{"slug":"lilly-eli","name":"일라이 릴리","name_en":"Lilly (Eli)","ticker":"LLY","updated_at":"2026-10-09T16:08:03.721+00:00","canonical":"https://valuechain.wiki/lilly-eli","citable":"밸류체인 그래프 기준 일라이 릴리의 직접 연결 기업은 8곳(관계 기준 공급 5·매출 3)이고, 사슬을 2차까지 넓히면 15곳에 닿는다. 링크의 근거 출처는 15건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-10-09 기준).","citable_en":"Per the valuechain.wiki graph, Lilly (Eli) is directly linked to 8 companies (5 supply, 3 revenue relationships) and reaches 15 companies within two hops; the links are backed by 15 dated sources, 4 of them primary filings (as of 2026-10-09).","kicker":"비만·당뇨 치료제 · 마운자로·젭바운드","kicker_en":"Obesity & diabetes drugs · Mounjaro & Zepbound","lead":"일라이 릴리는 GIP/GLP-1 이중작용제 티르제파티드(마운자로·젭바운드)로 비만·당뇨 슈퍼사이클을 지배하는 제약사다(NYSE LLY, S&P 500). FY2025 매출 $652억(+45%)·순이익 $206억(+95%)의 성장은 사실상 전부 티르제파티드다 — 마운자로+젭바운드 합산 $365억으로 전사 매출의 56%를 차지하며 머크 키트루다($316억)를 제치고 세계 1위 의약품 프랜차이즈가 됐고, 비만약 젭바운드는 +175% 폭증했다. 이 프랜차이즈의 병목은 수요가 아니라 공급이다 — 수요는 무한대에 가깝고 실제 매출 상한은 제조 캐파(2025년 생산능력 1.6배·미 신규 사이트)와 보험 커버리지가 정한다. 재평가의 다음 트리거는 주사제 한계를 푸는 경구 GLP-1 올포글리프론(2026 출시 예정)으로, 시장 규모 자체를 다시 키운다.","lead_en":"Eli Lilly dominates the obesity/diabetes supercycle with its GIP/GLP-1 dual agonist tirzepatide (Mounjaro, Zepbound) (NYSE LLY, S&P 500). FY2025 growth — revenue $65.2bn (+45%), net income $20.6bn (+95%) — is effectively all tirzepatide: Mounjaro plus Zepbound totaled $36.5bn, 56% of company revenue, overtaking Merck's Keytruda ($31.6bn) as the world's #1 drug franchise, with obesity drug Zepbound up +175%. The franchise's bottleneck is supply, not demand — demand is near-unlimited and the real revenue ceiling is set by manufacturing capacity (2025 capacity up 1.6x, new U.S. sites) and insurance coverage. The next re-rating trigger is oral GLP-1 orforglipron (2026 launch), which relaxes injectable limits and re-expands the addressable market.","categories":[{"key":"pharma-biotech","ko":"제약·바이오텍","en":"Pharmaceuticals & Biotechnology","theme":"life-sciences","theme_ko":"바이오·헬스","theme_en":"Biopharma & Life Sciences","theme_kind":"sector","primary":true}],"segments":{"fy":2025,"parts":[{"desc":"성장의 전부이자 세계 1위 프랜차이즈 — 마운자로 $230억(+99%)+젭바운드 $135억(+175%) 합산 $365억, 전사 56%·키트루다 추월","name":"인크레틴 (티르제파티드: 마운자로·젭바운드)"},{"desc":"티르제파티드에 잠식되는 구세대 — 트룰리시티 $29억 등 1세대 GLP-1이 감소, 환자가 티르제파티드로 이동","name":"레거시 당뇨·기타"},{"desc":"인크레틴 집중도를 낮추는 다각화 축 — 버제니오 $35억, 알츠하이머 도나네맙(키순라) 신규 출시","name":"항암·면역·신경 (버제니오·도나네맙 등)"}],"total":"$651.8억 (FY2025, +45%)","source":"SEC 10-K FY2025","concentration":"매출의 56%가 티르제파티드 한 프랜차이즈에 쏠린 해 — 병목은 수요가 아니라 캐파·보험 커버리지다. 순이익 $206억(+95%), 미국 편중 67%($435억). 다음 축은 경구 올포글리프론(2026)과 알츠하이머 도나네맙. FY2026 가이던스 $800~830억."},"segments_en":{"fy":2025,"parts":[{"desc":"The entirety of growth and world's #1 franchise — Mounjaro $23.0B (+99%) + Zepbound $13.5B (+175%) = $36.5B, 56% of revenue, past Keytruda","name":"Incretins (tirzepatide: Mounjaro, Zepbound)"},{"desc":"Being cannibalized by tirzepatide — first-gen GLP-1s like Trulicity ($2.9B) decline as patients switch","name":"Legacy diabetes & other"},{"desc":"The diversification axis lowering incretin concentration — Verzenio $3.5B, Alzheimer's donanemab (Kisunla) newly launched","name":"Oncology, immunology & neuroscience (Verzenio, donanemab)"}],"total":"$65.18bn (FY2025, +45%)","source":"SEC 10-K FY2025","concentration":"The year 56% of revenue concentrated in one franchise, tirzepatide — the bottleneck is capacity and insurance coverage, not demand. Net income $20.6bn (+95%), 67% U.S. ($43.5bn). Next legs: oral orforglipron (2026) and Alzheimer's donanemab. FY2026 guidance $80-83bn."