ELI LILLY & Co (LLY) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that ELI LILLY & Co surfaced in its latest filing.

• In November 2025, we announced preliminary voluntary agreements with the U.S. government to lower Medicaid and certain other drug prices and to launch new medicines with a more balanced pricing approach across developed nations.November 2025
• In August 2023, HHS selected Jardiance as one of the first ten medicines subject to government-set prices in Medicare effective 2026.August 2023
• In January 2026, HHS selected Trulicity and Verzenio for government-set prices effective 2028.January 2026
• In July 2025, CVS Caremark stopped covering Zepbound as a preferred obesity management medicine on some insurance plans.July 2025
• An agreement-in-principle announced in December 2025 between the European Commission, Council and Parliament to revise the EU's general pharmaceutical legislation would make conditional the length of certain pharmaceutical intellectual property incentives, including by reductions in maximum data protection periods.December 2025
• In 2025, the U.S. government imposed new tariffs on Chinese goods and China responded with tariffs on select U.S. goods.2025
• In 2025, the U.S. and other countries imposed or reached alignment on new tariffs, with some paused but potentially coming into effect quickly and unpredictably.2025