Eli Lilly (LLY) earnings Q3 2026

Eli Lilly on Thursday reported third-quarter earnings and revenue that blew past estimates and hiked its full-year sales outlook, as demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro soared again. 

Despite that strength, sales of its new GLP-1 obesity pill Foundayo, which launched in the U.S. in April, were under Wall Street’s expectations for the quarter.

The pharmaceutical giant now expects 2026 revenue to come in between $91 billion and $92 billion, up from a previous guidance of $85 billion to $87 billion. 

Lilly projects its full-year adjusted earnings will be between $35 and $36 per share, which compares with a previous outlook of $35.50 to $36.50 per share. The company said it raised the underlying profit guidance by $4.07 per share at the midpoint, but noted that it is offset by $4.57 per share in charges tied to deals in the quarter.

The company’s shares rose about 7% on Thursday.

Lilly’s massive diabetes and obesity windfall – and market share lead over chief rival Novo – shows no signs of slowing down, even as the company grapples with lower net prices in the U.S. The pharma giant is converting its massive profits into a deal-making spree, most recently striking an agreement to buy Merida Biosciences to develop a new class of treatments for serious autoimmune and allergic diseases. 

Here’s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $7.48 adjusted vs. $6.26 expected
• Revenue: $24.40 billion vs. $22.61 billion expected

Resilient demand for Zepbound and Mounjaro has helped fuel several strong quarters for Lilly despite lower prices for the medications in the U.S., which came after a drug pricing deal struck with the Trump administration last year. In a release, Lilly also pointed to expanded U.S. coverage for obesity care, referring to Medicare’s decision to start covering GLP-1s for weight loss in July under a temporary pilot program.  

“This is a program that’s really working,” Lilly CEO Dave Ricks said on CNBC’s “Squawk on the Street.” “We’re pleased with the early uptake and access, and I think doctors and patients are as well.”

Mounjaro’s worldwide revenue rose 65% to $10.72 billion for the quarter, including U.S. sales of about $5 billion. That surpassed the $10.10 billion in worldwide sales and $4.79 billion in U.S. revenue that analysts were expecting for the quarter, according to StreetAccount.

Mounjaro notably saw strength internationally, with sales outside the U.S. jumping 93%.

Zepbound, which entered the market roughly three years ago, posted $5.35 billion in revenue for the third quarter. That’s up 49% from the year-earlier period, as demand for the drug also rose while realized prices dropped. The vast majority of those sales came from the U.S. 

Analysts were expecting $5.09 billion in global sales for Zepbound, including $4.99 billion from the U.S., according to StreetAccount.