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Eli Lilly's Q3 EPS of $7.02 beat estimates, with revenues jumping 54% to $17.6 billion.
Mounjaro and Zepbound sales soared 109% and 185%, respectively, driving strong top-line growth.
Lilly lifted 2025 revenue guidance to $63-$63.5B and EPS to $23.00-$23.70.
Eli Lilly and Company (LLY - Free Report) reported third-quarter 2025 adjusted earnings per share (“EPS”) of $7.02, which beat the Zacks Consensus Estimate of $6.02 per share. In the year-ago quarter, Lilly recorded earnings of $1.18 per share. Adjusted EPS included acquired IPR&D charges of 71 cents in the third quarter.
Revenues of $17.60 billion rose 54% year over year, driven by robust uptake of Lilly’s popular GLP-1 drugs, Mounjaro for type II diabetes and Zepbound for obesity. Total revenues beat the Zacks Consensus Estimate of $16.01 billion.
LLY’s Mounjaro and Zepbound Sales Outperform
Mounjaro recorded sales of $6.52 billion during the quarter, up 109% year over year. The reported sales figure beat the Zacks Consensus Estimate of $5.48 billion as well as our model estimate $5.33 billion.
Mounjaro sales rose 49% to $355 billion in the United States, driven by increased demand, partially offset by lower pricing. International sales were $2.97 billion compared with $728.0 million in the year-ago quarter.
Zepbound recorded sales of $3.59 billion in the quarter, up 185% year over year, driven by increased demand, partially offset by lower pricing. Zepbound revenues beat the Zacks Consensus Estimate of $3.45 billion as well as our model estimate of $3.46 billion.
Mounjaro and Zepbound face strong competition from Novo Nordisk’s (NVO - Free Report) semaglutide medicines, Ozempic for diabetes and Wegovy for obesity. However, Lilly’s Mounjaro and Zepbound are taking market share from Ozempic and Wegovy, respectively. Novo Nordisk is scheduled to announce its third-quarter results on Nov. 5.
LLY’s Key Drugs’ Sales Numbers
Trulicity generated revenues worth $1.05 billion, down 19% year over year. Sales of Trulicity were in line with the Zacks Consensus Estimate and slightly beat our estimate of $1.04 billion.
Sales of Trulicity are being hurt due to competitive dynamics, including patient switches to Mounjaro and lower realized prices.
Jardiance sales rose 40% to $959 million. Jardiance beat the Zacks Consensus Estimate of $687.0 million as well as our model estimate of $630.6 million.
Taltz brought in sales of $901.5 million, up 2% year over year. Taltz missed the Zacks Consensus Estimate of $919.0 million as well as our model estimate of $911.5 million.
Verzenio generated sales of $1.47 billion in the reported quarter, up 7% year over year, as higher volume in the United States and outside the United States was offset by lower pricing in the United States. Verzenio sales missed the Zacks Consensus Estimate of $1.58 billion as well as our model estimate of $1.64 billion.
Emgality generated revenues of $175.7 million in the quarter, down 13% year over year. Olumiant (baricitinib) generated sales of $268.9 million, up 7% on a year-over-year basis.
Among the newer drugs, Jaypirca recorded $142.9 million in sales, up 76% year over year. Omvoh and Ebglyss recorded sales of $64.9 million and $127.1 million, respectively, in the quarter, compared with $74.8 million and $86.8 million in the previous quarter.
Sales of the new Alzheimer’s drug Kisunla were $70.4 million in the third quarter compared with $48.6 million in the previous quarter, as the new drug saw a steady launch trajectory. Kisunla was approved in Europe in September.
LLY Ups 2025 Sales and EPS Guidance
Lilly increased its 2025 full-year revenue and EPS guidance. In 2025, Lilly expects to record revenues in the range of $63.0 billion to $63.5 billion, up from the prior expectation of $60.0 billion to $62.0 billion.
The earnings per share guidance was also increased from a range of $21.75 to $23.00 to $23.00 to $23.70.
Our Take on LLY’s Q3 Results
Lilly’s third-quarter results were strong as the company beat estimates for both earnings and sales. Sales of Lilly’s key drugs, Mounjaro, Zepbound and Jardiance beat estimates while Verzenio and Taltz missed expectations. Lilly’s new products also contributed to sales growth.
The company raised its sales as well as earnings expectations for 2025, for the second time this year, backed by a strong performance year to date, mainly driven by the robust growth of Mounjaro and Zepbound and currency tailwinds.
