Eli Lilly Becomes First Drugmaker to Reach $1 Trillion Valuation

On November 21, 2025, Eli Lilly briefly became the first pharmaceutical company to reach a $1 trillion market capitalization, joining an exclusive group previously dominated by technology giants such as Apple and Microsoft2 3 5 6 7.

The valuation milestone was driven primarily by explosive growth in Eli Lilly’s obesity and diabetes drugs, especially Zepbound and Mounjaro, whose combined sales have outperformed other major treatments and now compose over half of the company's total revenue2 3 5 7.

Lilly's stock price has surged over 35% in 2025, and more than 75% since the launch of Zepbound in late 2023, far outpacing broader U.S. equity markets like the S&P 5002.

The company’s current premium valuation reflects investor optimism about strong and sustained future demand for obesity drugs, with shares trading at 50 times projected 12-month earnings, one of the highest multiples in big pharma2 3 5.

Lilly reported trailing twelve-month revenue of $59.42 billion, a profit margin of 30.99%, and net income of $18.41 billion, underscoring its financial strength3 5.

Analysts estimate that the global weight-loss drug market could reach $150 billion by 2030, with Lilly and competitor Novo controlling most of those sales2 4 7.

Lilly’s dominance is also supported by its manufacturing expansion and product pipeline, notably the upcoming oral obesity drug orforglipron, which is expected to be approved in 20262 4.

Despite the achievement, some investors caution that Lilly’s valuation hinges on its ability to maintain growth and overcome pricing pressures as the obesity market shifts from price-driven to volume-driven2 4 10.