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Lilly's Q3 adjusted EPS of $7.48 beat estimates by 39%, while revenues climbed 39% to $24.40 billion.
Mounjaro sales surged 65%, and Zepbound grew 49%, while newer drugs added to quarterly revenue growth.
Lilly raised 2026 revenue guidance to $91-$92 billion, sending shares up around 4% in pre-market.
Eli Lilly and Company (LLY - Free Report) reported third-quarter 2026 adjusted earnings per share (“EPS”) of $7.48, which beat the Zacks Consensus Estimate of $5.38 per share by 39.0%. Earnings rose 7% year over year.
Revenues of $24.40 billion rose 39% year over year, driven by robust volume growth of Lilly's popular GLP-1 drugs, Mounjaro and Zepbound. Newer products also contributed to growth. One-time benefits, including $410 million of Jardiance milestones and favorable U.S. rebate/discount estimate adjustments, also benefited sales in the third quarter. Total revenues beat the Zacks Consensus Estimate of $22.11 billion by 10.4%.
While U.S. revenues rose 34% to $15.1 billion, ex-U.S. revenues increased 47% to $9.3 billion.
Volumes rose 53%, while net realized prices declined 15%.
Mounjaro, Zepbound and Foundayo Boost Lilly's Q3 Sales
Mounjaro recorded sales of $10.72 billion during the quarter, up 65% year over year. The reported sales figure beat the Zacks Consensus Estimate of $10.11 billion.
U.S. Mounjaro revenues increased 41% to $5.0 billion on strong demand. International revenues jumped 93% to $5.7 billion, driven by volume growth, partly offset by lower realized prices following the drug's inclusion on China's National Reimbursement Drug List.
Zepbound recorded third-quarter sales of $5.35 billion, up 49% year over year. The reported figure beat the Zacks Consensus Estimate of $5.10 billion. The obesity drug's performance was driven by strong demand in the United States, partially offset by lower realized prices,
Lilly’s newly launched oral GLP-1 drug Foundayo generated $184 million in third-quarter revenues, compared with $98 million in the previous quarter.
Rival Novo Nordisk (NVO - Free Report) had gained approval for an oral version of its obesity drug, Wegovy, in December 2025 and launched the pill in January 2026. Novo Nordisk is scheduled to announce third-quarter results on Nov. 4.
Lilly's Newer Drugs Deliver Robust Q3 Growth
Among newer drugs, Jaypirca recorded $228 million in sales, up 59% year over year. Omvoh generated revenues of $114 million, up 76%, while Ebglyss sales rose 59% to $202 million.
Sales of Alzheimer's drug Kisunla increased 175% to $193 million. New breast cancer drug Inluriyo recorded sales of $73 million, compared with $75 million in the previous quarter.
LLY's Key Drugs Deliver Mixed Results
Trulicity generated revenues of $904 million, down 14% year over year. Sales beat the Zacks Consensus Estimate of $816 million.
Jardiance sales surged 65% to $1.58 billion and significantly beat the Zacks Consensus Estimate of $866 million. International revenues included $410 million in sales-based milestones associated with Lilly's collaboration with Boehringer Ingelheim.
Taltz brought in sales of $856 million, down 5% year over year. The figure missed the Zacks Consensus Estimate of $918 million.
Verzenio generated revenues of $1.51 billion, up 3% year over year, but missed the Zacks Consensus Estimate of $1.54 billion.
Emgality generated revenues of $186 million, up 6%, beating the consensus estimate of $175 million. Olumiant revenues declined 2% to $263 million, missing the consensus estimate of $274 million.
Lilly Raises Its 2026 Revenue Outlook
Lilly raised its full-year 2026 revenue guidance to $91 billion-$92 billion from the previous projection of $85 billion-$87 billion, reflecting strong underlying business performance.
The company now expects adjusted earnings between $35.00 and $36.00 per share, compared with its prior expectation of $35.50-$36.50.
Underlying business growth added $4.07 to the midpoint of its earnings expectations. However, this benefit was more than offset by $4.57 per share of acquired in-process research and development charges associated with the multiple business development deals and partnerships signed in the third quarter, including the acquisition of AtaiBeckley.
