Eli Lilly Q3 revenue jumps 39% to $24.4B, 2026 sales outlook raised to $91-92B; shares up about 4% premarket
Lilly beat third-quarter estimates on Mounjaro and Zepbound volume and lifted its full-year revenue forecast by about $5.5 billion, while trimming adjusted EPS guidance because of $4.57 a share in acquired research charges.
Eli Lilly (LLY) released third-quarter results before Thursday’s open, and its two GLP-1 drugs again did most of the work: revenue rose 39% from a year earlier, well ahead of Wall Street forecasts.
| Item | Q3 2026 | Year ago | LSEG estimate |
|---|---|---|---|
| Revenue | $24.40B (+39%) | $17.60B | $22.61B |
| EPS (non-GAAP) | $7.48 (+7%) | $7.02 | $6.26 |
| EPS (GAAP) | $7.22 (+16%) | $6.21 | not given |
| Mounjaro sales | $10.72B (+65%) | $6.52B | $10.16B |
| Zepbound sales | $5.35B (+49%) | $3.59B | $5.09B |
| Foundayo sales | $184M | new product | $217M |
LSEG estimates are as cited by Reuters. Q3 EPS absorbed $4.2 billion ($4.57 a share) of acquired in-process R&D charges, mainly tied to the AtaiBeckley and Curevo deals.
Guidance: Lilly now expects 2026 revenue of $91-92 billion, up from $85-87 billion. Non-GAAP EPS guidance slips to $35.00-36.00 from $35.50-36.50 because the deal charges more than offset a $4.07 improvement in the underlying outlook at the midpoint.
Why it matters: Growth is coming from volume, not price. Worldwide volume rose 53% while realized prices fell 15% (down 7% in the U.S. and 29% outside it), so Lilly is trading lower prices for far more patients. Outside-U.S. revenue grew faster (+47%) than U.S. revenue (+34%). The quarter also included about $900 million of one-off benefits, including $410 million of Jardiance milestone payments, which flatters the revenue beat.
Market reaction: Shares were up a little over 4% in premarket trading, according to Investing.com.
What’s next: Lilly’s conference call starts at 10:00 a.m. ET today. The U.S. Q3 GDP and September PCE inflation reports at 8:30 a.m. ET will set the tone for the broader market at the open; Amazon and Intel report after the close.
Sources
All content on this site is for informational purposes only and is not investment advice. You are solely responsible for your investment decisions. Past performance does not guarantee future results. Editorial & Corrections Policy