Eli Lilly Revenue Jumps 39% to $24.4 Billion in Third Quarter
Key Facts
Eli Lilly said on October 29 that its revenue in the third quarter of 2026 rose 39% to $24.4 billion compared with the same period in 2025. The company said growth was driven mainly by sales of Mounjaro and Zepbound. Reported net income was $6.451 billion, compared with $5.583 billion a year earlier, an increase of 16%. Reported earnings per share also rose 16% to $7.22, from $6.21 in the third quarter of 2025. The results highlight continued growth in the company's business, with a divergence between higher sales volumes and lower realized prices.
Mounjaro, used to treat diabetes, recorded global revenue of $10.723 billion in the third quarter, up 65% from $6.515 billion in the corresponding period of 2025. Zepbound, used to treat obesity, saw revenue rise 49% to $5.352 billion, compared with $3.588 billion a year earlier. The figures reflect growth in sales of the two drugs, which the company named as key drivers of the quarterly revenue increase. The company's total revenue was $24.4 billion, placing the drugs' performance at the forefront of the quarter's results. The increase came despite a decline in realized prices globally.
Global sales volume rose 53% in the third quarter compared with the same quarter of 2025, while realized prices fell 15%, according to the company statement. In the United States, sales volume increased 41%, while realized prices declined 7%. The company attributed U.S. volume growth to Zepbound and Mounjaro, and linked the decline in U.S. prices mainly to Zepbound. These indicators show that the expansion in sales volumes was accompanied by pricing pressure, explaining the combination of strong revenue growth and lower realized prices. Second-quarter revenue had risen 48% year over year to $22.974 billion, according to the company's earnings statement issued in August.
The company had raised its 2026 revenue forecast on August 5 to a range of $85 billion to $87 billion, from a previous range of $82 billion to $85 billion. That update came with the announcement of second-quarter revenue of $22.974 billion, up 48% from the corresponding period a year earlier. Those figures provide a comparison with the third quarter, which posted annual revenue growth of 39%, albeit on a higher revenue base. Ahead of the October 29 results, options data cited in a report indicated an expected share move of 6.6%. This reflects the degree of market anticipation ahead of the results.
The company's shares closed at $1288.3 on October 28, the day before it announced its third-quarter results. Shares rose more than 4% in premarket trading on October 29 after quarterly results beat analysts' expectations and the company raised its full-year forecast, according to a report citing Reuters. That move represents the market's reaction after the results were announced and does not explain the previous session's close. Eli Lilly scheduled its third-quarter earnings call for October 29 at 10:00 a.m. Eastern Time. The call was scheduled for the same day the results were announced.