The man suffered serious head injuries, a broken leg and wrist and possible chest trauma when he fell on his descent from St Sunday Crag - part of the Eastern Fells mountain range - on Saturday, Patterdale Mountain Rescue Team said.
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A passing police officer and emergency medical technician from Cumbria were able to assist the man and his friends, the rescue team added.
Team leader Mike Blakey, said: "We are pleased to report that we are expecting him to make a full recovery, which is remarkable given the distance which he had fallen."
He added: 'We would like to formally thank the couple who were passing by and helped throughout."
Sixteen team members and four air crew were involved in the rescue for about four hours, the rescue team said.
The man was then evacuated on a stretcher to the valley bottom before being taken by air ambulance to the Royal Victoria Infirmary in Newcastle.
A coastguard helicopter was also scrambled from Prestwick in Scotland to assist.