As of Q4'25, Eli Lilly's operating expenses reached their highest levels in the observed period, with R&D Expenses at USD 3.8B and SG&A Expenses at USD 3.34B. This marks a significant increase compared to previous quarters, highlighting a notable rise in both research and development as well as selling, general, and administrative spending. From Q1'23 to Q4'25, both R&D and SG&A expenses have shown a consistent upward trend, with occasional fluctuations but overall strong growth. R&D Expenses grew from USD 1.99B in Q1'23 to USD 3.8B in Q4'25, while SG&A Expenses increased from USD 1.75B to USD 3.34B over the same period. The most pronounced acceleration in spending occurred in 2025, suggesting increased investment in both innovation and commercial activities.