Eli Lilly Beats Q3 Forecast, Raises 2026 Revenue Target on Zepbound and Mounjaro Surge
Eli Lilly’s third‑quarter results topped estimates, prompting an upgraded full‑year revenue outlook as demand for its weight‑loss and diabetes drugs climbs.
Quarterly performance exceeds expectations
Eli Lilly reported third‑quarter earnings and revenue that surpassed Wall Street estimates, prompting a rise in its full‑year sales outlook. The company’s shares advanced roughly 4% in pre‑market trading following the release.
Revenue guidance lifted for 2026
The pharmaceutical giant now expects 2026 revenue between $91 billion and $92 billion, up from its prior $85 billion‑$87 billion range. It also adjusted its full‑year adjusted earnings outlook to $35‑$36 per share, compared with the earlier $35.50‑$36.50 range. The midpoint of the profit guidance rose $4.07 per share, offset by $4.57 per share in quarterly charges related to deals.
Strong demand for flagship GLP‑1 drugs
Mounjaro’s worldwide revenue climbed 65% to $10.72 billion, including about $5 billion in U.S. sales, beating analysts’ expectations of $10.10 billion globally and $4.79 billion in the United States. International sales surged 93%.
Zepbound generated $5.35 billion in revenue for the quarter, a 49% increase from a year earlier, and exceeded StreetAccount’s forecast of $5.09 billion worldwide. The majority of Zepbound sales were in the United States.
New obesity pill trails expectations
Foundayo, Lilly’s oral GLP‑1 obesity medication approved in April, recorded $184 million in third‑quarter sales, falling short of the roughly $229 million analysts had projected. This marks the second earnings report to include revenue from the new pill, which competes with a rival oral drug from Novo launched in January.
Strategic moves amid pricing pressures
Despite lower net prices in the United States after a pricing deal with the Trump administration, Lilly continues to expand its market share over rival Novo. The company is converting strong profits into acquisitions, most recently agreeing to purchase Merida Biosciences to develop treatments for serious autoimmune and allergic diseases.
Outlook and commentary
Lilly highlighted expanded U.S. coverage for obesity care, noting Medicare’s temporary pilot program that began covering GLP‑1s for weight loss in July.
Continued strength in its GLP‑1 portfolio positions Eli Lilly to sustain growth even as it navigates pricing and competitive dynamics.