Our Take on LLY’s Q3 Results
Lilly delivered another impressive quarter, with earnings and revenues comfortably exceeding estimates. Mounjaro and Zepbound remained the primary growth engines, with both drugs outperforming consensus expectations.
Newer medicines across oncology, immunology and neuroscience also contributed to growth. Lilly’s key new products (Ebglyss, Foundayo, Inluriyo, Jaypirca, Kisunla, Mounjaro, Omvoh, and Zepbound) contributed $17.1 billion to revenues in the third quarter. Within key products, Lilly’s Immunology, Oncology and Neuroscience medicines collectively grew 100% year over year in the third quarter.
Lilly, once again, raised its sales expectations for the year.
In response to the better-than-expected quarterly earnings and the increased revenue outlook for 2026, Lilly’s shares rose around 4% in pre-market trading.
Lilly’s stock has risen 20.8% so far this year compared with an increase of 18.1% for the industry.
Image Source: Zacks Investment Research
Lilly’s blockbuster GLP-1 drugs, Mounjaro and Zepbound, remain its key growth drivers, benefiting from surging global demand and accounting for around 65% of total revenues. The company is also diversifying its revenue base through newer drugs like Omvoh, Jaypirca, Ebglyss, Kisunla and Inluriyo, alongside strategic acquisitions across multiple therapeutic areas, although sales of some established products are expected to remain sluggish.
Encouraging uptake of its newly launched oral GLP-1 drug, Foundayo, could further strengthen Lilly’s position in the obesity market. Its robust next-generation GLP-1 pipeline, particularly the late-stage candidate retatrutide, offers significant long-term growth potential and could further reinforce its leadership in the obesity and diabetes markets.
Viking’s shares have declined 27.9% so far this year. The Zacks Consensus Estimate for 2026 loss has narrowed from $4.47 per share to $4.46 per share over the past 30 days, while that for 2027 loss is stable at $4.08 per share over the same time frame.
View the Zacks #1 Rank List
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LLY Stock Jumps as Q3 Earnings Beat Estimates, 2026 Sales View Raised
Key Takeaways
Eli Lilly and Company (LLY - Free Report) reported third-quarter 2026 adjusted earnings per share (“EPS”) of $7.48, which beat the Zacks Consensus Estimate of $5.38 per share by 39.0%. Earnings rose 7% year over year.
Revenues of $24.40 billion rose 39% year over year, driven by robust volume growth of Lilly's popular GLP-1 drugs, Mounjaro and Zepbound. Newer products also contributed to growth. One-time benefits, including $410 million of Jardiance milestones and favorable U.S. rebate/discount estimate adjustments, also benefited sales in the third quarter. Total revenues beat the Zacks Consensus Estimate of $22.11 billion by 10.4%.
While U.S. revenues rose 34% to $15.1 billion, ex-U.S. revenues increased 47% to $9.3 billion.
Volumes rose 53%, while net realized prices declined 15%.
Mounjaro, Zepbound and Foundayo Boost Lilly's Q3 Sales
Mounjaro recorded sales of $10.72 billion during the quarter, up 65% year over year. The reported sales figure beat the Zacks Consensus Estimate of $10.11 billion.
U.S. Mounjaro revenues increased 41% to $5.0 billion on strong demand. International revenues jumped 93% to $5.7 billion, driven by volume growth, partly offset by lower realized prices following the drug's inclusion on China's National Reimbursement Drug List.
Zepbound recorded third-quarter sales of $5.35 billion, up 49% year over year. The reported figure beat the Zacks Consensus Estimate of $5.10 billion. The obesity drug's performance was driven by strong demand in the United States, partially offset by lower realized prices,
Lilly’s newly launched oral GLP-1 drug Foundayo generated $184 million in third-quarter revenues, compared with $98 million in the previous quarter.
Rival Novo Nordisk (NVO - Free Report) had gained approval for an oral version of its obesity drug, Wegovy, in December 2025 and launched the pill in January 2026. Novo Nordisk is scheduled to announce third-quarter results on Nov. 4.
