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  • P&G Announces Fiscal Year 2026 First Quarter Results

    Net Sales +3%; Organic Sales +2%

    Diluted EPS $1.95, +21%; Core EPS $1.99, +3%

    MAINTAINS FISCAL YEAR SALES, EPS GROWTH AND CASH RETURN GUIDANCE

    CINCINNATI–(BUSINESS WIRE)–The Procter & Gamble Company (NYSE:PG) reported first quarter fiscal year 2026 net sales of $22.4 billion, an increase of three percent versus the prior year. Organic sales, which excludes the impacts of foreign exchange and acquisitions and divestitures, increased two percent versus the prior year. Diluted net earnings per share were $1.95, an increase of 21% versus the prior year primarily due to higher non-core restructuring charges in the prior year. Core earnings per share were $1.99, an increase of three percent versus the prior year.

    Operating cash flow was $5.4 billion, and net earnings were $4.8 billion for the quarter. Adjusted free cash flow productivity was 102%. Adjusted free cash flow productivity is calculated as operating cash flow less capital spending and certain other items, as a percentage of net earnings. The Company returned $3.8 billion of cash to shareowners via $2.55 billion of dividend payments and $1.25 billion of share repurchases.

    First Quarter ($ billions, except EPS)

    GAAP

    2026

    2025

    % Change

     

    Non-GAAP*

    2026

    2025

    % Change

    Net Sales

    22.4

    21.7

    3%

     

    Organic Sales

    n/a

    n/a

    2%

    Diluted EPS

    1.95

    1.61

    21%

     

    Core EPS

    1.99

    1.93

    3%

    *Please refer to Exhibit 1 – Non-GAAP Measures for the definition and reconciliation of these measures to the related GAAP measures. 

    “Our organic sales growth, earnings and cash results in the first quarter reflect strong execution of our integrated strategy,” said Jon Moeller, Chairman of the Board, President and Chief Executive Officer. “These results keep us on track to deliver within our guidance ranges on all key financial metrics for the fiscal year in a challenging consumer and geopolitical environment. We remain committed to our integrated growth strategy of a focused product portfolio of daily use categories where performance drives brand choice, superiority — across product performance, packaging, brand communication, retail execution and consumer and customer value — productivity, constructive disruption and an agile and accountable organization. We are increasing investment in innovation and demand creation to improve value for consumers and drive category growth.”

    July – September Quarter Discussion

    Net sales in the first quarter of fiscal year 2026 were $22.4 billion, a three percent increase versus the prior year. Organic sales, which exclude the impacts of foreign exchange and acquisitions and divestitures, increased two percent driven by a one percent increase from higher pricing and a one percent increase from favorable mix. Organic volume had a neutral impact on sales for the quarter.

    July – September 2025

    Volume

    Foreign

    Exchange

    Price

    Mix

    Other (2)

    Net Sales

    Organic

    Volume

    Organic

    Sales

    Net Sales Drivers (1)

    Beauty

    4%

    1%

    2%

    (1)%

    —%

    6%

    4%

    6%

    Grooming

    1%

    2%

    4%

    (2)%

    —%

    5%

    1%

    3%

    Health Care

    (2)%

    1%

    1%

    2%

    —%

    2%

    (2)%

    1%

    Fabric & Home Care

    (2)%

    2%

    1%

    —%

    —%

    1%

    (2)%

    —%

    Baby, Feminine & Family Care

    —%

    1%

    —%

    —%

    —%

    1%

    —%

    —%

    Total P&G

    —%

    1%

    1%

    1%

    —%

    3%

    —%

    2%

     

    (1) Net sales percentage changes are approximations based on quantitative formulas that are consistently applied. 

    (2) Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales.  

    • Beauty segment organic sales increased six percent versus year ago. Hair Care organic sales increased low single-digits driven by volume increases and innovation-driven pricing in North America and Europe, partially offset by unfavorable geographic and product mix. Personal Care organic sales increased high single digits due to innovation-driven volume growth and pricing in North America, partially offset by negative impacts from geographic mix. Skin Care organic sales increased mid-single digits due to favorable premium product mix and higher pricing primarily in North America, partially offset by volume declines.
    • Grooming segment organic sales increased three percent versus year ago behind innovation-driven pricing, primarily in North America and Europe, and volume growth, partially offset by unfavorable product mix.
    • Health Care segment organic sales increased one percent versus year ago. Oral Care organic sales were unchanged as product mix from premium innovation was offset by volume declines. Personal Health Care organic sales increased low single digits due to higher pricing, primarily in Latin America and North America, partially offset by volume declines.
    • Fabric and Home Care segment organic sales were unchanged versus year ago. Fabric Care organic sales decreased low single digits driven by volume declines mainly in Europe. Home Care organic sales increased low single digits driven by higher pricing, primarily in North America and Europe, partially offset by volume declines, primarily in Europe.
    • Baby, Feminine and Family Care segment organic sales were unchanged versus year ago. Baby Care organic sales increased low single digits due to favorable premium product mix and a unit volume increase. Feminine Care organic sales were unchanged as the positive impacts of favorable product mix and innovation-driven pricing, primarily in North America, were offset by volume declines. Family Care organic sales decreased low single digits driven by merchandising investments.

