# Who are Lilly (Eli)'s customers? Who does Lilly (Eli) earn revenue from?
Canonical: https://valuechain.wiki/lilly-eli · Facet: customers · Updated: 2026-10-09T16:08:03.721+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Lilly (Eli)'s confirmed revenue counterparties include Cardinal Health (US wholesaler, big three), McKesson (US wholesaler, big three), Cencora (US wholesaler, big three) plus 1 undisclosed/aggregate relationship. Per the valuechain.wiki graph: 4 revenue edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-10-09).

### 비만·당뇨 처방 수요 (티르제파티드) (high)
- metric: Amount $36.5B · FY2025 티르제파티드
- note: 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.
- [mentions] Morgan Stanley (via TipRanks) (EN, research, published 2026-07-08) https://www.tipranks.com/news/the-fly/eli-lilly-price-target-raised-to-1347-from-1344-at-morgan-stanley-thefly-news: "Morgan Stanley Overweight, target $1,347"
- [confirms] Medigate News (KO, news, published 2026-02-13) https://m.medigatenews.com/news/3176128778: "Lilly FY2025 revenue +45%; tirzepatide combined $36.5B, overtaking Keytruda ($31.6B)"
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm: "Tirzepatide: Mounjaro $22,965M (+99%), Zepbound $13,542M (+175%); total revenue $65,179M (+45%)"
- [confirms] Financial News (KR) (KO, news, published 2025-11-22) https://www.fnnews.com/news/202511220228352615: "Crossed $1T market cap on Zepbound strength"
- [confirms] European Pharmaceutical Review (EN, news, published 2025-05-01) https://www.europeanpharmaceuticalreview.com/news/major-manufacturing-investment-to-support-api-production-for-tirzepatide/229480.article: "Lebanon site raised to $9B for tirzepatide API."
- [confirms] Fierce Pharma (EN, news, published 2025-04-01) https://www.fiercepharma.com/manufacturing/lilly-commits-3b-china-manufacturing-expansions-local-cdmo-partnerships: "$3B China expansion; $16B+ new sites since 2020."

### 카디널 헬스 (미국 유통 3사) (high)  → /cardinal-health.md
- metric: Market share 10% · FY2025 (각 10%+)
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm: "Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"

### 맥케슨 (미국 유통 3사) (high)  → /mckesson.md
- metric: Market share 10% · FY2025 (각 10%+)
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm: "Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"

### 센코라 (미국 유통 3사) (high)  → /cencora.md
- metric: Market share 10% · FY2025 (각 10%+)
- note: 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.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-12) https://www.sec.gov/Archives/edgar/data/59478/000005947826000013/lly-20251231.htm: "Three U.S. wholesalers (McKesson, Cencora, Cardinal) each 10%+ of consolidated revenue"

Reverse side: https://valuechain.wiki/lilly-eli/suppliers.md · Ripple: https://valuechain.wiki/lilly-eli/ripple.md

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Full node: https://valuechain.wiki/lilly-eli.md · JSON: https://valuechain.wiki/lilly-eli.json