Launches of Mounjaro and Zepbound in new international markets and improved supply from ramped-up production in the United States have led to strong sales growth in 2025
In response to the strong third-quarter results and the guidance increase, Lilly’s shares rose more than 5% in pre-market trading,
Lilly’s stock has risen 5.3% so far this year compared with an increase of 3.3% for the industry.
Image Source: Zacks Investment Research
While Mounjaro and Zepbound have become key top-line drivers for Lilly, several other new drugs, approved in the past couple of years, are contributing to top-line growth.
Lilly is investing broadly in obesity and has several new molecules currently in clinical development with a range of oral and injectable medications with different mechanisms of action. These include two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG tri-agonist.
Lilly has announced positive data across four studies on orforglipron in obesity and type II diabetes. An oral pill like orforglipron has the potential to be a more convenient alternative to injectable treatments like Zepbound and NVO’s Wegovy. Lilly plans to file regulatory applications for orforglipron in obesity later this year, setting up the timeline for a potential launch next year.
In the quarter, Lilly also gained U.S. approval for Inluriyo (imlunestrant) for certain adults with advanced or metastatic breast cancer.
LLY is also working to diversify beyond GLP-1 drugs by expanding into cardiovascular, oncology, and neuroscience areas. In 2025, it announced several M&A deals. It acquired Verve Therapeutics to add gene therapies for heart disease to its pipeline. Lilly has also acquired Scorpion Therapeutics’ oncology drug and SiteOne Therapeutics’ non-opioid pain candidate.
Last week, Lilly announced a definitive agreement to acquire Adverum Biotechnologies (ADVM - Free Report) , which will add the latter’s lead candidate, Ixo-vec, an intravitreal single-administration gene therapy being developed in phase III to treat vision loss associated with wet age-related macular degeneration. Ixo-vec has the potential to transform chronic eye care into a one-time treatment.
Bayer’s shares have risen 62.5% so far this year. Estimates for its 2025 earnings per share have increased from $1.32 to $1.37 over the past 90 days, while those for 2026 have increased from $1.36 per share to $1.44 per share. Bayer is scheduled to report third-quarter results on Nov. 12.
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Lilly Beats on Q3 Earnings, Ups View, Mounjaro, Zepbound Drive Sales
Key Takeaways
Eli Lilly and Company (LLY - Free Report) reported third-quarter 2025 adjusted earnings per share (“EPS”) of $7.02, which beat the Zacks Consensus Estimate of $6.02 per share. In the year-ago quarter, Lilly recorded earnings of $1.18 per share. Adjusted EPS included acquired IPR&D charges of 71 cents in the third quarter.
Revenues of $17.60 billion rose 54% year over year, driven by robust uptake of Lilly’s popular GLP-1 drugs, Mounjaro for type II diabetes and Zepbound for obesity. Total revenues beat the Zacks Consensus Estimate of $16.01 billion.
LLY’s Mounjaro and Zepbound Sales Outperform
Mounjaro recorded sales of $6.52 billion during the quarter, up 109% year over year. The reported sales figure beat the Zacks Consensus Estimate of $5.48 billion as well as our model estimate $5.33 billion.
Mounjaro sales rose 49% to $355 billion in the United States, driven by increased demand, partially offset by lower pricing. International sales were $2.97 billion compared with $728.0 million in the year-ago quarter.
Zepbound recorded sales of $3.59 billion in the quarter, up 185% year over year, driven by increased demand, partially offset by lower pricing. Zepbound revenues beat the Zacks Consensus Estimate of $3.45 billion as well as our model estimate of $3.46 billion.
Mounjaro and Zepbound face strong competition from Novo Nordisk’s (NVO - Free Report) semaglutide medicines, Ozempic for diabetes and Wegovy for obesity. However, Lilly’s Mounjaro and Zepbound are taking market share from Ozempic and Wegovy, respectively. Novo Nordisk is scheduled to announce its third-quarter results on Nov. 5.
LLY’s Key Drugs’ Sales Numbers
Trulicity generated revenues worth $1.05 billion, down 19% year over year. Sales of Trulicity were in line with the Zacks Consensus Estimate and slightly beat our estimate of $1.04 billion.
Sales of Trulicity are being hurt due to competitive dynamics, including patient switches to Mounjaro and lower realized prices.
Jardiance sales rose 40% to $959 million. Jardiance beat the Zacks Consensus Estimate of $687.0 million as well as our model estimate of $630.6 million.
