Eli Lilly — Aug 7, 2025 release

The performance margin 2 is now expected to be in the range of 42.0% and 43.5% on a reported basis and 43.0% and 44.5% on a non-GAAP basis. Both ratios reflecting the increase in revenue guidance. Other income (expense) on a reported basis is now expected to be expense in the range of $750 million to $650 million due to a decrease in net losses on investments in equity securities and is still expected to be expense in the range of $700 million to $600 million on a non-GAAP basis. The 2025 estimated effective tax rate increased from approximately 17% on a reported basis to 19% which reflects an anticipated third quarter charge as a result of recently enacted U.S. tax legislation. The non-GAAP estimated tax rate is still expected to be approximately 17%. Based on these changes, EPS guidance increased to the range of $20.85 to $22.10 on a reported basis and $21.75 to $23.00 on a non-GAAP basis. The company's updated 2025 financial guidance reflects adjustments shown in the reconciliation table below. 2025 Guidance Earnings per share (reported) $20.85 to $22.10 U.S. tax legislation .38 Amortization of intangible assets .42 Asset impairment, restructuring, and other special charges .03 Net losses on investments in equity securities .05 Earnings per share (non-GAAP) $21.75 to $23.00 Numbers may not add due to rounding 2 The Company defines performance margin as gross margin less R&D, Marketing, Selling, and Administrative and Asset Impairment, Restructuring and Other Charges divided by Revenue.