolemia or Premature Coronary Artery Disease 1 85 Incidence of treatment-emergent adverse events (TEAEs) and serious adverse events (SAEs) Aug 2026 Aug 2027 Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 53 Select Trials – Early Phase Cardiometabolic Health (Cont.) * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes
Page 54
2025 Q4 EARNINGS Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Eltrekibart NCT06046729 Hidradenitis Suppurativa A Study of Eltrekibart (LY3041658) in Adult Participants With Moderate to Severe Hidradenitis Suppurativa 2 352 Percentage of Participant Achieving Hidradenitis Suppurativa Clinical Response 50 (HiSCR50) Sep 2025 Aug 2026 Eltrekibart NCT06598943 Ulcerative Colitis A Study of Eltrekibart and Mirikizumab in Adult Patients With Moderately to Severely Active Ulcerative Colitis 2 140 Percentage of Participants Achieving Clinical Remission Dec 2027 Sep 2028 INTEGRIN α4β7 (MORF-057) NCT05611671 Ulcerative Colitis A Study to Evaluate MORF-057 in Adults with Moderately to Severely Active UC (EMERALD-2) 2 280 Proportion of participants in clinical remission at Week 12 as determined using the Modified Mayo Clinic Score (mMCS) Nov 2024 Aug 2026 INTEGRIN α4β7 (MORF-057) NCT07186101 Ulcerative Colitis LY4268989 (MORF-057) Co-Administered With Mirikizumab in Adults With Moderately to Severely Active Ulcerative Colitis (TOPAZ-UC) 2 252 Percentage of Participants Who Achieve Clinical Remission with Modified Mayo Score (mMS) May 2027 Mar 2029 INTEGRIN α4β7 (MORF-057) NCT06226883 Crohn's Disease A Phase 2 Study to Evaluate MORF-057 in Adults With Moderately to Severely Active Crohn's Disease (GARNET) 2 385 Proportion of participants with endoscopic response at Week 14 determined using the Simple Endoscopic Score-CD (SES-CD) Nov 2026 Aug 2028 Not for promotional use 54 Select Trials – Early Phase Immunology Source: clinicaltrials.gov, January 23, 2026 * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes
Page 55
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 55 Select Trials – Early Phase Immunology (Cont.) Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Ocadusertib1 NCT05848258 Rheumatoid Arthritis An Adaptive Phase 2a/2b Study of LY3871801 in Adult Participants With Rheumatoid Arthritis 2 380 Phase 2a: Change from Baseline in Disease Activity Score - high-sensitivity C-reactive protein (DAS28-hsCRP) Feb 2026 Jul 2026 1 Also lists Rigel Pharmaceuticals
Page 56
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 56 Select Trials – Early Phase Neuroscience Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Anti-VEGF Gene Therapy NCT06517888 Vestibular Schwannoma Anti-VEGF Gene Therapy Trial for Vestibular Schwannoma 1|2 27 AEs with relationship to the investigational medicinal product and/or to the administration procedure (including the delivery device) Aug 2029 Aug 2029 Epiregulin Ab NCT06568042 Neuropathic Pain Effects of LY3848575 Versus Placebo in Participants With Painful Distal Sensory Polyneuropathy 2 450 Mean Change from Baseline in Average Pain Intensity Numeric Rating Scale (API-NRS) Jun 2026 Sep 2026 GBA1 Gene Therapy NCT04127578 Parkinson’s Disease Phase 1/2a Clinical Trial of PR001 (LY3884961) in Patients With Parkinson's Disease With at Least One GBA1 Mutation (PROPEL) 1|2 32 Cumulative number of Treatment-Emergent Adverse Events (TEAEs) and Serious Adverse Events (SAEs) Dec 2030 Dec 2030 GBA1 Gene Therapy NCT05487599 Gaucher Disease A Clinical Trial of PR001 (LY3884961) in Patients With Peripheral Manifestations of Gaucher Disease (PROCEED) 1|2 15 Incidence and severity of Treatment- emergent Adverse Events (TEAEs) and Serious Adverse Events (SAEs) Nov 2031 Nov 2031 MAPT siRNA NCT06297590 Alzheimer’s Disease A First-In-Human Study of LY3954068 in Participants With Early Symptomatic Alzheimer's Disease 1 48 Number of participants with one or more Adverse Event (s) (AEs), Treatment Emergent Adverse Events (TEAEs) and Serious Adverse Event(s) (SAEs) considered by the investigator to be related to study drug administration Feb 2027 Feb 2027
Page 57
