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Here's How Eli Lilly's Oncology Drugs Are Poised Ahead of Q1 Earnings
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Key Takeaways
LLY's oncology sales rose more than 7% in 2025 to $9.38B, representing about 14% of its total revenues.
Verzenio is expected to drive most Q1 oncology sales, aided by higher demand outside the United States.
LLY's oncology growth also includes Retevmo, Jaypirca and new launch Inluriyo, partly offset by older drugs.
While Eli Lilly (LLY - Free Report) is a market leader in the GLP-1 segment, thanks to its tirzepatide medicines Mounjaro (for diabetes) and Zepbound (for obesity), the company also generates a meaningful portion of revenues from its oncology franchise. In 2025, LLY’s oncology sales totaled $9.38 billion, representing year-over-year growth of 7%, and accounted for around 14% of the company’s total revenues.
The Zacks Consensus Estimate for Eli Lilly’s overall oncology portfolio sales during the first quarter of 2026 is pegged at $2.15 billion. A significant portion of these revenues is likely to be generated from sales of the company’s blockbuster breast cancer drug, Verzenio. Sales of this drug are expected to have been driven by higher volumes due to increased demand in ex-U.S. markets, partially offset by a decline in sales in the United States.
Sales of RET inhibitor Retevmo and the newer lymphoma drug Jaypirca are also expected to have contributed positively to top-line growth during the quarter. However, these gains are likely to have been partially offset by lower sales of older cancer drugs like Alimta and Cyramza, which are being impacted by competition from immuno-oncology agents in the United States.
Eli Lilly secured FDA approval for its new breast cancer drug, Inluriyo (imlunestrant), in late 2025 and was subsequently launched in the United States. Investors will look out for the sales numbers for Inluriyo on the first-quarter earnings call.
As markets await another strong quarter from Eli Lilly’s GLP-1 portfolio, investors will also keep an eye on the company’s oncology unit, which is showing consistent growth fueled by innovation. This could help reassure investors that Lilly’s earnings trajectory is not solely tied to the obesity segment ahead of the first-quarter results on April 30.
For AstraZeneca, oncology sales now account for nearly 44% of total revenues. Sales in its oncology segment rose 17% in 2025. AstraZeneca’s strong oncology performance was driven by medicines, such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).
Merck’s oncology sales grew more than 9% in 2025, driven by key oncology medicines, such as PD-L1 inhibitor Keytruda and PARP inhibitor Lynparza, which it markets in partnership with AstraZeneca. MRK’s Keytruda, approved for several types of cancer, alone accounted for about 49% of Merck’s total revenues in 2025.
Pfizer’s oncology revenues in 2025 grew more than 8% on a reported basis, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. The segment now accounts for about 27% of Pfizer’s overall sales.
LLY’s Stock Price, Valuation and Estimates
Shares of Eli Lilly have lost 14.3% year to date compared with the industry’s 5.5% decline. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
LLY Stock Price Movement
Image Source: Zacks Investment Research
From a valuation standpoint, LLY stock is expensive. Going by the price/earnings ratio, the company’s shares currently trade at 25.09 forward earnings, higher than 16.61 for the industry. However, the stock is trading below its five-year mean of 34.56.
LLY Stock Valuation
Image Source: Zacks Investment Research
Estimates for Eli Lilly’s 2026 earnings have declined from $34.04 to $33.64 per share in the past 60 days, and estimates for 2027 earnings have declined from $42.44 to $42.08 per share over the same time frame.
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Here's How Eli Lilly's Oncology Drugs Are Poised Ahead of Q1 Earnings
Key Takeaways
While Eli Lilly (LLY - Free Report) is a market leader in the GLP-1 segment, thanks to its tirzepatide medicines Mounjaro (for diabetes) and Zepbound (for obesity), the company also generates a meaningful portion of revenues from its oncology franchise. In 2025, LLY’s oncology sales totaled $9.38 billion, representing year-over-year growth of 7%, and accounted for around 14% of the company’s total revenues.
The Zacks Consensus Estimate for Eli Lilly’s overall oncology portfolio sales during the first quarter of 2026 is pegged at $2.15 billion. A significant portion of these revenues is likely to be generated from sales of the company’s blockbuster breast cancer drug, Verzenio. Sales of this drug are expected to have been driven by higher volumes due to increased demand in ex-U.S. markets, partially offset by a decline in sales in the United States.
Sales of RET inhibitor Retevmo and the newer lymphoma drug Jaypirca are also expected to have contributed positively to top-line growth during the quarter. However, these gains are likely to have been partially offset by lower sales of older cancer drugs like Alimta and Cyramza, which are being impacted by competition from immuno-oncology agents in the United States.
Eli Lilly secured FDA approval for its new breast cancer drug, Inluriyo (imlunestrant), in late 2025 and was subsequently launched in the United States. Investors will look out for the sales numbers for Inluriyo on the first-quarter earnings call.
As markets await another strong quarter from Eli Lilly’s GLP-1 portfolio, investors will also keep an eye on the company’s oncology unit, which is showing consistent growth fueled by innovation. This could help reassure investors that Lilly’s earnings trajectory is not solely tied to the obesity segment ahead of the first-quarter results on April 30.
Competition in the Oncology Space
Other bigger players in the oncology space include AstraZeneca (AZN - Free Report) , Merck (MRK - Free Report) and Pfizer (PFE - Free Report) .
For AstraZeneca, oncology sales now account for nearly 44% of total revenues. Sales in its oncology segment rose 17% in 2025. AstraZeneca’s strong oncology performance was driven by medicines, such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).
Merck’s oncology sales grew more than 9% in 2025, driven by key oncology medicines, such as PD-L1 inhibitor Keytruda and PARP inhibitor Lynparza, which it markets in partnership with AstraZeneca. MRK’s Keytruda, approved for several types of cancer, alone accounted for about 49% of Merck’s total revenues in 2025.
Pfizer’s oncology revenues in 2025 grew more than 8% on a reported basis, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev. The segment now accounts for about 27% of Pfizer’s overall sales.
LLY’s Stock Price, Valuation and Estimates
Shares of Eli Lilly have lost 14.3% year to date compared with the industry’s 5.5% decline. The company has also underperformed the sector and the S&P 500 during the same time frame, as seen in the chart below.
LLY Stock Price Movement
From a valuation standpoint, LLY stock is expensive. Going by the price/earnings ratio, the company’s shares currently trade at 25.09 forward earnings, higher than 16.61 for the industry. However, the stock is trading below its five-year mean of 34.56.
LLY Stock Valuation
Estimates for Eli Lilly’s 2026 earnings have declined from $34.04 to $33.64 per share in the past 60 days, and estimates for 2027 earnings have declined from $42.44 to $42.08 per share over the same time frame.
LLY Estimate Movement
Eli Lilly currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.