Eli Lilly, Apple, and Microsoft Drive Irish Corporate Tax Revenue

Ireland’s corporate tax revenue is increasingly reliant on a small number of large multinational corporations, particularly Apple, Microsoft, and Eli Lilly. Recent analysis reveals these three companies accounted for approximately 46% of the state’s corporation tax intake in 2024, raising concerns about the sustainability and diversification of Ireland’s tax base.

Growing Reliance on a Few Key Players

In 2024, these three companies collectively paid around €13 billion, representing 46% of the total corporation tax collected by the Irish State, according to the Irish Fiscal Advisory Council [Irish Times]. This highlights a significant concentration of tax revenue within a limited number of corporations.

The overall corporation tax almost doubled between 2021 and 2024, even excluding one-off back taxes paid by Apple, demonstrating a substantial increase driven largely by these top three contributors [Irish Times].

Apple and Microsoft together accounted for nearly 40% of total corporation tax receipts, underscoring their dominant position in Ireland’s tax landscape [Irish Times].

Future Outlook and Potential Risks

Economists at the Irish Fiscal Advisory Council emphasize the risks associated with this concentration, noting that even as these companies currently perform strongly, their future profits and tax contributions remain uncertain [Irish Times]. Corporation tax receipts could fluctuate significantly in the medium term.

However, projections suggest continued positive performance for these companies. Advances in artificial intelligence are expected to boost profits for Apple and Microsoft, while Eli Lilly is poised to benefit from increasing demand for its weight-loss and diabetes medications [Irish Times].

Eli Lilly’s Growth and Market Position

Eli Lilly’s recent strong performance is linked to the surge in demand for its GLP-1 medications, including tirzepatide (Mounjaro and Zepbound), used for treating type 2 diabetes and obesity [The Motley Fool]. In the third quarter of 2025, tirzepatide became the world’s best-selling drug, surpassing Merck’s Keytruda [The Motley Fool].

Eli Lilly reported full-year sales of US$65.18 billion in 2025, with a net income of US$20.64 billion, and completed a US$4.08 billion share repurchase program [Yahoo Finance]. The company anticipates revenue of US$80–83 billion in 2026, driven by the potential approval and launch of its oral GLP-1 pill, orforglipron [Yahoo Finance].

Bridgewater Associates Adjusts Portfolio

Despite the positive outlook for Eli Lilly, Bridgewater Associates, the world’s largest hedge fund, recently reduced its stake in the company, alongside selling its Apple holdings [Investing Channel] and [Barron’s]. Simultaneously, Bridgewater increased its investment in Microsoft and initiated a fresh position in Moderna [Investing Channel] and [Barron’s].