The OmniAb Eli Lilly Deal: A Cautionary Tale of Valuation and Risk The recent partnership between OmniAb (OABI) and Eli Lilly (LLY) has sent shockwaves through the pharmaceutical industry, with many hailing it as a game changer for OABI.
However, beneath this surface level excitement lies a tale of two companies with vastly different financial profiles, risk tolerances, and growth strategies.
Eli Lilly's massive commercial engine and top line expansion dwarf OmniAb in terms of scale and profitability. In Q2 2026, Lilly generated $23 billion in revenue, while OABI reported just $13.