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operating-expenses-chart

LLY Operating Expenses

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In Q1'26, Eli Lilly's (LLY) operating expenses reached $6.44B USD, comprising $3.51B in R&D expenses and $2.93B in SG&A expenses, marking a slight decline from the Q4'25 peak of $6.93B but remaining elevated compared to earlier periods. From Q2'23 to Q1'26, total operating expenses exhibited a strong upward trend, growing from $4.28B to $6.44B, driven by consistent increases in both R&D (from $2.36B to $3.51B) and SG&A (from $1.93B to $2.93B) categories. R&D expenses showed particularly robust growth, with a 61% rise over the period and notable accelerations in 2025 quarters, peaking at $3.80B in Q4'25, while SG&A followed a similar pattern with a 52% increase, reflecting expanded investments likely tied to product development and market expansion. The stacked bar chart highlights R&D as the dominant component, consistently accounting for over 55% of total expenses, underscoring its role in driving the overall escalation.