    Diluted net earnings per share increased by 21% to $1.95, driven primarily by higher restructuring charges related to the substantial liquidation of operations in certain Enterprise Markets, including Argentina, in the prior year period. Core earnings per share and currency-neutral core EPS increased three percent to $1.99.

    Reported gross margin for the quarter decreased 70 basis points versus the prior year. Core gross margin for the quarter decreased 50 basis points versus the prior year and on a currency-neutral basis decreased 30 basis points. Benefits from gross productivity savings of 140 basis points, increased pricing of 50 basis points and 20 basis points of rounding and other items were more than offset by 100 basis points of unfavorable mix, 70 basis points of product reinvestments and 70 basis points of higher costs from tariffs and commodities.

    Reported selling, general and administrative expense (SG&A) as a percentage of sales declined 20 basis points versus year ago. Core SG&A as a percentage of sales decreased 40 basis points versus year ago and decreased 70 basis points on a currency-neutral basis. The decline was driven by 90 basis points of productivity savings, 40 basis points of net sales growth leverage and 10 basis points of rounding and other items, partially offset by 70 basis points of reinvestments.

    Reported operating margin for the quarter decreased 50 basis points versus the prior year. Core operating margin for the quarter was unchanged versus the prior year and increased 40 basis points on a currency-neutral basis. Core operating margin included gross productivity savings of 230 basis points.

    Fiscal Year 2026 Guidance

    P&G maintained its guidance range for fiscal 2026 all-in sales growth to be in the range of one to five percent versus the prior year. The net impacts of foreign exchange rates and acquisitions and divestitures are expected to be a tailwind of approximately one percentage point to all-in sales growth. The Company also maintained its outlook for organic sales growth in the range of in-line to up four percent versus the prior year.

    P&G maintained its fiscal 2026 diluted net earnings per share growth to be in the range of 3% to 9% versus fiscal 2025 diluted net EPS of $6.51. P&G also maintained its fiscal 2026 core earnings per share growth to be in the range of in-line to up four percent versus fiscal 2025 core EPS of $6.83. This outlook equates to a range of $6.83 to $7.09 per share, with a mid-point estimate of $6.96, or an increase of 2%.

    P&G now expects a commodity cost headwind of approximately $100 million after tax and higher costs from tariffs of approximately $400 million after tax for fiscal 2026. The Company continues to expect a net headwind of roughly $250 million after-tax from modestly higher net interest expense and a higher core effective tax rate versus the prior year. The Company also continues to expect favorable foreign exchange rates will be a tailwind of approximately $300 million after tax. Collectively these impacts equate to a headwind of $0.19 per share for fiscal 2026.

    The Company is unable to reconcile its forward-looking non-GAAP cash flow and tax rate measures without unreasonable efforts given the unpredictability of the timing and amounts of discrete items, such as acquisitions, divestitures, or impairments, which could significantly impact GAAP results.

    P&G continues to expect a core effective tax rate to be in the range of 20% to 21% in fiscal 2026.

    Capital spending is estimated to be in the range of four to five percent of fiscal 2026 net sales.

    P&G continues to expect adjusted free cash flow productivity of 85% to 90% and expects to pay around $10 billion in dividends and to repurchase approximately $5 billion of common shares in fiscal 2026.

    Forward-Looking Statements

    Certain statements in this release, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.

    Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange, pricing controls or tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws, regulations, policies and related interpretations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity, data protection and data transfers, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to continue delivering progress towards our environmental sustainability ambitions.

    For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

    About Procter & Gamble

    P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit https://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at https://www.pg.com/news.

