In Q4'25, Eli Lilly's (LLY) operating expenses reached a total of approximately 6.93B USD, with R&D expenses at 3.80B USD and SG&A expenses at 3.13B USD, marking the highest quarterly figure in the observed period and reflecting intensified investments in research and administrative functions. From Q1'23 to Q4'25, total operating expenses exhibited a consistent upward trend, growing from 3.73B USD to 6.93B USD, driven by steady increases in both R&D (from 1.99B USD to 3.80B USD) and SG&A (from 1.75B USD to 3.13B USD) categories. R&D expenses showed particularly robust growth, with notable accelerations in 2024 and 2025, including a 39% year-over-year jump from Q4'24 to Q4'25, while SG&A followed a similar but slightly more moderate trajectory, underscoring expanding operational scale amid pharmaceutical innovation demands. The stacked bar chart highlights R&D as the dominant component, consistently comprising over 50% of total expenses throughout the period.