},"returns_yearly":{"2021":66.1,"2022":34.3,"2023":60.9,"2024":33.3,"2025":40.2,"2026":10.3},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"unitedhealth-group","name":"유나이티드헬스 그룹","name_en":"UnitedHealth Group Incorporated","tier":3,"returns_yearly":{"2021":45.2,"2022":6.9,"2023":0.8,"2024":-2.4,"2025":-33.1,"2026":21.9}},{"slug":"elevance-health","name":"엘레반스 헬스","name_en":"Elevance Health, Inc.","tier":3,"returns_yearly":{"2021":46.1,"2022":11.8,"2023":-6.9,"2024":-20.7,"2025":-3.1,"2026":17.4}},{"slug":"cvs-health","name":"CVS 헬스","name_en":"CVS Health","tier":2,"returns_yearly":{"2021":54.9,"2022":-7.6,"2023":-12.5,"2024":-40.8,"2025":84.3,"2026":24.7}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}},{"slug":"cardinal-health","name":"카디널 헬스","name_en":"Cardinal Health, 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테크놀로지스","name_en":"Honeywell Technologies","tier":3,"returns_yearly":{"2021":-0.3,"2022":4.9,"2023":0,"2024":10,"2025":-6.4,"2026":3.8}},{"slug":"talen-energy","name":"Talen Energy","name_en":"Talen Energy","tier":3,"returns_yearly":{"2024":214.8,"2025":86.1,"2026":1}},{"slug":"est-e-lauder-companies","name":"에스티 로더","name_en":"The Estée Lauder Companies Inc.","tier":3,"returns_yearly":{"2021":40,"2022":-32.3,"2023":-40.1,"2024":-47.6,"2025":42.1,"2026":0.2}},{"slug":"amorepacific","name":"아모레퍼시픽","name_en":"Amorepacific","tier":3,"returns_yearly":{"2021":-30.1,"2022":-5.7,"2023":-18.4,"2024":9.9,"2025":8.2,"2026":-1.2}},{"slug":"exelon","name":"엑셀론","name_en":"Exelon","tier":3,"returns_yearly":{"2021":41.5,"2022":8.3,"2023":-14,"2024":9.2,"2025":20,"2026":-1.5}},{"slug":"edison-international","name":"에디슨 인터내셔널","name_en":"Edison International","tier":3,"returns_yearly":{"2021":13.6,"2022":-2.6,"2023":17.4,"2024":15.2,"2025":-20.4,"2026":-1.7}},{"slug":"public-service-enterprise-group","name":"퍼블릭 서비스 엔터프라이즈 그룹","name_en":"Public Service Enterprise Group Incorporated","tier":3,"returns_yearly":{"2021":18.3,"2022":-5.1,"2023":3.6,"2024":42.6,"2025":-1.9,"2026":-6.7}},{"slug":"vistra","name":"Vistra","name_en":"Vistra","tier":3,"returns_yearly":{"2021":19.6,"2022":5.1,"2023":70.7,"2024":261.5,"2025":17.7,"2026":-7.2}},{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","tier":3,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":-8.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":-10.5}},{"slug":"ionq","name":"IonQ","name_en":"IonQ","tier":3,"returns_yearly":{"2022":-79.3,"2023":259.1,"2024":237.1,"2025":7.4,"2026":-11.9}},{"slug":"abbott-laboratories","name":"애보트","name_en":"Abbott Laboratories","tier":3,"returns_yearly":{"2021":30.5,"2022":-20.7,"2023":2.3,"2024":4.8,"2025":12.9,"2026":-19}},{"slug":"qubt","name":"Quantum Computing Inc","name_en":"Quantum Computing Inc","tier":3,"returns_yearly":{"2021":-75.8,"2022":-55.7,"2023":-39.5,"2024":1712.7,"2025":-38,"2026":-27.5}},{"slug":"samsung-biologics","name":"삼성바이오로직스","name_en":"Samsung