     
     
     

    THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

    Consolidated Earnings Information

     

    Three Months Ended September 30

    Amounts in millions except per share amounts

     

    2025

     

     

     

    2024

     

     

    % Chg

    NET SALES

    $

    22,386

     

     

    $

    21,737

     

     

    3%

    Cost of products sold

     

    10,887

     

     

     

    10,421

     

     

    4%

    GROSS PROFIT

     

    11,499

     

     

     

    11,316

     

     

    2%

    Selling, general and administrative expense

     

    5,643

     

     

     

    5,519

     

     

    2%

    OPERATING INCOME

     

    5,856

     

     

     

    5,797

     

     

    1%

    Interest expense

     

    (197

    )

     

     

    (238

    )

     

    (17)%

    Interest income

     

    108

     

     

     

    135

     

     

    (20)%

    Other operating income/(expense), net

     

    268

     

     

     

    (554

    )

     

    (148)%

    EARNINGS BEFORE INCOME TAXES

     

    6,034

     

     

     

    5,140

     

     

    17%

    Income taxes

     

    1,253

     

     

     

    1,152

     

     

    9%

    NET EARNINGS

     

    4,781

     

     

     

    3,987

     

     

    20%

    Less: Net earnings attributable to noncontrolling interests

     

    31

     

     

     

    28

     

     

    11%

    NET EARNINGS ATTRIBUTABLE TO PROCTER & GAMBLE

    $

    4,750

     

     

    $

    3,959

     

     

    20%

     

     

     

     

     

     

    EFFECTIVE TAX RATE

     

    20.8

    %

     

     

    22.4

    %

     

     

     

     

     

     

     

     

    NET EARNINGS PER COMMON SHARE (1)

     

     

     

     

     

    Basic

    $

    2.00

     

     

    $

    1.65

     

     

    21%

    Diluted

    $

    1.95

     

     

    $

    1.61

     

     

    21%

     

     

     

     

     

     

    DIVIDENDS PER COMMON SHARE

    $

    1.0568

     

     

    $

    1.0065

     

     

     

    DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

     

    2,436.8

     

     

     

    2,466.0

     

     

     

     

     

     

     

     

     

    COMPARISONS AS A % OF NET SALES

     

     

     

     

    Basis Pt Chg

    Gross profit

     

    51.4%

     

     

    52.1%

     

    (70)

    Selling, general and administrative expense

     

    25.2%

     

     

    25.4%

     

    (20)

    Operating income

     

    26.2%

     

     

    26.7%

     

    (50)

    Earnings before income taxes

     

    27.0%

     

     

    23.6 %

     

    340

    Net earnings

     

    21.4%

     

     

    18.3%

     

    310

    Net earnings attributable to Procter & Gamble

     

    21.2%

     

     

    18.2%

     

    300

     

    (1) Basic net earnings per common share and Diluted net earnings per common share are calculated on Net earnings attributable to Procter & Gamble. 

     

    Certain columns and rows may not add due to rounding.

     
     
     
     

    THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

    Consolidated Earnings Information

     

    Three Months Ended September 30, 2025

    Amounts in millions

    Net Sales

     

    % Change

    Versus Year

    Ago

     

    Earnings/(Loss)

    Before

    Income Taxes

     

    % Change

    Versus Year

    Ago

     

    Net Earnings

     

    % Change

    Versus Year

    Ago

    Beauty

    $

    4,143

     

    6%

     

    $

    1,132

     

     

    6%

    $

    879

     

    5%

    Grooming

     

    1,817

     

    5%

     

     

    585

     

     

    12%

     

    463

     

    9%

    Health Care

     

    3,220

     

    2%

     

     

    937

     

     

    (2)%

     

    718

     

    (3)%

    Fabric & Home Care

     

    7,793

     

    1%

     

     

    2,042

     

     

    (2)%

     

    1,579

     

    (3)%

    Baby, Feminine & Family Care

     

    5,171

     

    1%

     

     

    1,446

     

     

    5%

     

    1,105

     

    4%

    Corporate

     

    242

     

    N/A

     

     

    (108

    )

     

    N/A

     

    36

     

    N/A

    Total Company

    $

    22,386

     

    3%

     

    $

    6,034

     

     

    17%

    $

    4,781

     

    20%

     

    Three Months Ended September 30, 2025

    Net Sales Drivers (1)

    Volume

     

    Organic

    Volume

     

    Foreign

    Exchange

     

    Price

     

    Mix

     

    Other (2)

     

    Net Sales

    Beauty

    4%

     

    4%

     

    1%

     

    2%

     

    (1)%

     

    —%

     

    6%

    Grooming

    1%

     

    1%

     

    2%

     

    4%

     

    (2)%

     

    —%

     

    5%

    Health Care

    (2)%

     

    (2)%

     

    1%

     

    1%

     

    2%

     

    —%

     

    2%

    Fabric & Home Care

    (2)%

     

    (2)%

     

    2%

     

    1%

     

    —%

     

    —%

     

    1%

    Baby, Feminine & Family Care

    —%

     

    —%

     

    1%

     

    —%

     

    —%

     

    —%

     

    1%

    Total Company

    —%

     

    —%

     

    1%

     

    1%

     

    1%

     

    —%

     

    3%

     

    (1) Net sales percentage changes are approximations based on quantitative formulas that are consistently applied. 

