Lilly Goes on $20 Billion Buying Spree as It Seeks Next Act

Eli Lilly is on a record $20B+ spending spree in 2026—major deals include up to $7.8B for Centessa, $7B for Kelonia and up to $3.8B for three vaccine developers—funded by profits from its obesity/diabetes drugs.
The company is pivoting into earlier-stage areas like gene therapy, oncology, immunology and neuroscience, plus big AI partnerships, to build new growth beyond Mounjaro and Zepbound.
With a near-$1T market cap and about a decade of patent protection on its top drugs, Lilly is aggressively reinvesting to meet high investor expectations and avoid relying on a single blockbuster.