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Eli Lilly Tops Revenue Estimates at $24.4 Billion and Raises Full-Year Revenue Guidance

Lilly raised its 2026 revenue guidance to $91.0 billion to $92.0 billion, while its non-GAAP EPS guidance was lowered to $35.00 to $36.00 from $35.50 to $36.50 after acquired IPR&D charges.

By Zintick Team · Editor: Kratik Mehta
Published

African researcher in the team in the laboratory during tests on vaccine against Covid-19 and coronavirus
Photo: True Touch Lifestyle/Shutterstock.com

Key points

  • Revenue of $24.4 billion, up 39%, versus $22.62 billion analyst consensus
  • Adjusted EPS of $7.48 versus $6.61 consensus; reported EPS $7.22
  • Mounjaro revenue up 65% to $10.7 billion; U.S. Zepbound up 48% to $5.3 billion
  • 2026 revenue guidance raised to $91.0 billion to $92.0 billion vs $88.74 billion consensus
  • Non-GAAP EPS guidance cut to $35.00 to $36.00 from $35.50 to $36.50; consensus $34.46

Eli Lilly (NYSE: LLY) reported third-quarter revenue of $24.4 billion, above the $22.62 billion analysts expected, and adjusted earnings of $7.48 per share against the $6.61 consensus estimate, in an 8-K filed Thursday. Revenue rose 39% from a year earlier, and reported EPS of $7.22 was up 16%.

The company said the quarter included about $900 million of benefits, primarily $410 million of Jardiance milestones and favorable adjustments to rebate and discount estimates. Lilly said no further Jardiance milestones remain.

Mounjaro and Zepbound drive growth

Worldwide Mounjaro revenue rose 65% to $10.7 billion. U.S. Zepbound revenue increased 48% to $5.3 billion. Worldwide volume rose 53%, partly offset by a 15% decline in realized prices. Revenue outside the U.S. rose 47% to $9.3 billion, while U.S. revenue increased 34% to $15.1 billion.

Key Products revenue reached $17.1 billion. Key Products in the immunology, oncology and neuroscience areas grew 100% from a year earlier.

Acquisition charges and costs

Lilly recorded $4.2 billion of acquired in-process R&D charges, compared with $656 million a year earlier. The company said the charges primarily related to its acquisitions of AtaiBeckley and Curevo. These charges reduced EPS by $4.57 in both reported and non-GAAP results.

Reported gross margin was 83.9% of revenue, up 1.0 percentage point. Research and development expenses rose 23% to $4.2 billion.

Guidance

Lilly raised its 2026 revenue guidance to $91.0 billion to $92.0 billion, from $85 billion to $87 billion. Analysts expected $88.74 billion for the full year. The company's non-GAAP EPS guidance is now $35.00 to $36.00, down from $35.50 to $36.50. Lilly said underlying non-GAAP EPS guidance rose by $4.07 at the midpoint, which was more than offset by $4.57 of third-quarter acquired IPR&D charges. The updated EPS range compares with the $34.46 consensus estimate.

For the fourth quarter, analysts expected adjusted EPS of $10.17 on revenue of $23.57 billion. Lilly reported dividends paid of $1.73 per share for the quarter, up 15% from $1.50.

Shares closed at $1,288.30 on Wednesday, Oct. 28, the last close before the filing.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

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Filings, figures and price history are on the Eli Lilly page.