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 57 Select Trials – Early Phase Neuroscience (Cont.) Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion Mazdutide NCT06817356 Alcohol Use Disorder A Study to Evaluate Mazdutide Compared With Placebo in Participants With Alcohol Use Disorder 2 300 Behaviors Associated with Alcohol Use Disorder (AUD) as Assessed by the Timeline Followback Method Aug 2026 Aug 2026 Mevidalen NCT06538116 Alzheimer’s Disease A Study of Mevidalen (LY3154207) in Participants With Alzheimer's Disease 2 300 Change from Baseline in Integrated Alzheimer's Disease Rating Scale (iADRS) May 2026 May 2026 Nav1.8 INH NCT07339722 Healthy A Study of LY4515100 in Healthy Participants 1 40 Number of participants with one or more serious adverse event(s) (SAEs) of LY4515100 Jul 2026 Jul 2026 OTOF Gene Therapy NCT05821959 Sensorineural Hearing Loss, Bilateral Gene Therapy Trial for Otoferlin Gene-mediated Hearing Loss 1|2 22 Frequency of Adverse Events (AEs) Oct 2028 Oct 2028 SNCA siRNA NCT06565195 Parkinson’s Disease A Clinical Trial of LY3962681 in Healthy Volunteers and in Patients With Parkinson's Disease (PROSPECT) 1 108 Incidence of Serious Adverse Events (SAEs) May 2029 May 2029 UNC13A SSO ALS NCT07100119 Amyotrophic Lateral Sclerosis A Study of LY4256984 in Participants With Sporadic Amyotrophic Lateral Sclerosis 1 32 Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs), Serious Adverse Event(s) (SAEs), and Adverse Event(s) (AEs) Considered by the Investigator to be Related to Study Drug Administration Aug 2027 Sep 2027
Page 58
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 58 Select Trials – Early Phase Oncology Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion GIPR Agonist LA NCT07169851 Nausea A Study to Evaluate LY3537021 for the Treatment of Nausea and Vomiting Caused by Chemotherapy in Adults With Cancer 2 204 Proportion of Participants with a Complete Response (CR) in the Delayed Phase of CINV Sep 2026 Sep 2026 KRAS G12D NCT06586515 Pancreatic Ductal Adenocarcinoma A Study of LY3962673 in Participants With KRAS G12D-Mutant Solid Tumors (MOONRAY-01) 1 630 Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs) and Serious Adverse Event(s) (SAEs) Considered by the Investigator to be Related to Study Drug Administration Mar 2029 Mar 2029 Nectin-4 ADC 1 NCT06238479 Metastatic Solid Tumor A Study of LY4101174 in Participants With Recurrent, Advanced or Metastatic Solid Tumors (EXCEED) 1 490 Phase 1a: To determine the recommended dose of LY4101174: Number of participants with dose-limiting toxicities (DLTs) Mar 2027 Mar 2027 Nectin-4 ADC 2 NCT06465069 Metastatic Solid Tumor A Study of LY4052031 in Participants With Advanced or Metastatic Urothelial Cancer or Other Solid Tumors 1 420 Phase 1a: To determine the recommended phase 2 dose (RP2D) optimal dose(s) of LY4052031 May 2027 May 2027 PAN KRAS NCT06607185 Pancreatic Ductal Adenocarcinoma A Study of the Pan-KRAS Inhibitor LY4066434 in Participants With KRAS Mutant Solid Tumors 1 750 Number of Participants with Dose-limiting Toxicities (DLTs) Jan 2030 Jan 2030
Page 59
2025 Q4 EARNINGS * Molecule may have multiple indications. ** Trial may have additional primary and other secondary outcomes Source: clinicaltrials.gov, January 23, 2026 Not for promotional use 59 Select Trials – Early Phase Oncology (Cont.) Molecule Study Indication* Title Phase Patients Primary Outcome** Primary Completion Completion SMARCA2 (BRM) NCT06561685 Metastatic Solid Tumor A Study of LY4050784 in Participants With Advanced or Metastatic Solid Tumors 1 340 Phase 1a: Number of Participants with One or More Treatment Emergent Adverse Events (TEAEs), Serious Adverse Event(s) (SAEs), and Adverse Event(s) (AEs) Oct 2027 Oct 2027 TERSOLISIB (PI3Kα INH (STX-478) NCT05768139 Breast Cancer First-in-Human Study of STX-478 as Monotherapy and in Combination With Other Antineoplastic Agents in Participants With Advanced Solid Tumors (PIKALO-1) 1|2 720 Number of participants who experience at least 1 Dose Limiting Toxicity (DLT) Jul 2030 Jul 2030 PTK7 ADC NCT07046923 Carcinoma, Non- Small-Cell Lung A Study of LY4175408 in Participants With Advanced Cancer 1 240 Phase 1a-Number of Participants with Dose Limiting Toxicities of LY4175408 Jul 2030 Jul 2030 VEPUGRATINIB NCT05614739 Urinary Bladder Neoplasms A Study of LOXO-435 (LY3866288) in Participants With Cancer With a Change in a Gene Called FGFR3 (FORAGER-1) 1 535 Phase 1a: To determine the recommended dose of LOXO-435: Safety, number of participants with dose-limiting toxicities (DLTs) Jun 2027 Jun 2027
Page 60
2025 Q4 EARNINGS Not for promotional use 60 Trademarks All trademarks and trade names referred to in this earnings update are the property of the company, or, to the extent trademarks or trade names belonging to other companies are referenced in this earnings update, the property of their respective owners. Solely for convenience, the trademarks and trade names in this earnings update are referred to without the ® and symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company’s or their rights thereto. We do not intend the use or display of other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.