Biologics","tier":3,"returns_yearly":{"2021":-6.8,"2022":8.6,"2023":5.8,"2024":28.7,"2025":5,"2026":-30.1}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-31.4}},{"slug":"zoetis","name":"조에티스","name_en":"Zoetis Inc.","tier":3,"returns_yearly":{"2021":48.3,"2022":-39.5,"2023":35.9,"2024":-16.6,"2025":-21.8,"2026":-39.6}},{"slug":"nike","name":"Nike","name_en":"Nike","tier":3,"returns_yearly":{"2021":18.7,"2022":-29,"2023":-6,"2024":-29.1,"2025":-13.8,"2026":-44.1}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-44.3}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":3,"returns_yearly":null},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":3,"returns_yearly":null}],"analysis":"S&P 500·제약·GLP-1 슈퍼사이클 지배자 기업. 2026년 +7.5%다. 본주(+7.5%)와 공급단(평균 -63.9%)이 같은 보폭으로 움직인다. 매출의 56%가 티르제파티드 한 프랜차이즈에 쏠린 해 — 병목은 수요가 아니라 캐파·보험 커버리지다. 순이익 $206억(+95%), 미국 편중 67%($435억). 다음 축은 경구 올포글리프론(2026)과 알츠하이머 도나네맙. FY2026 가이던스 $800~830억.","analysis_en":"Lilly (Eli) operates across S&P 500, Pharma, GLP-1 supercycle leader. It is +7.5% in 2026. The stock (+7.5%) and its supply side (avg -63.9%) are moving in step. The next re-rating trigger is oral GLP-1 orforglipron (2026 launch), which relaxes injectable limits and re-expands the addressable market.","analysis_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"에이비엘바이오","counterparty_slug":"abl-bio","confidence":"high","metric":{"type":"amount","unit":"원","as_of":"2025-11","basis":"총 3조8,072억원, 계약금 585억원","value":3807246400000,"period":"ABL 그랩바디-B 라이선스인","basis_en":"Total KRW 3,807.2bn, upfront KRW 58.5bn"},"note":"인크레틴 너머를 겨눈 파이프라인 베팅 — 릴리가 에이비엘바이오의 그랩바디-B 뇌혈관장벽(BBB) 셔틀 플랫폼을 총 최대 3조8,072억원(약 $26억), 계약금 585억원($4,000만)에 라이선스인해 복수 타깃을 개발·상업화한다. 비만 집중도가 높은 매출을 신경계 등으로 다각화하려는 장기 옵션이다.","note_en":"A pipeline bet beyond incretins — Lilly licensed ABL Bio's Grabody-B blood-brain-barrier (BBB) shuttle platform for up to KRW 3,807.2bn (~$2.6B), with a KRW 58.5bn ($40M) upfront, to develop and commercialize multiple targets. It is a long-dated option to diversify an obesity-heavy revenue base into neuroscience and beyond.","sources":[{"stance":"confirms","publisher":"금융감독원 전자공시","publisher_en":"DART (FSS)","kind":"filing","lang":"ko","published_at":"2025-11-12","url":"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20251112900144","title":"투자판단 관련 주요경영사항 (Grabody-B/릴리 기술이전)","title_en":"Material disclosure: Grabody-B license to Eli Lilly","excerpt":"1) 총 기술이전 금액 : 3,807,246,400,000원 (USD 2,602 million) … 계약금(Upfront)은 2026년 1월 6일 수령하였음","excerpt_en":"Total license value KRW 3,807,246,400,000 (USD 2,602m); upfront received on 6 Jan 2026"}]},{"direction":"revenue","counterparty":"비만·당뇨 처방 수요 (티르제파티드)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":36500000000,"period":"FY2025 티르제파티드","mounjaro_yoy_pct":99,"zepbound_yoy_pct":175,"share_of_revenue_pct":56},"note":"성장의 전부이자 세계 1위 의약품 프랜차이즈 — 티르제파티드(마운자로 $230억·+99% + 젭바운드 $135억·+175%) 합산 $365억으로 FY2025 전사 매출의 56%를 차지하며 머크 키트루다($316억)를 제쳤다. 이 프랜차이즈의 병목은 수요가 아니라 공급이다: 수요는 사실상 무한대에 가깝고, 실제 매출 상한은 제조 캐파와 보험 커버리지가 정한다. 