Eli Lilly Raises 2026 Revenue Outlook on GLP-1 Drug Surge

On October 29, Eli Lilly reported third-quarter revenue of roughly $24.4 billion, a 39 % year-over-year increase that topped analyst expectations. Adjusted earnings per share came in at $7.48, well above the consensus estimate. The strong performance prompted the company to lift its full-year 2026 revenue forecast to $91 billion–$92 billion (up from $85 billion–$87 billion) while trimming the adjusted EPS outlook to $35–$36 per share because of acquisition-related charges.

Mounjaro Rakes In $10.7 Billion in a Single Quarter as Eli Lilly Lifts Full-Year Revenue Outlook to $92 Billion — BigGo Finance

Lilly’s growth rests on its GLP-1 portfolio—tirzepatide-based Mounjaro (type 2 diabetes) and Zepbound (obesity). A 2025 agreement with the Trump administration secured a $50-a-month Medicare pilot that began on July 1, expanding coverage for GLP-1 drugs to eligible seniors.

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• Mounjaro: worldwide sales $10.7 billion, up 65 % YoY; U.S. sales about $5 billion.

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• Zepbound: $5.35 billion in Q3, up 49 % YoY; U.S. share of sales roughly $5 billion.

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• Foundayo (oral obesity pill): $184 million in Q3, missing consensus forecasts of $216–$229 million.

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• Market share: Lilly held 63 % of the U.S. obesity-diabetes market and 58 % globally, versus Novo Nordisk’s 36.6 % and 41.6 % respectively.

Novo loses bid to block Eli Lilly weight-loss drug ads

• Volume growth: overall prescription volume rose 41 %, while realized prices fell 7 % in the U.S. and 29 % internationally.

Eli Lilly Q3 Revenue Surges 39% and Raises Full-Year Guidance as Weight-Loss Drug Demand Drives Stock Up Over 5% Pre-Market

• One-time items: about $900 million of benefits, including a $410 million Jardiance milestone, boosted the quarter’s topline.

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President of Lilly Cardiometabolic Kenneth Custer noted, “We believe retatrutide, if approved, could shift the treatment paradigm for people living with type 2 diabetes, obesity and related cardiometabolic conditions.”

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• “We're in the middle of the largest new category expansion in the history of the pharmaceutical industry, and Lilly's leading that,” — Dave Ricks, CEO

[Eli Lilly and Q3 2026 Earnings Call] Lilly Raises 2026 Revenue Guidance to $91–92 Billion After Mounjaro and Zepbound Combined Revenue Tops $16 Billion — BigGo Finance

Novo Nordisk has sued Lilly, alleging that Lilly’s advertising for Zepbound and Mounjaro misleads consumers by comparing the highest approved doses of its drugs to lower doses of Novo’s Wegovy and Ozempic. U.S. District Judge Zahid Quraishi rejected Novo’s request for a preliminary injunction, stating that “at bottom, Novo engaged in a nearly identical advertising strategy and now complains because it is being subjected to similar conduct.”

Novo loses bid to block Eli Lilly weight-loss drug ads New York Post

• Revenue guidance ranges vary: most sources cite $91 billion–$92 billion, while one analyst note lists a midpoint of $91.5 billion.

Mounjaro Rakes In $10.7 Billion in a Single Quarter as Eli Lilly Lifts Full-Year Revenue Outlook to $92 Billion — BigGo Finance

• Foundayo sales expectations differ: consensus forecasts range from $216.86 million to $229 million, yet reported sales are $184 million.

Mounjaro Rakes In $10.7 Billion in a Single Quarter as Eli Lilly Lifts Full-Year Revenue Outlook to $92 Billion — BigGo Finance

• Some outlets report adjusted EPS guidance as $35–$36, while others note a midpoint of $35.5 billion before acquisition charges.

Mounjaro Rakes In $10.7 Billion in a Single Quarter as Eli Lilly Lifts Full-Year Revenue Outlook to $92 Billion — BigGo Finance

Lilly will host an investor day later this month to detail its R&D pipeline, including the next-generation obesity candidate retatrutide, slated for FDA submission in early 2027. The Medicare GLP-1 Bridge program continues to enroll patients, with more than half a million prescriptions filled to date. Expansion of Foundayo into the United Kingdom, United Arab Emirates, Saudi Arabia, Mexico, and additional European markets is underway, and the company expects broader international approvals later in the year.

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