Shares of Eli Lilly and Company (LLY Quick QuoteLLY - Free Report) have jumped 10.1% over the past week following its better-than-expected third-quarter 2026 results on Oct. 29.  The pharmaceutical giant comfortably surpassed Wall Street's revenue and earnings estimates. The strong quarterly performance, coupled with an upward revision to its 2026 sales outlook, boosted investor confidence and fueled the stock's gains over the past week.

Surging global demand for the company’s blockbuster treatments like Zepbound (for weight loss) and Mounjaro (for diabetes) makes LLY an attractive candidate for healthcare investment portfolios.

However, since LLY is trading at a premium forward price-to-earnings (P/E) ratio of 30.91 —compared to the broader industry average of 19.49 — buying the stock directly at current levels presents a high-valuation risk.

For investors seeking exposure to Eli Lilly's top-line growth without taking on single-stock concentration risk, investing in healthcare exchange-traded funds (ETFs) with significant LLY weightings offers a balanced alternative.

Before identifying those funds, let’s review Eli Lilly's third-quarter performance metrics and how Wall Street analysts have adjusted their price targets following the results.

A Look at LLY’s Q3 Metrics

Eli Lilly’s adjusted earnings per share of $7.48 beat the Zacks consensus estimate by 2.1%, while revenues surpassed the consensus mark by 10.4%. On a year-over-year basis, the company’s top line surged 39%, while its bottom line rose 7%. 

Geographically, the Rest of the World region posted the highest percentage increase among its reported regions, with sales surging 87% in constant currency. This exceptional performance was primarily led by strong adoption and volume gains from Mounjaro in Korea, Turkey and Brazil. 

Regarding Eli Lilly’s key products, Mounjaro and Zepbound generated combined revenues of more than $16 billion in the third quarter of 2026, representing an increase of $6 billion from the year-ago period.

In neuroscience, Kisunla revenues surged 175% year over year, while revenues of Jaypirca from Oncology increased 59%. Within immunology, global revenues of Ebglyss also grew 59%. 

Meanwhile, total prescriptions for type 2 diabetes incretin therapies in the United States increased 8% year over year in the third quarter of 2026, with Lilly’s portfolio maintaining its leadership position with a market share exceeding 60%.

In terms of new products, Eli Lilly is aggressively working on the global rollout of its oral obesity medicine, Foundayo. It has already launched Foundayo in the U.K., Mexico and Saudi Arabia for people with obesity, and in Mexico for people with type 2 diabetes. 

As Lilly prepares to launch Foundayo for type 2 diabetes in the United States, the drug remains under regulatory review in more than 40 other countries. The pharmaceutical giant anticipates a broader global rollout across major markets in 2027.

Lilly’s adjusted gross profit surged 40% year over year to $20.6 billion in the third quarter, driven by a favorable product mix and lower production costs. The company ended the reported quarter with operating cash flow of $27.42 billion, representing a 101.8% increase year over year. In terms of shareholder-focused activities, the company distributed $1.5 billion in dividends during the third quarter and executed $400 million in share repurchases. 

Wall Street Reaction Post Q3 Earnings

Following Eli Lilly’s third-quarter results, Wall Street analysts broadly raised their price targets. For example, JPMorgan raised its price target for LLY to $1,650, while Cantor Fitzgerald increased its price target to $1,600 from $1,440. Meanwhile, Scotiabank raised its price target from $1,300 to $1,605, retaining an Outperform rating for LLY. 

LLY-Heavy ETFs to Buy

State Street Health Care Select Sector SPDR ETF (XLV Quick QuoteXLV - Free Report)

This fund, with assets under management (AUM) worth $49.13 billion, includes 61 companies in the pharmaceuticals; health care equipment and supplies; health care providers and services; biotechnology; life sciences tools and services; and health care technology industries. Of these, Eli Lilly enjoys the first spot, holding 16.89% of the fund’s assets. 

XLV has risen 22.5% year to date and charges 8 basis points (bps) in fees. It traded at a volume of 16.80 million shares in the last trading session. 

Vanguard Health Care Index Fund ETF (VHT Quick QuoteVHT - Free Report)

This fund, with net assets worth $20.8 billion, offers exposure to 412 health care equipment and supplies or that provide health care-related services, and companies that are primarily involved in the research, development, production, and marketing of pharmaceuticals and biotechnology products. Of these, Eli Lilly enjoys the first spot, holding 12.93% of the fund’s assets. 

VHT has surged 22% year to date and charges 9 bps in fees. It traded at a volume of 0.50 million shares in the last trading session. 

Tema Heart & Health ETF (HRTS Quick QuoteHRTS - Free Report)

This fund, with AUM worth $57.3 million, offers exposure to 47 companies advancing prevention and treatment across chronic conditions, including heart disease, diabetes and obesity. Of these, Eli Lilly enjoys the first spot, holding 12.48% of the fund’s assets. 

HRTS has rallied 12.9% year to date and charges 75 bps in fees. It traded at a volume of 0.004 million shares in the last trading session. 

Amplify Weight Loss Drug & Treatment ETF (THNR Quick QuoteTHNR - Free Report)

This fund, with net assets worth $6.1 million, offers exposure to 20 global companies expected to economically benefit from weight loss drug development. Of these, Eli Lilly enjoys the first spot, holding 11.75% of the fund’s assets. 

THNR has gained 5% year to date and charges 59 bps in fees. It traded at a volume of 0.003 million shares in the last trading session.