    (2) Other includes the sales mix impact from acquisitions and divestitures and rounding impacts necessary to reconcile volume to net sales. 

     

    Certain columns and rows may not add due to rounding.

     
     
     
     

    THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

    Consolidated Statements of Cash Flows

     

    Three Months Ended September 30

    Amounts in millions

     

    2025

     

     

     

    2024

     

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD

    $

    9,556

     

     

    $

    9,482

     

    OPERATING ACTIVITIES (1)

     

     

     

    Net earnings

     

    4,781

     

     

     

    3,987

     

    Depreciation and amortization

     

    761

     

     

     

    728

     

    Share-based compensation expense

     

    121

     

     

     

    105

     

    Deferred income taxes

     

    53

     

     

     

    184

     

    Loss/(gain) on sale of assets

     

    (3

    )

     

     

    794

     

    Change in accounts receivable

     

    (305

    )

     

     

    (134

    )

    Change in inventories

     

    (303

    )

     

     

    (188

    )

    Change in accounts payable

     

    648

     

     

     

    90

     

    Other

     

    (344

    )

     

     

    (1,264

    )

    TOTAL OPERATING ACTIVITIES

     

    5,408

     

     

     

    4,302

     

    INVESTING ACTIVITIES

     

     

     

    Capital expenditures

     

    (1,200

    )

     

     

    (993

    )

    Proceeds from asset sales

     

    8

     

     

     

    45

     

    Acquisitions, net of cash acquired

     

    (5

    )

     

     

    (6

    )

    Other investing activity

     

    (338

    )

     

     

    (154

    )

    TOTAL INVESTING ACTIVITIES

     

    (1,535

    )

     

     

    (1,108

    )

    FINANCING ACTIVITIES

     

     

     

    Dividends to shareholders

     

    (2,549

    )

     

     

    (2,445

    )

    Additions to short-term debt with original maturities of more than three months

     

    1,123

     

     

     

    4,090

     

    Reductions in short-term debt with original maturities of more than three months

     

    (1,800

    )

     

     

    (571

    )

    Net additions/(reductions) to other short-term debt

     

    2,108

     

     

     

    (444

    )

    Reductions in long-term debt

     

    (3

    )

     

     

    (70

    )

    Treasury stock purchases

     

    (1,250

    )

     

     

    (1,939

    )

    Impact of stock options and other

     

    134

     

     

     

    745

     

    TOTAL FINANCING ACTIVITIES

     

    (2,239

    )

     

     

    (634

    )

    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH

     

    (20

    )

     

     

    116

     

    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

     

    1,615

     

     

     

    2,675

     

    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD

    $

    11,171

     

     

    $

    12,156

     

     

    (1) Certain prior period amounts within Operating Activities have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the previously reported Total Operating Activities. 

     

    Certain columns and rows may not add due to rounding.

     
     
     
     

    THE PROCTER & GAMBLE COMPANY AND SUBSIDIARIES

    Condensed Consolidated Balance Sheets

    Amounts in millions

    September 30, 2025

     

    June 30, 2025

    Cash and cash equivalents

    $

    11,171

     

    $

    9,556

    Accounts receivable

     

    6,487

     

     

    6,185

    Inventories

     

    7,848

     

     

    7,551

    Prepaid expenses and other current assets

     

    1,612

     

     

    2,100

    TOTAL CURRENT ASSETS

     

    27,118

     

     

    25,392

    Property, plant and equipment, net

     

    24,119

     

     

    23,897

    Goodwill

     

    41,643

     

     

    41,650

    Trademarks and other intangible assets, net

     

    21,818

     

     

    21,910

    Other noncurrent assets

     

    12,901

     

     

    12,381

    TOTAL ASSETS

    $

    127,599

     

    $

    125,231

     

     

     

     

    Accounts payable

    $

    15,609

     

    $

    15,227

    Accrued and other liabilities

     

    10,756

     

     

    11,318

    Debt due within one year

     

    11,631

     

     

    9,513

    TOTAL CURRENT LIABILITIES

     

    37,995

     

     

    36,058

    Long-term debt

     

    24,315

     

     

    24,995

    Deferred income taxes

     

    5,893

     

     

    5,774

    Other noncurrent liabilities

     

    5,844

     

     

    6,120

    TOTAL LIABILITIES

     

    74,048

     

     

    72,946

    TOTAL SHAREHOLDERS’ EQUITY

     

    53,551

     

     

    52,284

    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

    $

    127,599

     

    $

    125,231

     

    Certain columns and rows may not add due to rounding. 

