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How Are LLY's Neuroscience and Immunology Drugs Poised Ahead of Q3?

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Key Takeaways

  • LLY's neuroscience sales rose 32% to $811 million, while immunology grew 9% to $2.6 billion in H1 2026.
  • Kisunla and Emgality are expected to drive neuroscience Q3 growth, though competition may temper momentum.
  • Taltz leads immunology, while Ebglyss, Omvoh and Olumiant could boost Q3 growth despite competition.

Eli Lilly’s (LLY - Free Report) portfolio is overwhelmingly driven by its popular GLP-1 medicines, Mounjaro and Zepbound. However, Neuroscience and immunology are emerging as additional contributors to top-line growth, though both segments remain considerably smaller than Lilly’s cardiometabolic business.

Eli Lilly’s neuroscience revenues rose 32% year over year to $811 million in the first half of 2026, while immunology revenues increased 9% to $2.6 billion. Investors will monitor both segments’ performance when LLY reports third-quarter results on Oct. 29, 2026, with particular attention to commercial progress across its established therapies and newer products.

In neuroscience, Kisunla, an anti-amyloid beta antibody for early symptomatic Alzheimer’s disease, is expected to continue witnessing rapid sales growth in the third quarter. Emgality, an anti-CGRP monoclonal antibody for migraine prevention, is likely to have remained another key contributor to the segment’s revenues. Continued uptake of these products will be important to sustaining neuroscience growth.

In immunology, Taltz, an IL-17A inhibitor, remains the largest contributor, generating $1.6 billion in first-half revenues. Meanwhile, newer products Ebglyss and Omvoh are expected to support segment growth in the third quarter as they continue to gain market share. Olumiant’s third-quarter sales momentum is expected to have been sustained by rising demand across its approved indications. In September, the FDA expanded Olumiant’s approved use to adolescents aged 12 years and older with severe alopecia areata, potentially supporting sales growth in the quarters ahead. Nevertheless, competition from established therapies could weigh on the portfolio’s growth trajectory.

LLY Faces Competition in Neuroscience and Immunology

Eli Lilly faces strong competition from Biogen (BIIB - Free Report) , Novartis (NVS - Free Report) and AbbVie (ABBV - Free Report) across its neuroscience and immunology portfolios. Biogencompetes with Lilly in Alzheimer’s disease through Leqembi, which it markets with Eisai. Like Lilly’s Kisunla, Leqembi targets amyloid beta, making BIIB/Eisai a direct competitor in the Alzheimer’s treatment market. Novartis competes with Lilly in both neuroscience and immunology. Its migraine drug Aimovig, marketed with Amgen, competes with Emgality, while Cosentyx competes with Taltz in psoriasis.

AbbVie also challenges Lilly across both therapeutic areas. Its migraine drug Qulipta competes with Emgality, while Skyrizi and Rinvoq compete with Omvoh in inflammatory bowel disease. Rinvoq also competes with Ebglyss in atopic dermatitis.

LLY’s Price Performance, Valuation and Estimates

Lilly stock has risen 19.3% so far this year compared with the industry’s growth of 17.4%. During the same period, the company has also outperformed the sector and the S&P 500, as seen in the chart below.

LLY Stock Price Movement

Zacks Investment ResearchImage 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 28.63 forward earnings, higher than 19.06 for the industry. However, the stock is trading below its five-year mean of 34.60.

LLY Stock Valuation

Zacks Investment ResearchImage Source: Zacks Investment Research

The Zacks Consensus Estimate for 2026 earnings per share has declined from $35.88 to $33.22 over the past 60 days, while that for 2027 has risen from $45.87 to $47.23.

LLY Estimate Movement

Zacks Investment ResearchImage Source: Zacks Investment Research

LLY has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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