Lilly's Newer Drugs Deliver Robust Q3 Growth
Among newer drugs, Jaypirca recorded $228 million in sales, up 59% year over year. Omvoh generated revenues of $114 million, up 76%, while Ebglyss sales rose 59% to $202 million.
Sales of Alzheimer's drug Kisunla increased 175% to $193 million. New breast cancer drug Inluriyo recorded sales of $73 million, compared with $75 million in the previous quarter.
LLY's Key Drugs Deliver Mixed Results
Trulicity generated revenues of $904 million, down 14% year over year. Sales beat the Zacks Consensus Estimate of $816 million.
Jardiance sales surged 65% to $1.58 billion and significantly beat the Zacks Consensus Estimate of $866 million. International revenues included $410 million in sales-based milestones associated with Lilly's collaboration with Boehringer Ingelheim.
Taltz brought in sales of $856 million, down 5% year over year. The figure missed the Zacks Consensus Estimate of $918 million.
Verzenio generated revenues of $1.51 billion, up 3% year over year, but missed the Zacks Consensus Estimate of $1.54 billion.
Emgality generated revenues of $186 million, up 6%, beating the consensus estimate of $175 million. Olumiant revenues declined 2% to $263 million, missing the consensus estimate of $274 million.
Lilly Raises Its 2026 Revenue Outlook
Lilly raised its full-year 2026 revenue guidance to $91 billion-$92 billion from the previous projection of $85 billion-$87 billion, reflecting strong underlying business performance.
The company now expects adjusted earnings between $35.00 and $36.00 per share, compared with its prior expectation of $35.50-$36.50.
Underlying business growth added $4.07 to the midpoint of its earnings expectations. However, this benefit was more than offset by $4.57 per share of acquired in-process research and development charges associated with the multiple business development deals and partnerships signed in the third quarter, including the acquisition of AtaiBeckley.
Our Take on LLY’s Q3 Results
Lilly delivered another impressive quarter, with earnings and revenues comfortably exceeding estimates. Mounjaro and Zepbound remained the primary growth engines, with both drugs outperforming consensus expectations.
Newer medicines across oncology, immunology and neuroscience also contributed to growth. Lilly’s key new products (Ebglyss, Foundayo, Inluriyo, Jaypirca, Kisunla, Mounjaro, Omvoh, and Zepbound) contributed $17.1 billion to revenues in the third quarter. Within key products, Lilly’s Immunology, Oncology and Neuroscience medicines collectively grew 100% year over year in the third quarter.
Lilly, once again, raised its sales expectations for the year.
In response to the better-than-expected quarterly earnings and the increased revenue outlook for 2026, Lilly’s shares rose around 4% in pre-market trading.
Lilly’s stock has risen 20.8% so far this year compared with an increase of 18.1% for the industry.
Image Source: Zacks Investment Research
Lilly’s blockbuster GLP-1 drugs, Mounjaro and Zepbound, remain its key growth drivers, benefiting from surging global demand and accounting for around 65% of total revenues. The company is also diversifying its revenue base through newer drugs like Omvoh, Jaypirca, Ebglyss, Kisunla and Inluriyo, alongside strategic acquisitions across multiple therapeutic areas, although sales of some established products are expected to remain sluggish.
Encouraging uptake of its newly launched oral GLP-1 drug, Foundayo, could further strengthen Lilly’s position in the obesity market. Its robust next-generation GLP-1 pipeline, particularly the late-stage candidate retatrutide, offers significant long-term growth potential and could further reinforce its leadership in the obesity and diabetes markets.
LLY’s Zacks Rank & A Stock to Consider
Eli Lilly currently has a Zacks Rank #3 (Hold).
Eli Lilly and Company Price and Consensus
Eli Lilly and Company price-consensus-chart | Eli Lilly and Company Quote
A better-ranked biotech is Viking Therapeutics (VKTX - 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.
Viking’s shares have declined 27.9% so far this year. The Zacks Consensus Estimate for 2026 loss has narrowed from $4.47 per share to $4.46 per share over the past 30 days, while that for 2027 loss is stable at $4.08 per share over the same time frame.