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Results of Operations

Worldwide revenue for the year was $45.0 billion, an increase of 32% compared with the prior year, led by our incretin portfolio.

Volume contributed 28 percentage points to revenue growth and realized prices contributed 4 points; foreign exchange was broadly neutral.

Revenue by Product

Mounjaro revenue was $11.5 billion. Zepbound, launched late in the prior year, contributed $4.9 billion as supply expanded.

Trulicity revenue declined 14% to $5.3 billion as demand shifted toward newer incretin therapies.

Outlook

We expect full-year revenue to grow approximately 32%, driven primarily by incretin volume and continued expansion of manufacturing capacity.

We have committed more than $18 billion to new manufacturing sites since 2020 to address demand and reduce supply constraints.

Gross Margin

Gross margin as a percent of revenue was 80.9%, up 1.8 percentage points, driven by favorable product mix and operating leverage.

Marketing, selling and administrative expense rose 11%, reflecting launch investment behind Zepbound and international expansion.

Liquidity

Cash flow from operations was $12.4 billion. We returned $5.6 billion to shareholders through dividends during the year.