다음 확장은 경구 올포글리프론(2026 출시 예정)이 주사제 한계를 풀어 시장을 다시 키우는 것.","note_en":"The entirety of growth and now the world's #1 drug franchise — tirzepatide (Mounjaro $23.0B, +99%; Zepbound $13.5B, +175%) totaled $36.5B, 56% of FY2025 revenue, overtaking Merck's Keytruda ($31.6B). The bottleneck is supply, not demand: demand is effectively unlimited, and the real revenue ceiling is set by manufacturing capacity and insurance coverage. The next leg is oral orforglipron (2026 launch), which relaxes injectable constraints and re-expands the market.","sources":[{"stance":"mentions","publisher":"모건스탠리(TipRanks 인용)","publisher_en":"Morgan Stanley (via TipRanks)","kind":"research","lang":"en","published_at":"2026-07-08","url":"https://www.tipranks.com/news/the-fly/eli-lilly-price-target-raised-to-1347-from-1344-at-morgan-stanley-thefly-news","title":"모건스탠리, 릴리 목표가 $1,347로 상향·비중확대 유지","title_en":"Morgan Stanley raises Eli Lilly target to $1,347, keeps Overweight","excerpt":"모건스탠리 비중확대, 목표가 $1,347","excerpt_en":"Morgan Stanley Overweight, target $1,347"},{"stance":"confirms","publisher":"메디게이트뉴스","publisher_en":"Medigate News","kind":"news","lang":"ko","published_at":"2026-02-13","url":"https://m.medigatenews.com/news/3176128778","title":"2025년 릴리 매출 45% 증가 — 티르제파티드가 견인","title_en":"Lilly FY2025 revenue +45%, driven by tirzepatide","excerpt":"릴리 2025 매출 45%↑; 티르제파티드 합산 $365억, 키트루다($316억) 추월","excerpt_en":"Lilly FY2025 revenue +45%; tirzepatide combined $36.5B, overtaking Keytruda ($31.6B)"},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"티르제파티드: 마운자로 $22,965M(+99%)·젭바운드 $13,542M(+175%); 총매출 $65,179M(+45%)","excerpt_en":"Tirzepatide: Mounjaro $22,965M (+99%), Zepbound $13,542M (+175%); total revenue $65,179M (+45%)"},{"stance":"confirms","publisher":"파이낸셜뉴스","publisher_en":"Financial News (KR)","kind":"news","lang":"ko","published_at":"2025-11-22","url":"https://www.fnnews.com/news/202511220228352615","title":"젭바운드 일라이릴리, 시총 1조달러 돌파","title_en":"Zepbound maker Eli Lilly crosses $1 trillion market cap","excerpt":"젭바운드 힘입어 시총 1조달러 돌파","excerpt_en":"Crossed $1T market cap on Zepbound strength"},{"stance":"confirms","publisher":"European Pharmaceutical Review","publisher_en":"European Pharmaceutical Review","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://www.europeanpharmaceuticalreview.com/news/major-manufacturing-investment-to-support-api-production-for-tirzepatide/229480.article","title":"릴리, 티르제파티드 API에 레바논 사이트 $90억으로 증액","title_en":"Lilly boosts Lebanon site to $9B for tirzepatide API","excerpt":"New $5.3 billion investment raises the Lebanon, Indiana total from $3.7B to $9B, expanding API capacity for Zepbound and Mounjaro; production begins near the end of 2026.","excerpt_en":"Lebanon site raised to $9B for tirzepatide API."},{"stance":"confirms","publisher":"Fierce Pharma","publisher_en":"Fierce Pharma","kind":"news","lang":"en","published_at":"2025-04-01","url":"https://www.fiercepharma.com/manufacturing/lilly-commits-3b-china-manufacturing-expansions-local-cdmo-partnerships","title":"릴리, 중국 제조에 $30억 — 경구 GLP-1 대비","title_en":"Lilly commits $3B to China manufacturing, local CDMO partnerships","excerpt":"Lilly commits $3B to China manufacturing for its oral GLP-1; total China outlay nearly $6B; $16B+ in new sites since 2020.","excerpt_en":"$3B China expansion; $16B+ new sites since 2020."