There has been pressure from the U.S. government for healthcare companies to reduce the price of insulin. As the price of just about everything has been rising amid inflation levels not seen in decades, that's forcing people to make some very difficult decisions about what to spend money on, including healthcare.

Eli Lilly (LLY 0.70%) recently stepped up and said it would be drastically reducing the price of its insulin products. It's a good move as it helps people with diabetes, and while it may seem like this could put a dent in the company's financials, here's why investors don't need to worry much.

Insulin not likely a big part of Lilly's future

On March 1, Eli Lilly said that it would be making insulin more affordable for people by slashing the price of its most commonly prescribed insulins by 70%. People who don't have insurance can obtain the company's insulin for $35 per month through Eli Lilly's Insulin Value Program.

Insulin, however, is something that analysts see as eventually accounting for less and less of the company's top line. In 2022, Humalog and Humulin, the company's top two insulin products, generated a combined $3.1 billion in revenue. That represents about 11% of the $28.5 billion in sales that Eli Lilly reported for the full year.

But by 2027, analysts project that Eli Lilly's top two insulin treatments will account for less than 4% of revenue. And that doesn't necessarily mean that the company's sales will be declining as there will simply be other drugs and treatments fueling Eli Lilly's growth.

Mounjaro to account for 27% of sales

By 2027, analysts project that Mounjaro will represent 27% of Eli Lilly's revenue. Mounjaro is a recently approved diabetes treatment that patients have found effective in dramatically reducing their weight.

In a study released last year, participants using the treatment lost up to 22.5% of their body weight. Mounjaro has the potential to be a game changer for Eli Lilly's business, with some analysts believing that it could be used for many more indications and hit $100 billion in revenue at its peak. Last year, its sales totaled $483 million, so its growth story is still in its early innings.

Plus, Alzheimer's treatment, donanemab, is also a potential blockbuster that could bring in billions in revenue for Eli Lilly. The company can afford to reduce insulin prices because it has such a bright future ahead of itself. Its financials are also rock-solid, with Eli Lilly reporting free cash flow of at least $4 billion in each of the past three years.

Why Eli Lilly is a great buy

Eli Lilly's reduction of insulin prices will affect some of its products, but it won't drastically change the outlook for its business. Plus, the move might even buy it some goodwill with investors as it is taking the lead among healthcare companies on reducing insulin prices for the public.

And although the stock looks like it may be expensive, trading at 45 times earnings, this is a wonderful company to be investing in for the long haul. Eli Lilly also pays a dividend that yields 1.4% per year.