     
     
     

    The Procter & Gamble Company

    Exhibit 1: Non-GAAP Measures

    The following provides definitions of the non-GAAP measures used in Procter & Gamble’s October 24, 2025 earnings release and the reconciliation to the most closely related GAAP measures. We believe that these measures provide useful perspective on underlying business trends (i.e., trends excluding non-recurring or unusual items) and results and provide a supplemental measure of period-to-period results. The non-GAAP measures described below are used by management in making operating decisions, allocating financial resources and for business strategy purposes. These measures may be useful to investors, as they provide supplemental information about business performance and provide investors a view of our business results through the eyes of management. Certain of these measures are also used to evaluate senior management and are a factor in determining their at-risk compensation. These non-GAAP measures are not intended to be considered by the user in place of the related GAAP measures but rather as supplemental information to our business results. These non-GAAP measures may not be the same as similar measures used by other companies due to possible differences in method and in the items or events being adjusted. The Company is not able to reconcile its forward-looking non-GAAP cash flow and tax rate measures because the Company cannot predict the timing and amounts of discrete items such as acquisition and divestitures, which could significantly impact GAAP results. Note that certain columns and rows may not add due to rounding.

    The Core earnings measures included in the following reconciliation tables refer to the equivalent GAAP measures adjusted as applicable for the following item:

    • Incremental restructuring: The Company has historically had an ongoing level of restructuring activities of approximately $250 – $500 million before tax.

    Contacts

    P&G Media Contacts:
    Wendy Kennedy, 513.780.7212

    Henry Molski, 513.505.3587

    P&G Investor Relations Contact:
    John Chevalier, 513.983.9974

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  • Lilly’s EBGLYSS (lebrikizumab-lbkz) delivered durable disease control when administered once every eight weeks in patients with moderate-to-severe atopic dermatitis

    Lilly’s EBGLYSS (lebrikizumab-lbkz) delivered durable disease control when administered once every eight weeks in patients with moderate-to-severe atopic dermatitis

    New long-term extension data show approximately 80% of patients achieved or maintained meaningful skin improvement (EASI 75) with EBGLYSS with half the doses compared to approved monthly maintenance dosing 

    Lilly submitted these data to the FDA for a potential label update for EBGLYSS 

    If approved, EBGLYSS would be a first-line biologic that offers the option of monotherapy with once every eight-week maintenance dosing in moderate-to-severe atopic dermatitis uncontrolled by topicals 

    INDIANAPOLIS, Oct. 24, 2025 /PRNewswire/ — New results show Eli Lilly and Company’s (NYSE: LLY) EBGLYSS (lebrikizumab-lbkz) sustained similar levels of skin clearance when administered as a single injection of 250 mg once every eight weeks (Q8W) compared with once every four weeks (Q4W), supporting a potential additional, less frequent maintenance dosing option for more individualized treatment of patients with moderate-to-severe atopic dermatitis. These findings from the Phase 3 ADjoin extension trial will be presented at the 2025 Fall Clinical Dermatology Conference, taking place Oct. 23-26 in Las Vegas.1

    “For people managing the persistent symptoms of eczema, hesitancy about frequent injections can add to the already heavy toll of this disease,” said Peter Lio, M.D., author of the ADjoin study and clinical assistant professor of dermatology and pediatrics, Northwestern University. “With as few as six maintenance doses per year, EBGLYSS would give patients and providers more flexibility, which may reduce treatment burden for patients with busy lives.”

    EBGLYSS is an interleukin-13 (IL-13) inhibitor that selectively blocks IL-13 signaling with high binding affinity.2,3,4 The cytokine IL-13 is a primary cytokine in atopic dermatitis, driving the type-2 inflammatory cycle in the skin, leading to skin barrier dysfunction, itch, skin thickening and infection.5,6

    In the ADjoin extension study, results indicate that maintenance dosing every other month demonstrated similarly high rates of disease control compared to monthly dosing:

    • 79% of patients taking EBGLYSS once every other month and 86% of patients taking EBGLYSS monthly, respectively, achieved or maintained EASI 75.*
    • 62% of patients taking EBGLYSS once every other month and 73% of patients taking EBGLYSS monthly, respectively, achieved or maintained IGA 0,1.
    • There was no increased risk of immunogenicity (the production of anti-drug-antibodies), and no new safety findings. These data support that once every eight-week EBGLYSS dosing could give HCPs and patients a new treatment option using the lowest effective dose.

