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ELI LILLY vs Merck: revenue, profit, margins and growth compared

ELI LILLY brought in $65.2B of revenue in fiscal 2025, Merck $65B in fiscal 2025. Revenue changed by +44.7% at ELI LILLY and +1.3% at Merck on the year before, so ELI LILLY grew faster. ELI LILLY kept 31.7% of its revenue as net profit, Merck 28.1%.

Side by side, latest fiscal year

LLYMRK
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$65.2B$65B
Revenue growth+44.7%+1.3%
Net income$20.6B$18.3B
Net margin31.7%28.1%
Free cash flown/a$12.4B
Free cash flow marginn/a19.0%
Earnings per share (diluted)$22.95$7.28
Cash$7.3B$14.6B
Debt$40.9B$49.1B
Price to earnings51.620.4
Market value$1.11T$367.1B
Dividend yield0.53%2.20%
Rank by revenue in sector#11 of 523 · Health care#12 of 523 · Health care

Over the years

Revenue
LLY FY2018: $21.5BLLY FY2019: $22.3BLLY FY2020: $24.5BLLY FY2021: $28.3BLLY FY2022: $28.5BLLY FY2023: $34.1BLLY FY2024: $45BLLY FY2025: $65.2BMRK FY2018: $42.3BMRK FY2019: $39.1BMRK FY2020: $41.5BMRK FY2021: $48.7BMRK FY2022: $59.3BMRK FY2023: $60.1BMRK FY2024: $64.2BMRK FY2025: $65BFY18FY19FY20FY21FY22FY23FY24FY25
LLY $65.2BMRK $65B
Net income
LLY FY2018: $3.2BLLY FY2019: $8.3BLLY FY2020: $6.2BLLY FY2021: $5.6BLLY FY2022: $6.2BLLY FY2023: $5.2BLLY FY2024: $10.6BLLY FY2025: $20.6BMRK FY2018: $6.2BMRK FY2019: $9.8BMRK FY2020: $7.1BMRK FY2021: $13BMRK FY2022: $14.5BMRK FY2023: $365MMRK FY2024: $17.1BMRK FY2025: $18.3BFY18FY19FY20FY21FY22FY23FY24FY25
LLY $20.6BMRK $18.3B
Net margin
LLY FY2018: 15.0%LLY FY2019: 37.3%LLY FY2020: 25.2%LLY FY2021: 19.7%LLY FY2022: 21.9%LLY FY2023: 15.4%LLY FY2024: 23.5%LLY FY2025: 31.7%MRK FY2018: 14.7%MRK FY2019: 25.2%MRK FY2020: 17.0%MRK FY2021: 26.8%MRK FY2022: 24.5%MRK FY2023: 0.6%MRK FY2024: 26.7%MRK FY2025: 28.1%FY18FY19FY20FY21FY22FY23FY24FY25
LLY 31.7%MRK 28.1%
Revenue growth
LLY FY2019: +3.8%LLY FY2020: +9.9%LLY FY2021: +15.4%LLY FY2022: +0.8%LLY FY2023: +19.6%LLY FY2024: +32.0%LLY FY2025: +44.7%MRK FY2019: -7.5%MRK FY2020: +6.1%MRK FY2021: +17.3%MRK FY2022: +21.7%MRK FY2023: +1.4%MRK FY2024: +6.7%MRK FY2025: +1.3%FY19FY20FY21FY22FY23FY24FY25
LLY +44.7%MRK +1.3%
Free cash flow
MRK FY2018: $8.3BMRK FY2019: $10.1BMRK FY2020: $5.8BMRK FY2021: $8.7BMRK FY2022: $14.7BMRK FY2023: $9.1BMRK FY2024: $18.1BMRK FY2025: $12.4BFY18FY19FY20FY21FY22FY23FY24FY25
LLYMRK $12.4B

Fiscal years as each company reports them; the two may end in different months.

Questions about ELI LILLY and Merck

Which is bigger by revenue, ELI LILLY or Merck?

ELI LILLY is bigger by revenue: $65.2B in fiscal 2025, against $65B for Merck in fiscal 2025.

Which keeps more of its revenue as profit, ELI LILLY or Merck?

ELI LILLY had a net margin of 31.7% in fiscal 2025; Merck had 28.1% in fiscal 2025.

Which grew revenue faster, ELI LILLY or Merck?

In their latest fiscal years revenue changed by +44.7% at ELI LILLY and +1.3% at Merck.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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