Lilly Raises 2026 Revenue Forecast to $87 Billion as Sales Grow 48%
Key Facts
On August 5, Eli Lilly raised its 2026 revenue forecast range to $85–87 billion, from $82–85 billion, after reporting second-quarter results. Chief Executive David Ricks said the company delivered revenue growth of 48% and raised its full-year forecast. This was the latest documented increase to annual guidance; third-quarter results had not been released as of October 27. Lilly reported quarterly revenue of $22.974 billion, compared with $15.558 billion in the same period a year earlier. Investors are awaiting the next results on October 29, after the stock closed at $1279.14 on October 26.
The company attributed global revenue growth to a 60% year-on-year increase in sales volume, partly offset by a 13% decline in realized prices. Global revenue for Mounjaro was $9.9 billion in the second quarter, up 91% from a year earlier. U.S. revenue for Zepbound rose 44% to $4.9 billion. Outside the U.S., Mounjaro revenue grew 172%, which the company said was driven mainly by volume growth. It added that lower prices after the drug was added to China’s National Reimbursement Drug List during the first quarter partly offset the effect of sales growth outside the U.S.
For the first half, Lilly revenue totaled $42.773 billion, compared with $28.286 billion in the corresponding period of 2025, an annual increase of 51%. The company also raised its 2026 expected performance margin range to 49.0–50.5%, from 47.0–48.5%. But the revision to its adjusted earnings-per-share forecast moved in a different direction from the revenue increase. Lilly said the underlying increase in adjusted earnings-per-share guidance was $2.78 at the midpoint, before accounting for acquired in-process research and development expenses of $3.03 per share. After those expenses, the expected adjusted earnings-per-share range was $35.50–36.50 per share.
Second-quarter results showed reported net income of $7.095 billion, up 25% from $5.661 billion a year earlier, while reported earnings per share rose 26% to $7.94 from $6.29. Non-GAAP earnings per share were $8.38, up 33% from $6.31. Investing.com noted that quarterly revenue exceeded analysts’ estimates of $20.56 billion, compared with actual revenue of $22.97 billion. But it said earnings per share came in below analysts’ estimate of $8.84. After the results and revenue guidance increase were announced on August 5, the stock rose 5.7% in premarket trading, according to Investing.com.
Lilly began its 2026 revenue forecast in February at $80–83 billion, before raising the range in August to $85–87 billion. This followed a year in which the company recorded revenue of $65.179 billion in 2025, up 45% from 2024. In the fourth quarter of 2025, revenue had risen 43% to $19.292 billion. Mounjaro then posted annual growth of 110% to $7.4 billion, while U.S. Zepbound revenue increased 122% to $4.2 billion. These comparisons show continued quarterly and annual revenue growth ahead of the latest guidance update.
On development, Lilly said on October 20 that Omvoh met the primary endpoint of clinical remission in a Phase 3 trial for pediatric ulcerative colitis. The chief executive said in the second-quarter results announcement that the company planned to submit a marketing application for retatrutide to the U.S. Food and Drug Administration in the first quarter of 2027, after completing the clinical data package for obesity, obstructive sleep apnea and knee osteoarthritis pain. The company also announced a commitment to add $4.5 billion to expand manufacturing sites in Indiana. The next near-term event is the release of third-quarter results on October 29, 2026. The investor call is scheduled to begin the same day at 10 a.m. Eastern time.