Eli Lilly Boosts 2026 Forecast to $92 Billion on Zepbound, Mounjaro Sales
Weight-loss and diabetes drugs drove a strong quarter, while a new oral obesity pill fell short of analyst estimates.
By Amelia Gupta ·
Eli Lilly shareholders saw their stock climb approximately 5% in premarket trading on Wednesday. The increase followed the company's decision to raise its full-year 2026 revenue target to a range of $91 billion to $92 billion. This figure is higher than the previous guidance of $85 billion to $87 billion.
The company posted third-quarter adjusted earnings of $7.48 per share on revenue of $24.40 billion. These figures exceeded the LSEG analyst consensus of $6.26 per share and $22.61 billion in revenue. Net income reached $6.45 billion, or $7.22 per share, a figure that includes charges related to acquisitions made during the quarter.
Mounjaro and Zepbound remain the primary drivers of this growth. Worldwide revenue for Mounjaro increased 65% to $10.72 billion. U.S. sales for the diabetes drug accounted for about $5 billion. Zepbound, the weight-loss version of the same compound, generated $5.35 billion in sales, a 49% year-over-year increase.
Not every product met expectations. Foundayo, the oral obesity pill approved in April, brought in $184 million in sales. That figure was lower than the $229 million forecast by StreetAccount analysts. This marks the second earnings report to include revenue from the drug, which competes with a similar oral product from Novo Nordisk.
U.S. revenue grew 34% to $15.1 billion. Volume for Mounjaro and Zepbound rose 41%, but realized prices dropped by 7%. International revenue increased 47% to $9.3 billion. Lilly attributed the lower prices to a pricing agreement with the Trump administration and noted that Medicare began covering GLP-1 weight-loss drugs in July.
The company stated that underlying profit guidance increased by $4.07 per share at the midpoint. However, deal-related charges reduced the full-year adjusted earnings projection to $35 to $36 per share. Lilly is currently using profits to fund acquisitions, including a pending deal to buy Merida Biosciences for autoimmune disease treatments.
CEO David Ricks is scheduled to discuss the results on CNBC TV at 9 a.m. ET.
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