Eli Lilly Raises 2026 Revenue Outlook to $91–92 Billion

Eli Lilly hiked its 2026 revenue guidance to $91–92 billion, up from a prior range of $85–87 billion, after third-quarter results blew past Wall Street estimates on surging demand for Zepbound and Mounjaro. Shares rose about 4% in premarket trading Thursday.

The company reported adjusted earnings of $7.48 per share on revenue of $24.40 billion. Analysts surveyed by LSEG expected $6.26 per share on $22.61 billion. That's a beat of roughly $1.22 per share on the bottom line and nearly $1.8 billion on the top.

What's driving the numbers?

Mounjaro, the diabetes blockbuster, posted worldwide revenue of $10.72 billion for the quarter — up 65% year over year, and above the $10.10 billion analysts expected per StreetAccount. U.S. sales hit about $5 billion against an expected $4.79 billion. The bigger surprise came overseas: international Mounjaro sales jumped 93%.

Zepbound, Lilly's weight-loss drug launched roughly three years ago, brought in $5.35 billion, up 49% from a year earlier. Analysts expected $5.09 billion globally, including $4.99 billion from the U.S. Demand rose even as realized prices fell — a pattern Lilly has now sustained for several quarters.

The growth isn't price-driven, and that's the key detail for investors. U.S. revenue climbed 34% to $15.1 billion on a 41% surge in prescription volume, partially offset by a 7% decline in realized prices. Outside the U.S., sales jumped 47% to $9.3 billion on a 76% volume surge, offset by a 29% price drop.

Those lower U.S. prices trace back to a drug-pricing deal Lilly struck with the Trump administration last year. In its release, Lilly also pointed to expanded U.S. coverage for obesity care, specifically Medicare's July decision to start covering GLP-1s for weight loss under a temporary pilot program.

Where's the soft spot?

Foundayo, the oral GLP-1 obesity pill that won U.S. approval in April, took in $184 million — short of the roughly $229 million analysts expected, per StreetAccount estimates. This is the second earnings report including Foundayo revenue. The pill competes head-to-head with a rival oral drug from Novo Nordisk that launched in January.

That makes Foundayo the one product line where Lilly's execution hasn't matched the Street's model. It's also the segment where competition is most direct.

What does this change for the profit line?

The raised revenue outlook comes with a nuanced earnings picture. Lilly now projects full-year adjusted earnings of $35 to $36 per share, versus a prior outlook of $35.50 to $36.50. The company said it raised underlying profit guidance by $4.07 per share at the midpoint — but that gain is offset by $4.57 per share in charges tied to deals struck during the quarter.

Net income came in at $6.45 billion, or $7.22 per share, including those deal charges. A year earlier, Lilly booked $5.58 billion, or $6.21 per share.

The dealmaking itself is part of the story. Lilly is converting its obesity-and-diabetes windfall into acquisitions, most recently agreeing to buy Merida Biosciences to develop a new class of treatments for serious autoimmune and allergic diseases. The company's market-share lead over Novo, its chief rival, shows no signs of eroding despite the lower U.S. net prices.

For practitioners, the takeaway is straightforward: volume is doing the heavy lifting, guidance now bakes in that momentum through 2026, and the open question is whether Foundayo can close the gap with Novo's oral entrant before the pill market hardens.