Taltz brought in sales of $901.5 million, up 2% year over year. Taltz missed the Zacks Consensus Estimate of $919.0 million as well as our model estimate of $911.5 million.
Verzenio generated sales of $1.47 billion in the reported quarter, up 7% year over year, as higher volume in the United States and outside the United States was offset by lower pricing in the United States. Verzenio sales missed the Zacks Consensus Estimate of $1.58 billion as well as our model estimate of $1.64 billion.
Emgality generated revenues of $175.7 million in the quarter, down 13% year over year. Olumiant (baricitinib) generated sales of $268.9 million, up 7% on a year-over-year basis.
Among the newer drugs, Jaypirca recorded $142.9 million in sales, up 76% year over year. Omvoh and Ebglyss recorded sales of $64.9 million and $127.1 million, respectively, in the quarter, compared with $74.8 million and $86.8 million in the previous quarter.
Sales of the new Alzheimer’s drug Kisunla were $70.4 million in the third quarter compared with $48.6 million in the previous quarter, as the new drug saw a steady launch trajectory. Kisunla was approved in Europe in September.
LLY Ups 2025 Sales and EPS Guidance
Lilly increased its 2025 full-year revenue and EPS guidance. In 2025, Lilly expects to record revenues in the range of $63.0 billion to $63.5 billion, up from the prior expectation of $60.0 billion to $62.0 billion.
The earnings per share guidance was also increased from a range of $21.75 to $23.00 to $23.00 to $23.70.
Our Take on LLY’s Q3 Results
Lilly’s third-quarter results were strong as the company beat estimates for both earnings and sales. Sales of Lilly’s key drugs, Mounjaro, Zepbound and Jardiance beat estimates while Verzenio and Taltz missed expectations. Lilly’s new products also contributed to sales growth.
The company raised its sales as well as earnings expectations for 2025, for the second time this year, backed by a strong performance year to date, mainly driven by the robust growth of Mounjaro and Zepbound and currency tailwinds.
Launches of Mounjaro and Zepbound in new international markets and improved supply from ramped-up production in the United States have led to strong sales growth in 2025
In response to the strong third-quarter results and the guidance increase, Lilly’s shares rose more than 5% in pre-market trading,
Lilly’s stock has risen 5.3% so far this year compared with an increase of 3.3% for the industry.
Image Source: Zacks Investment Research
While Mounjaro and Zepbound have become key top-line drivers for Lilly, several other new drugs, approved in the past couple of years, are contributing to top-line growth.
Lilly is investing broadly in obesity and has several new molecules currently in clinical development with a range of oral and injectable medications with different mechanisms of action. These include two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG tri-agonist.
Lilly has announced positive data across four studies on orforglipron in obesity and type II diabetes. An oral pill like orforglipron has the potential to be a more convenient alternative to injectable treatments like Zepbound and NVO’s Wegovy. Lilly plans to file regulatory applications for orforglipron in obesity later this year, setting up the timeline for a potential launch next year.
In the quarter, Lilly also gained U.S. approval for Inluriyo (imlunestrant) for certain adults with advanced or metastatic breast cancer.
LLY is also working to diversify beyond GLP-1 drugs by expanding into cardiovascular, oncology, and neuroscience areas. In 2025, it announced several M&A deals. It acquired Verve Therapeutics to add gene therapies for heart disease to its pipeline. Lilly has also acquired Scorpion Therapeutics’ oncology drug and SiteOne Therapeutics’ non-opioid pain candidate.
Last week, Lilly announced a definitive agreement to acquire Adverum Biotechnologies (ADVM - Free Report) , which will add the latter’s lead candidate, Ixo-vec, an intravitreal single-administration gene therapy being developed in phase III to treat vision loss associated with wet age-related macular degeneration. Ixo-vec has the potential to transform chronic eye care into a one-time treatment.
LLY’s Zacks Rank
Eli Lilly currently has a Zacks Rank #4 (Sell).
Eli Lilly and Company Price and Consensus
Eli Lilly and Company price-consensus-chart | Eli Lilly and Company Quote
A better-ranked large drugmaker is Bayer (BAYRY - Free Report) , which has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Bayer’s shares have risen 62.5% so far this year. Estimates for its 2025 earnings per share have increased from $1.32 to $1.37 over the past 90 days, while those for 2026 have increased from $1.36 per share to $1.44 per share. Bayer is scheduled to report third-quarter results on Nov. 12.