Sizing up Lilly’s dealmaking spree

While most pharmas have been searching for commercial or late-stage assets to plug near-term LOE holes, the world’s most valuable biopharma company has been using its strong cash flows to build for the long term.

It comes as little surprise that Eli Lilly and Co. (NYSE:LLY) has been on a spending spree given the coffers it has to work with. The company’s Mounjaro/Zepbound tirzepatide franchise is the world’s biggest blockbuster, with $36.5 billion in 2025 sales and combined growth of 119%...