Eli Lilly (LLY) Q3 Earnings Beat With $24.4B Revenue, Raises 2026 Sales Outlook

Eli Lilly (LLY) reported third-quarter earnings that surpassed Wall Street estimates, with adjusted earnings per share of $7.48 beating the expected $6.26. Revenue reached $24.40 billion, well above the $22.61 billion analysts predicted. The company also raised its 2026 revenue outlook to a range of $91 billion to $92 billion, up from the previous $85 billion to $87 billion forecast.

The strong performance was driven by increased demand for Eli Lilly’s weight loss drug Zepbound and diabetes treatment Mounjaro. Worldwide revenue for Mounjaro rose 65% to $10.72 billion, including roughly $5 billion in U.S. sales. International sales for Mounjaro jumped 93%. Zepbound generated $5.35 billion in third-quarter revenue, a 49% increase year-over-year, mostly from U.S. sales. However, sales of the newer GLP-1 obesity pill Foundayo were below expectations. Despite pricing pressures from a U.S. drug pricing deal, Eli Lilly maintained growth and expanded full-year adjusted earnings per share guidance to between $35 and $36.

Eli Lilly’s shares rose about 4% in premarket trading after the report. The company’s ongoing success with Zepbound and Mounjaro sustains its market share lead over competitor Novo Nordisk despite lower net prices. Eli Lilly is also investing in new therapeutic areas, most recently announcing a deal to acquire Merida Biosciences for autoimmune and allergic disease treatments. This strong quarterly performance and raised guidance signal sustained revenue growth for Eli Lilly, impacting expected earnings and valuation for investors.