}]},{"direction":"investment","counterparty":"제조 캐파 증설 (레바논 API·중국·미 신규 사이트)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","value":9000000000,"period":"레바논 API 사이트","capacity_x":1.6},"note":"캐파가 곧 매출 상한인 구조에서의 선투자 — 인디애나 레바논 티르제파티드 API 사이트를 $37억→$90억으로 증액(2026년 말 가동), 중국 $30억, 미국 신규 제조 사이트 다수. 릴리는 2025년 생산능력을 전년比 1.6배 이상으로 끌어올렸고, 이 캐파 램프가 사실상 미래 매출을 선확정한다. 경구 올포글리프론 대비 별도 라인도 병행.","note_en":"Upfront investment where capacity is the revenue ceiling — the Lebanon, Indiana tirzepatide API site was raised from $3.7B to $9B (online end-2026), plus $3B in China and multiple new U.S. sites. Lilly lifted 2025 production capacity to 1.6x the prior year, and this capacity ramp effectively pre-commits future revenue. Separate lines are being built for oral orforglipron.","sources":[{"stance":"mentions","publisher":"메디게이트뉴스","publisher_en":"Medigate News","kind":"news","lang":"ko","published_at":"2026-02-13","url":"https://m.medigatenews.com/news/3176128778","title":"2025년 릴리 매출 45% 증가 — 티르제파티드가 견인","title_en":"Lilly FY2025 revenue +45%, driven by tirzepatide","excerpt":"2025년 생산능력 전년比 1.6배 이상 확대, 미 신규 사이트 2곳","excerpt_en":"2025 capacity raised to 1.6x prior year, two new U.S. sites"},{"stance":"confirms","publisher":"European Pharmaceutical Review","publisher_en":"European Pharmaceutical Review","kind":"news","lang":"en","published_at":"2025-05-01","url":"https://www.europeanpharmaceuticalreview.com/news/major-manufacturing-investment-to-support-api-production-for-tirzepatide/229480.article","title":"릴리, 티르제파티드 API에 레바논 사이트 $90억으로 증액","title_en":"Lilly boosts Lebanon site to $9B for tirzepatide API","excerpt":"레바논 API 사이트 $37억→$90억 증액(2026년 말 가동)","excerpt_en":"Lebanon API site raised from $3.7B to $9B (online end-2026)"},{"stance":"confirms","publisher":"Fierce Pharma","publisher_en":"Fierce Pharma","kind":"news","lang":"en","published_at":"2025-04-01","url":"https://www.fiercepharma.com/manufacturing/lilly-commits-3b-china-manufacturing-expansions-local-cdmo-partnerships","title":"릴리, 중국 제조에 $30억 — 경구 GLP-1 대비","title_en":"Lilly commits $3B to China manufacturing, local CDMO partnerships","excerpt":"중국 제조에 $30억, 현지 CDMO 파트너십","excerpt_en":"$3B in China manufacturing, local CDMO partnerships"}]},{"direction":"cost","counterparty":"인사이트","counterparty_slug":"incyte","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-10","basis":"일라이 릴리의 OLUMIANT 판매에서 발생한 제품 로열티 매출","value":144600000,"period":"FY2025","basis_en":"Product royalty revenue from Lilly sales of OLUMIANT","qualifier":null},"note":"일라이 릴리는 라이선스 지역에서 OLUMIANT를 판매하고 인사이트에 순매출 연동 로열티를 지급했으며, 인사이트는 FY2025에 OLUMIANT 로열티 매출 1억4,460만달러를 인식했다.","note_en":"Lilly sells OLUMIANT in licensed territories and pays Incyte royalties based on net sales, from which Incyte recognized $144.6 million of OLUMIANT royalty revenue in FY2025.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/879169/000087916926000010/incy-20251231.htm","title":"인사이트 2025 회계연도 Form 10-K","title_en":"Incyte Corporation 2025 Annual Report on Form 10-K","excerpt":"FY2025 일라이 릴리 OLUMIANT 순매출에 연동된 제품 로열티 매출은 1억4,460만달러였다.","excerpt_en":"Product royalty revenue related to Lilly net sales of OLUMIANT ... was $144.6 million."