Lilly Posts Quarterly Revenue of $24.397 Billion, Raises 2026 Outlook to $92 Billion
Key Facts
Lilly reported third-quarter 2026 results on October 29, posting revenue of $24.397 billion, compared with $17.601 billion in the same period a year earlier, an annual increase of 39%. The company said growth came as sales volume rose, while lower realized prices offset part of the impact. Sales volume rose 53% year over year, while realized prices fell 15%. Revenue from key products reached $17.1 billion during the quarter. The results enabled the company to raise its full-year outlook after it said the period’s performance exceeded its previous expectations.
Mounjaro and Zepbound stood out in sales growth, with Mounjaro revenue reaching $10.723 billion, up 65% year over year. Zepbound posted revenue of $5.352 billion, up 49% from the same period. CEO David Ricks said global demand for the two drugs contributed to revenue growth. He added that the global launch of Foundayo and expanded U.S. coverage for obesity care also supported performance. These factors combine increased sales of existing products with broader launches and coverage, the company said.
On earnings, reported earnings per share were $7.22 in the third quarter, compared with $6.21 a year earlier. Earnings per share under the company’s non-GAAP measure reached $7.48, compared with $7.02 in the same period. Lilly said earnings included acquired in-process research and development charges of $4.57 per share. The corresponding charges were $0.71 per share in the third quarter of 2025. These items help explain part of the difference between reported earnings and the measure from which the company excludes certain expenses.
The company raised its 2026 revenue outlook to a range of $91 billion to $92 billion, from $85 billion to $87 billion. It also increased its performance margin outlook range to 52.0%-52.5% from 49.0%-50.5%. The outlook revision came with the quarterly results, not with the August update cited in the previous version. Ricks said results exceeded previous expectations, allowing the company to raise its full-year outlook. In the second-quarter update, Ricks had referred to plans to expand manufacturing capacity and add new assets to the development pipeline.
The company said quarterly results benefited from gains of about $900 million, mainly including $410 million in milestone payments related to Jardiance. It said additional milestone payments from this source had been exhausted, with no further payments remaining. This provides context for the components of revenue recorded during the period alongside drug sales. In a pipeline development, Lilly is targeting submission of an application to the U.S. Food and Drug Administration for retatrutide to treat obesity in the first quarter of 2027. The stock closed at $1,288.30 on October 28, on the eve of the results announcement.