Eli Lilly (LLY) has delivered dramatically faster revenue growth than Merck (MRK) over the 2022–2025 period. LLY grew revenues from $28.5B in FY2022 [LLY:Q0] to $65.2B in FY2025 [LLY:Q3], representing a roughly 128% cumulative increase and a ~32% CAGR, fueled primarily by its GLP-1 franchise (tirzepatide). MRK, by contrast, grew revenues from $59.3B in FY2022 [MRK:Q0] to $65.0B in FY2025 [MRK:Q3], a more modest ~10% cumulative gain and a ~3% CAGR. Strikingly, LLY's FY2025 revenues of $65.2B [LLY:Q3] have now marginally overtaken MRK's $65.0B [MRK:Q3] — a remarkable reversal given that LLY started the period at less than half of MRK's revenue base. MRK did show meaningful acceleration from FY2023 ($60.1B [MRK:Q1]) to FY2024 ($64.2B [MRK:Q2]), but the pace remains far below LLY's explosive trajectory, which saw revenues jump ~32% from FY2023 ($34.1B [LLY:Q1]) to FY2024 ($45.0B [LLY:Q2]) and another ~45% from FY2024 to FY2025.
MRK: Merck has grown steadily but modestly, with revenues rising from $59.3B in FY2022 [MRK:Q0] to $65.0B in FY2025 [MRK:Q3], a cumulative gain of roughly 10% over three years. The company showed its strongest single-year step-up between FY2023 ($60.1B [MRK:Q1]) and FY2024 ($64.2B [MRK:Q2]), but overall growth remains incremental rather than transformational.
LLY: Eli Lilly has been one of the fastest-growing large-cap pharma companies in recent history, with revenues nearly tripling from $28.5B in FY2022 [LLY:Q0] to $65.2B in FY2025 [LLY:Q3], driven by the rapid commercial uptake of its GLP-1 and diabetes portfolio. The acceleration has been consistent and steep, with revenues surging from $34.1B in FY2023 [LLY:Q1] to $45.0B in FY2024 [LLY:Q2] and then to $65.2B in FY2025 [LLY:Q3] — a trajectory that has carried LLY's top line past MRK's, having started the period at less than half the size.