}]},{"direction":"revenue","counterparty":"카디널 헬스 (미국 유통 3사)","counterparty_slug":"cardinal-health","confidence":"high","metric":{"type":"share","unit":"%","value":10,"period":"FY2025 (각 10%+)","qualifier":"disclosed_over_10pct_customer"},"note":"릴리 매출의 직접 창구 — 10-K는 미국 3대 도매유통사(맥케슨·센코라·카디널)가 각각 연결 매출의 10%+를 차지한다고 공시한다. 릴리는 약국이 아니라 이들 도매상에 판매하므로, 3대 축의 하나로서 유통 집중은 채널 협상력이자 총매출-순매출 간극(리베이트·PBM)이 형성되는 지점이다.","note_en":"A direct channel for Lilly's revenue — the 10-K discloses that the three U.S. wholesalers (McKesson, Cencora, Cardinal) each account for 10%+ of consolidated revenue. Lilly sells to these wholesalers rather than pharmacies, so as one of the big three, this distribution concentration is both channel bargaining power and the layer where the gross-to-net gap (rebates, PBMs) forms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"미국 3대 도매상(맥케슨·센코라·카디널)이 각각 연결 매출 10%+","excerpt_en":"Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"}]},{"direction":"revenue","counterparty":"맥케슨 (미국 유통 3사)","counterparty_slug":"mckesson","confidence":"high","metric":{"type":"share","unit":"%","value":10,"period":"FY2025 (각 10%+)","qualifier":"disclosed_over_10pct_customer"},"note":"릴리 매출의 직접 창구 — 10-K는 미국 3대 도매유통사(맥케슨·센코라·카디널)가 각각 연결 매출의 10%+를 차지한다고 공시한다. 릴리는 약국이 아니라 이들 도매상에 판매하므로, 미국 최대 도매상으로서 유통 집중은 채널 협상력이자 총매출-순매출 간극(리베이트·PBM)이 형성되는 지점이다.","note_en":"A direct channel for Lilly's revenue — the 10-K discloses that the three U.S. wholesalers (McKesson, Cencora, Cardinal) each account for 10%+ of consolidated revenue. Lilly sells to these wholesalers rather than pharmacies, so as the largest U.S. wholesaler, this distribution concentration is both channel bargaining power and the layer where the gross-to-net gap (rebates, PBMs) forms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"미국 3대 도매상(맥케슨·센코라·카디널)이 각각 연결 매출 10%+","excerpt_en":"Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"}]},{"direction":"revenue","counterparty":"센코라 (미국 유통 3사)","counterparty_slug":"cencora","confidence":"high","metric":{"type":"share","unit":"%","value":10,"period":"FY2025 (각 10%+)","qualifier":"disclosed_over_10pct_customer"},"note":"릴리 매출의 직접 창구 — 10-K는 미국 3대 도매유통사(맥케슨·센코라·카디널)가 각각 연결 매출의 10%+를 차지한다고 공시한다. 릴리는 약국이 아니라 이들 도매상에 판매하므로, (구 아메리소스버겐) 유통 집중은 채널 협상력이자 총매출-순매출 간극(리베이트·PBM)이 형성되는 지점이다.","note_en":"A direct channel for Lilly's revenue — the 10-K discloses that the three U.S. wholesalers (McKesson, Cencora, Cardinal) each account for 10%+ of consolidated revenue. Lilly sells to these wholesalers rather than pharmacies, so (formerly AmerisourceBergen), this distribution concentration is both channel bargaining power and the layer where the gross-to-net gap (rebates, PBMs) forms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm","title":"일라이 릴리 10-K FY2025","title_en":"Eli Lilly 10-K FY2025","excerpt":"미국 3대 도매상(맥케슨·센코라·카디널)이 각각 연결 매출 10%+","excerpt_en":"Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"}]},{"direction":"cost","counterparty":"AbCellera","counterparty_slug":"abcellera","confidence":"high","metric":{"type":"qualifier","as_of":"2025-12-31","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"AI 항체 발굴 파트너. 2020년 코로나19 항체(밤라니비맙·베블텔로비맙), 2024년 7월 면역·심혈관·신경 다표적 확대. 