Eli Lilly raises 2026 outlook after Q3 revenue rises 39% to $24.4 billion

Eli Lilly reported third-quarter 2026 revenue of $24.40 billion on October 29, up 39% from a year earlier and ahead of the $22.61 billion analysts expected, and raised its full-year revenue outlook to $91 billion–$92 billion from $85 billion–$87 billion ^[1]. Adjusted earnings came in at $7.48 per share, compared with $6.26 expected in an LSEG survey of analysts ^[1].

Mounjaro, the company's tirzepatide product for diabetes, brought in $10.72 billion worldwide, up 65%, including about $5 billion in U.S. sales ^[1]. Analysts had expected $10.10 billion globally and $4.79 billion in the U.S., according to StreetAccount ^[1]. Sales outside the U.S. rose 93% ^[1]. Zepbound, the same molecule sold for weight loss, posted $5.35 billion, up 49%, with the vast majority of that from the U.S.; analysts expected $5.09 billion globally, including $4.99 billion in the U.S. ^[1] Demand for Zepbound rose while realized prices fell, according to the report ^[1].

Foundayo (orforglipron), the obesity pill Lilly launched in the U.S. in April, recorded $184 million in sales, below analyst forecasts of about $229 million, StreetAccount estimated ^[1]. It was the second quarterly report to include revenue from the pill, which competes with a rival oral drug from Novo Nordisk that launched in January ^[1].

U.S. revenue climbed 34% to $15.1 billion, helped by a 41% increase in volume — the number of prescriptions or units sold — mostly for Mounjaro and Zepbound, partly offset by a 7% decrease in realized prices on those drugs ^[1]. Sales outside the U.S. jumped 47% to $9.3 billion, driven by a 76% rise in volume and partly offset by a 29% drop in realized prices ^[1]. Net income was $6.45 billion, or $7.22 per share, including $4.57 per share in charges tied to deals in the quarter; a year earlier, net income was $5.58 billion, or $6.21 per share ^[1].

Full-year adjusted earnings guidance is now $35 to $36 per share, compared with a previous outlook of $35.50 to $36.50 ^[1]. Lilly said it raised underlying profit guidance by $4.07 per share at the midpoint but that this was offset by $4.57 per share in deal charges ^[1]. Shares rose about 4% in premarket trading ^[1].

Why it matters for patients

The quarter's numbers describe demand and pricing at the company level, not what any one person pays. Lilly has been working with lower net prices in the U.S. after a drug pricing deal struck with the Trump administration last year ^[1]. In this quarter, realized prices for Mounjaro and Zepbound fell 7% in the U.S. and 29% outside it, even as volume grew ^[1]. How those company-level price changes reach a specific pharmacy counter depends on insurance and is not detailed ^[1].

On coverage, Lilly pointed to expanded U.S. coverage for obesity care, referring to Medicare's decision to start covering GLP-1s for weight loss in July under a temporary pilot program ^[1]. The report did not describe which patients qualify under that program or how long it will run.

The commercial picture for Foundayo is still forming. Its $184 million in third-quarter sales came in below what analysts expected, in only its second quarter on the market and in direct competition with Novo's oral GLP-1 ^[1]. Details such as Foundayo's list price, insurer coverage and supply were not disclosed in the earnings report ^[1].

Whether Zepbound and Mounjaro demand keeps growing at this pace has not been forecast in the report. Lilly also said it agreed to buy Merida Biosciences to develop treatments for autoimmune and allergic diseases, a deal that produced part of the per-share charges in the quarter ^[1]. The financial terms of that agreement were not disclosed in the earnings coverage ^[1].