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ELI Lilly vs Merck: LLY and MRK compared
ELI Lilly is the larger company: $24.4B of revenue in its latest quarter (Q3 2026) against $18.1B for Merck (Q3 2026). ELI Lilly is growing faster (+39% against +5% a year earlier). ELI Lilly is more profitable, with an operating margin of 34.5% against 30.7%.
Where the money goes: LLY and MRK
ELI Lilly (LLY) · Q3 2026
ELI Lilly, Q3 2026: revenue $24.4B (+39% year over year), operating margin 34.5%, net earnings $6.5B, operating cash flow $11.4B. The chart follows the revenue to costs, profit and cash.
Merck (MRK) · Q3 2026
Merck, Q3 2026: revenue $18.1B (+5% year over year), operating margin 30.7%, net earnings $5.1B, operating cash flow $6.6B. The chart follows the revenue to costs, profit and cash.
| ELI Lilly (LLY) | Merck (MRK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $24.4B | $18.1B |
| Revenue growth, Y/Y | +39% | +5% |
| Operating margin | 34.5% | 30.7% |
| Net earnings | $6.5B | $5.1B |
| Net margin | 26.4% | 28.0% |
| Operating cash flow | $11.4B | $6.6B |
| Free cash flow | $8.2B | $5.5B |
| Market value | $1.22T | $363.6B |
| P/E | 44.3× | 151.3× |
| Analysts’ mean target | $1453.40 | $161.53 |
Where the revenue comes from
ELI Lilly
- Net product revenue: $22.7B (93%)
- Other oncology: $1.1B (4%)
- Other immunology: $579M (2%)
Questions
Which is bigger, ELI Lilly or Merck?
ELI Lilly is the larger company: $24.4B of revenue in its latest quarter (Q3 2026) against $18.1B for Merck (Q3 2026).
Is ELI Lilly or Merck growing faster?
ELI Lilly is growing faster (+39% against +5% a year earlier).
Which is more profitable, ELI Lilly or Merck?
ELI Lilly is more profitable, with an operating margin of 34.5% against 30.7%.
More: ELI Lilly earnings · how ELI Lilly makes money · Merck earnings · how Merck makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.