선급·연구비와 마일스톤·로열티 지급, 금액 비공개.","note_en":"AI antibody-discovery partner. COVID-19 antibodies (bamlanivimab, bebtelovimab) in 2020, expanded in July 2024 to multi-target immunology, cardiovascular and neuroscience work. Lilly pays upfront and research fees plus milestones and royalties; amounts undisclosed.","sources":[{"stance":"confirms","publisher":"SEC EDGAR (AbCellera 10-K)","publisher_en":"SEC EDGAR (AbCellera 10-K)","kind":"filing","lang":"en","published_at":"2026-02-24","url":"https://www.sec.gov/Archives/edgar/data/1703057/000170305726000012/abcl-20251231.htm","title":"AbCellera Form 10-K (FY2025)","title_en":"AbCellera Form 10-K (FY2025)","excerpt":"10-K 파트너십 표: 일라이릴리, 다표적·다년, 면역·심혈관·신경 (2024년 7월 31일 발표). 2020년 5월 최대 9개 표적·코로나19 프로그램 계약(밤라니비맙·베블텔로비맙 EUA).","excerpt_en":"10-K partnership table: \"Eli Lilly and Company Multi-target, multi-year Immunology, cardiovascular disease, and neuroscience July 31, 2024\" and \"Eli Lilly and Company Up to 9 targets, multi-year COVID-19 program and additional indications May 22, 2020\"; bebtelovimab listed as marketed (EUA)."},{"stance":"confirms","publisher":"AbCellera IR","publisher_en":null,"kind":"news","lang":"en","published_at":"2024-07-31","url":"https://investors.abcellera.com/news/news-releases/2024/AbCellera-and-Lilly-Expand-Collaboration-to-Develop-Antibody-Medicines/default.aspx","title":"AbCellera and Lilly Expand Collaboration to Develop Antibody Medicines","title_en":null,"excerpt":"릴리가 면역·심혈관·신경 항체 발굴을 앱셀레라에 맡기고 선급·연구비·마일스톤·로열티 지급.","excerpt_en":"Lilly expands its collaboration with AbCellera in immunology, cardiovascular disease and neuroscience; AbCellera receives an upfront and research payments plus milestones and royalties."},{"stance":"confirms","publisher":"메디칼타임즈","publisher_en":"Medical Times","kind":"news","lang":"ko","published_at":"2020-03-18","url":"https://medicaltimes.com/Users/News/NewsView.html?ID=1132640","title":"릴리, 코로나19 치료제 항체약품 공동개발 착수","title_en":"Lilly starts joint development of COVID-19 antibody therapy","excerpt":"\"일라이 릴리와 앱셀레라가 ... 항체의약품 공동개발 계약을 지난 12일 체결했다.\"","excerpt_en":"\"Eli Lilly and AbCellera signed a co-development agreement for antibody medicines ... on the 12th.\""}]},{"direction":"cost","counterparty":"CDMO·충전 파트너 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"캐파 램프의 외부 완충 — GLP-1 주사제의 병목은 원료(API)보다 무균 충전(필앤피니시)에 있어, 릴리는 자체 증설과 병행해 외부 CDMO·충전 파트너를 활용한다. 개별 계약은 대부분 비공개지만, 이 아웃소싱 여력이 캐파 상한을 단기적으로 늘리는 레버다.","note_en":"An external buffer on the capacity ramp — the GLP-1 injectable bottleneck lies more in sterile fill-finish than in API, so Lilly uses external CDMO and fill-finish partners alongside its own buildout. Individual contracts are mostly undisclosed, but this outsourcing headroom is the lever that raises the near-term capacity ceiling.","sources":[{"stance":"mentions","publisher":"Fierce Pharma","publisher_en":"Fierce Pharma","kind":"news","lang":"en","published_at":"2025-04-01","url":"https://www.fiercepharma.com/manufacturing/lilly-commits-3b-china-manufacturing-expansions-local-cdmo-partnerships","title":"릴리, 중국 제조에 $30억 — 경구 GLP-1 대비","title_en":"Lilly commits $3B to China manufacturing, local CDMO partnerships","excerpt":"Local production and supply with local CDMO partnerships in China.","excerpt_en":"Local CDMO partnerships in China."