    “Managing moderate-to-severe atopic dermatitis involves ongoing cycles of flare-ups and itching, which can be difficult for people with eczema,” said Kristin Belleson, President and CEO of the National Eczema Association. “Treatment options that have the potential to reduce the time people spend managing symptoms could give them more time to focus on what matters most.”

    Lilly has submitted these data from the ADjoin extension trial among other data to the FDA for a potential label update. A study investigating EBGLYSS maintenance dosing of 500 mg administered once every 12 weeks (Q12W) is underway.

    “Lilly continues to optimize dosing frequency to push boundaries that redefine the patient experience. These new findings build on EBGLYSS’ proven efficacy and demonstrate the potential for disease control with even less frequent dosing,” said Mark Genovese M.D., senior vice president of Lilly Immunology development. “We are pursuing an every-eight-week maintenance dosing label update with the FDA. We are also testing every-twelve-week maintenance dosing with our partner Almirall, as well as potentially exploring every-twelve-week dosing in independent Lilly-led studies.”

    These data build on existing research for EBGLYSS, which has demonstrated long-term results maintained for up to three years, as well as efficacy data across diverse skin tones. EBGLYSS is the only biologic for moderate-to-severe atopic dermatitis with a strong recommendation and high certainty of evidence that can be used with or without topicals, according to guidelines published by the American Academy of Dermatology (AAD),** which are used as a key consideration for dermatologists and managed care providers.

    Lilly continues to raise the standard of care in dermatology and invest in our immunology pipeline, which includes big bets on next-generation modalities and the targeted expansion of small molecules. Lilly’s investigational therapies include novel, oral IL-17 inhibitors such as DICE Therapeutics’ DC-853, which is being studied for psoriasis, and eltrekibart, a novel monoclonal antibody that targets neutrophil-driven inflammation and is being assessed in hidradenitis suppurativa. Lilly is also advancing novel science to explore the potential of incretins in dermatology and has initiated the TOGETHER-PsO trial investigating the efficacy and safety of treating adults with moderate-to-severe plaque psoriasis and obesity with both ixekizumab and an incretin-based therapy. 

    Lilly has exclusive rights for development and commercialization of EBGLYSS in the U.S. and the rest of the world outside Europe. Lilly’s partner Almirall has licensed the rights to develop and commercialize EBGLYSS for the treatment of dermatology indications, including atopic dermatitis, in Europe.

    *EASI=Eczema Area and Severity Index, EASI-75=75% reduction in EASI from baseline; IGA=Investigator’s Global Assessment 0 or 1 (“clear” or “almost clear”).
    **Inclusion in the Focused Update: AAD Guidelines of Care for the Management of Atopic Dermatitis in Adults does not denote endorsement of product use by the AAD.

    About the Q8W ADjoin Extension 
    The Q8W extension of ADjoin (NCT04392154) assessed EBGLYSS given every eight weeks (Q8W) compared to every four weeks (Q4W) and evaluated the long-term safety and efficacy of EBGLYSS treatment in patients with moderate-to-severe atopic dermatitis for 32 weeks, in select countries. Adult and adolescent patients (ages 12–17, weighing ≥40 kg) who completed the 100-week ADjoin study, including participants from the ADvocate 1 and 2 trials (52 weeks), ADore trial (52 weeks) and the ADopt-VA (16 weeks) trial, were eligible to enroll in the Q8W extension. Patients in this analysis received open-label EBGLYSS 250 mg, Q8W or Q4W, regardless of their previous treatment in ADjoin (Q2W or Q4W dose). The approved maintenance dose of EBGLYSS is 250 mg once monthly, after taking EBGLYSS 250 mg every two weeks for 16 weeks or later when adequate clinical response is achieved.7

    INDICATION AND SAFETY SUMMARY 
    EBGLYSS™ (EHB-glihs) is an injectable medicine used to treat adults and children 12 years of age and older who weigh at least 88 pounds (40 kg) with moderate-to-severe eczema (atopic dermatitis) that is not well controlled with prescription therapies used on the skin (topical), or who cannot use topical therapies. EBGLYSS can be used with or without topical corticosteroids.

