ELI LILLY vs Merck (LLY vs MRK)
Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.
ELI LILLY has grown revenue faster over the last 4 fiscal years (+130.2% cumulative vs +33.5%). ELI LILLY trades at the lower trailing P/E (38.9x vs 118.0x).
About ELI LILLY
Eli Lilly and Company discovers, develops, manufactures, and markets human pharmaceutical products worldwide. Its main products include treatments for diabetes, oncology, immunology, and neuroscience conditions. The company serves healthcare providers, wholesalers, pharmacies, hospitals, and patients in approximately 90 countries.
About Merck
Merck & Co., Inc. is a pharmaceutical company that develops and sells prescription medicines, vaccines, and animal health products. It serves healthcare providers, patients, and animal health customers worldwide. The company also collaborates with other firms to develop and commercialize various pharmaceutical products.
Head to head (LLY FY2025 vs MRK FY2025)
| Metric | LLYFY2025 | MRKFY2025 |
|---|---|---|
| Revenue | $65.18B | $65.01B |
| Revenue growth (YoY) | 44.7% | 1.3% |
| Gross margin | 83.0% | 74.8% |
| Operating margin | — | — |
| Net margin | 31.7% | 28.1% |
| Net income | $20.64B | $18.25B |
| Diluted EPS | $22.95 | $7.28 |
| FCF margin | — | 19.0% |
| ROE | 77.8% | 34.7% |
| Long-term debt / equity | 1.54× | 0.89× |
| Market cap | $1.03T | $369.73B |
| P/E | 38.9× | 118.0× |
Fundamentals are from each company’s SEC filings (LLY FY2025, MRK FY2025). ROE is net income over fiscal-year-end equity; long-term debt / equity counts non-current term debt only. P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
Five-year trend (as reported)
| Revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| LLY | $28.32B | $28.54B | $34.12B | $45.04B | $65.18B |
| MRK | $48.70B | $59.28B | $60.12B | $64.17B | $65.01B |
Peer standing
Where each company ranks among the 198 pharmaceutical companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.
| Metric | LLY | MRK |
|---|---|---|
| Gross margin | 83.0%82nd percentile of 69 | 74.8%68th percentile of 69 |
| Net margin | 31.7%86th percentile of 122 | 28.1%82nd percentile of 122 |
| Revenue growth (YoY) | +44.7%72nd percentile of 187 | +1.3%36th percentile of 187 |
| ROE | 77.8%99th percentile of 167 | 34.7%91st percentile of 167 |
| P/E | 38.9×78th percentile of 60 | 118.0×90th percentile of 60 |
| Long-term debt / equity | 1.54×89th percentile of 64 | 0.89×78th percentile of 64 |
| Short interest (days to cover) | 2.11d18th percentile of 197 | 2.84d23rd percentile of 197 |
Short interest
| FINRA settlement data | LLY | MRK |
|---|---|---|
| Shares sold short | 6.6M | 24.5M |
| Change vs prior settlement | -28.0% | -13.4% |
| Days to cover | 2.11 | 2.84 |
| As of settlement | 2026-08-14 | 2026-08-14 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.
Insider activity (last 90 days)
| Form 4 activity (codes P/S) | LLY | MRK |
|---|---|---|
| Buys | 0 | 0 |
| Sells | 4 ($18.8M) | 17 ($30.0M) |
Non-derivative purchases (code P) and sales (code S) reported on SEC Form 4, which may be open-market or private (grants, exercises and tax withholding excluded). For context, about 15% of covered companies saw any reported insider purchase (code P) in a 90-day window.
Held by the same investors
10 tracked 13F managers hold both ELI LILLY and Merck as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Dodge & Cox, Gotham Asset Management, Harris Associates (Oakmark), Millennium Management, Point72 Asset Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.
Go deeper
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.