}]},{"direction":"cost","counterparty":"비바 시스템스","counterparty_slug":"veeva-systems","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-08-11","basis":"일라이 릴리의 Veeva Vault CRM 글로벌 도입 계약금액","value":null,"period":"2026 global Vault CRM commitment","basis_en":"Value of Eli Lilly's global Veeva Vault CRM commitment","qualifier":"confirmed_no_disclosed_value"},"note":"일라이 릴리는 비바의 기존 대형 제약 고객으로 2026년 Vault CRM을 전 세계에 도입하기로 했으며, 고객별 계약금액이나 매출 비중은 공개되지 않았다.","note_en":"Eli Lilly is an established large-pharma customer of Veeva and committed to a global Vault CRM rollout in 2026, while contract value and customer-specific revenue share were not disclosed.","sources":[{"stance":"confirms","publisher":"비바 시스템스","publisher_en":"Veeva Systems","kind":"ir","lang":"en","published_at":"2026-08-11","url":"https://ir.veeva.com/news/news-details/2026/Veeva-Vault-CRM-Selected-by-Eli-Lilly-and-Company/default.aspx","title":"일라이 릴리, Veeva Vault CRM 선택","title_en":"Veeva Vault CRM Selected by Eli Lilly and Company","excerpt":"일라이 릴리는 Veeva Vault CRM을 전 세계에 도입하기로 했다.","excerpt_en":"Lilly has committed to Veeva Vault CRM globally."},{"stance":"confirms","publisher":"삼성증권","publisher_en":"Samsung Securities","kind":"research","lang":"ko","published_at":"2020-10-20","url":"https://www.samsungpop.com/common.do?cmd=down&contentType=application/pdf&fileName=2010/2020102008124039K_01_04.pdf&saveKey=research.pdf","title":"비바 시스템즈: 헬스케어 특화 SaaS, 임상부터 판매까지!","title_en":"Veeva Systems: Healthcare-focused SaaS from Clinical Development to Commercialization","excerpt":"일라이 릴리를 포함한 대형 제약사를 비바 시스템스의 고객으로 제시했다.","excerpt_en":"The report identified Eli Lilly among Veeva Systems' large pharmaceutical customers."}]},{"direction":"cost","counterparty":"웨스트 파마슈티컬 서비스","counterparty_slug":"west-pharmaceutical-services","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-09-05","basis":"일라이 릴리향 포장재 매출","value":null,"period":"FY2025","basis_en":"Packaging-material revenue from Eli Lilly","qualifier":"confirmed_no_disclosed_value"},"note":"일라이 릴리는 웨스트에서 비만치료제용 포장재를 공급받으며, 이 고객에게서 발생하는 웨스트의 매출액은 공개되지 않았다.","note_en":"Eli Lilly purchases packaging materials for its weight-loss drugs from West, and West's revenue attributable to this customer has not been disclosed.","sources":[{"stance":"mentions","publisher":"매일경제","publisher_en":"Maeil Business Newspaper","kind":"news","lang":"ko","published_at":"2025-11-25","url":"https://www.mk.co.kr/news/stock/11476244","title":"[MK시그널] 제약포장재 업체 웨스트 파마슈티컬 서비스, 매수신호 발생","title_en":"[MK Signal] Buy signal appears for pharmaceutical packaging company West Pharmaceutical Services","excerpt":"고마진 제품들은 고객의 약물 개발 파이프라인에 깊이 통합되어 있습니다.","excerpt_en":"Its high-margin products are deeply integrated into customers' drug-development pipelines."},{"stance":"confirms","publisher":"DBS 그룹 리서치","publisher_en":"DBS Group Research","kind":"research","lang":"en","published_at":"2025-09-05","url":"https://www.dbs.com/content/article/pdf/US_clover/West_Pharmaceutical_Services.pdf","title":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","title_en":"West Pharmaceutical Services Inc: Guidance raised on strong biologics tailwinds","excerpt":"DBS는 웨스트가 노보 노디스크와 일라이 릴리에 비만치료제 포장재를 공급한다고 적었다.","excerpt_en":"Novo Nordisk and Eli Lilly."}]}]}