    It is not known if EBGLYSS is safe and effective in children less than 12 years of age or in children 12 years to less than 18 years of age who weigh less than 88 pounds (40 kg).

    Warnings – Do not use EBGLYSS if you are allergic to lebrikizumab-lbkz or to any of the ingredients in EBGLYSS. See the Patient Information leaflet that comes with EBGLYSS for a complete list of ingredients.

    Before using
    Before using EBGLYSS, tell your healthcare provider about all your medical conditions, including if you:

    • Have a parasitic (helminth) infection.
    • Are scheduled to receive any vaccinations. You should not receive a “live vaccine” if you are treated with EBGLYSS.
    • Are pregnant or plan to become pregnant. It is not known if EBGLYSS will harm your unborn baby. If you become pregnant during treatment with EBGLYSS, you or your healthcare provider can call Eli Lilly and Company at 1-800-LillyRx (1-800-545-5979) to report the pregnancy.
    • Are breastfeeding or plan to breastfeed. It is not known if EBGLYSS passes into your breast milk.

    Tell your healthcare provider about all the medicines you take, including prescription and over-the-counter medicines, vitamins, and herbal supplements.

    Possible side effects
    EBGLYSS can cause serious side effects, including:

    • Allergic reactions. EBGLYSS can cause allergic reactions that may sometimes be severe. Stop using EBGLYSS and tell your healthcare provider or get emergency help right away if you get any of the following signs or symptoms:
      • breathing problems or wheezing
      • swelling of the face, lips, mouth, tongue or throat
      • hives
      • itching
      • fainting, dizziness, feeling lightheaded
      • skin rash
      • cramps in your stomach area (abdomen)
    • Eye problems. Tell your healthcare provider if you have any new or worsening eye problems, including eye pain or changes in vision, such as blurred vision.

    The most common side effects of EBGLYSS include:

    • eye and eyelid inflammation, including redness, swelling, and itching
    • injection site reactions
    • shingles (herpes zoster)

    These are not all of the possible side effects of EBGLYSS. Call your doctor for medical advice about side effects. You may report side effects to FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.

    How to take

    • See the detailed “Instructions for Use” that comes with EBGLYSS for information about how to prepare and inject EBGLYSS and how to properly store and throw away (dispose of) used EBGLYSS prefilled pens and prefilled syringes.
    • Use EBGLYSS exactly as prescribed by your healthcare provider.
    • EBGLYSS is given as an injection under the skin (subcutaneous injection).
    • If your healthcare provider decides that you or a caregiver can give the injections of EBGLYSS, you or a caregiver should receive training on the right way to prepare and inject EBGLYSS. Do not try to inject EBGLYSS until you have been shown the right way by your healthcare provider. In children 12 years of age and older, EBGLYSS should be given by a caregiver.
    • If you miss a dose of EBGLYSS, inject the missed dose as soon as possible, then inject your next dose at your regular scheduled time.

    Learn more
    EBGLYSS is a prescription medicine available as a 250 mg/2 mL injection prefilled pen or prefilled syringe. For more information, call 1-800-545-5979 or go to ebglyss.lilly.com

    This summary provides basic information about EBGLYSS but does not include all information known about this medicine. Read the information that comes with your prescription each time your prescription is filled. This information does not take the place of talking to your doctor. Be sure to talk to your doctor or other healthcare provider about EBGLYSS and how to take it. Your doctor is the best person to help you decide if EBGLYSS is right for you.

    LK CON BS AD APP

    EBGLYSS, its delivery device base, and Lilly Support Services are trademarks owned or licensed by Eli Lilly and Company, its subsidiaries, or affiliates.

    About EBGLYSS 
    EBGLYSS is a monoclonal antibody that selectively targets and neutralizes IL-13 with high binding affinity and a slow dissociation rate.3,4,7 EBGLYSS binds to the IL-13 cytokine at an area that overlaps with the binding site of the IL-4Rα subunit of the IL-13Rα1/IL-4Rα heterodimer, preventing formation of this receptor complex and inhibiting IL-13 signaling. IL-13 is implicated as a primary cytokine tied to the pathophysiology of eczema, driving the type-2 inflammatory loop in the skin, and EBGLYSS selectively targets IL-13.7

    The EBGLYSS Phase 3 program consists of five key global studies evaluating over 1,300 patients, including two monotherapy studies (ADvocate 1 and 2), a combination study with topical corticosteroids (ADhere), as well as long-term extension (ADjoin) and adolescent open label (ADore) studies.

    EBGLYSS was approved in the U.S. by the Food and Drug Administration (FDA) in 2024 as a first-line monotherapy biologic treatment with once-monthly maintenance dosing for adults and children 12 years of age and older who weigh at least 88 pounds (40 kg) with moderate-to-severe atopic dermatitis that is not well controlled with topical prescription therapies.7 EBGLYSS was also approved in the European Union in 2023 and in Japan and Canada in 2024.

    EBGLYSS 250 mg/2 mL injection is dosed as a single monthly maintenance injection following the initial phase of treatment. The recommended initial starting dose of EBGLYSS is 500 mg (two 250 mg injections) at Week 0 and Week 2, followed by 250 mg every two weeks until Week 16 or later when adequate clinical response is achieved; after this, maintenance dosing is a single monthly injection (250 mg every four weeks).7

    Lilly is committed to serving patients living with moderate-to-severe atopic dermatitis and is working to enable broad first-line biologic access to EBGLYSS following topical prescription therapy through commercial insurance and as of October 24, Lilly has coverage with all three major national pharmacy benefit managers and over 90% of people with commercial insurance. We are also pursuing similarly broad Medicaid and Medicare coverage as part of Lilly’s health access and affordability initiative. Through Lilly Support Services, Lilly offers a patient support program including co-pay assistance for eligible, commercially insured patients.  

    About Lilly 
    Lilly is a medicine company turning science into healing to make life better for people around the world. We’ve been pioneering life-changing discoveries for nearly 150 years, and today our medicines help tens of millions of people across the globe. Harnessing the power of biotechnology, chemistry and genetic medicine, our scientists are urgently advancing new discoveries to solve some of the world’s most significant health challenges: redefining diabetes care; treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer’s disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we’re motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our medicines are accessible and affordable. To learn more, visit Lilly.com and Lilly.com/news, or follow us on Facebook, Instagram and LinkedIn. P-LLY 

    Trademarks and Trade Names
    All trademarks or trade names referred to in this press release are the property of the company, or, to the extent trademarks or trade names belonging to other companies are references in this press release, the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that the company or, to the extent applicable, their respective owners will not assert, to the fullest extent under applicable law, the company’s or their rights thereto. We do not intend the use or display of other companies’ trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

    Cautionary Statement Regarding Forward-Looking Statements 
    This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about EBGLYSS (lebrikizumab-lbkz) as a treatment for patients with moderate-to severe atopic dermatitis and the timeline for future readouts, presentations, and other milestones relating to EBGLYSS and its clinical trials and reflects Lilly’s current beliefs and expectations. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of drug research, development, and commercialization. Among other things, there is no guarantee that future study results will be consistent with the results to date or that EBGLYSS will receive additional regulatory approvals, or that it will be commercially successful. For further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly’s expectations, see Lilly’s Form 10-K and Form 10-Q filings with the United States Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements to reflect events after the date of this release.

    1. Silverberg J, et al. Lebrikizumab Dosed Every 8 Weeks as Maintenance Provides Long-Lasting Response in Patients with Moderate-to-Severe Atopic Dermatitis. 2025 Fall Clinical Dermatology Conference. October 24, 2025.
    2. Simpson EL, et al. Efficacy and safety of lebrikizumab (an anti-IL-13 monoclonal antibody) in adults with moderate-to-severe atopic dermatitis inadequately controlled by topical corticosteroids: A randomized, placebo-controlled phase II trial (TREBLE). J Am Acad Dermatol. 2018;78(5):863-871.e11. doi:10.1016/j.jaad.2018.01.017.
    3. Okragly A, et al. Binding, Neutralization and Internalization of the Interleukin-13 Antibody, Lebrikizumab. Dermatol Ther (Heidelb). 2023;13(7):1535-1547. doi:10.1007/s13555-023-00947-7.
    4. Ultsch M, et al. Structural basis of signaling blockade by anti-IL-13 antibody Lebrikizumab. J Mol Biol. 2013;425(8):1330-1339. doi:10.10116/j.jmb.2013.01.024.
    5. Bieber T. Interleukin-13: Targeting an underestimated cytokine in atopic dermatitis. Allergy. 2020;75(1):54–62. doi:10.1111/all.13954.
    6. Tsoi LC, et al. Atopic Dermatitis Is an IL-13-Dominant Disease with Greater Molecular Heterogeneity Compared to Psoriasis. J Invest Dermatol. 2019;139(7):1480-1489. doi:10.1016/j.jid.2018.12.018.
    7. EBGLYSS. Prescribing Information. Lilly USA, LLC.

    SOURCE Eli Lilly and Company


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