Lilly lifts its 2026 revenue outlook to $91 to $92 billion

What happened

Eli Lilly reported on Thursday 29 October that third-quarter revenue grew 39 percent to $24.4 billion, led by Mounjaro and Zepbound, and raised its full-year revenue outlook. ^{[1, 2]}

Net income was $6.5 billion, against $5.6 billion a year earlier, the company reported. That came after $4.2 billion of charges for research it acquired, mostly in the purchases of AtaiBeckley and Curevo, against $656 million a year earlier. ^[1]

Why it matters

Lilly now expects 2026 revenue of $91 to $92 billion, up from the $85 to $87 billion it set on Wednesday 5 August, the company said. Mounjaro and Zepbound together brought in $16.1 billion, about two thirds of the quarter's revenue by the desk's arithmetic. About $900 million of the quarter came from what the company called benefits, mainly $410 million of Jardiance milestone payments, and it said no further Jardiance milestones remain. ^{[1, 3]}

The products and the map

Mounjaro revenue grew 65 percent to $10.7 billion worldwide: $5.0 billion in the US and $5.7 billion outside it, the company reported. Zepbound brought in $5.35 billion, 49 percent more than a year earlier; the release puts its US revenue at $5.3 billion. ^[1]

US revenue increased 34 percent to $15.1 billion, with volume up 41 percent and prices realized down 7 percent. Revenue outside the US increased 47 percent to $9.3 billion, with volume up 76 percent and prices down 29 percent, mainly from Mounjaro's addition to China's national list of reimbursed drugs, the company said. ^[1]

Among newer products, Foundayo, Lilly's oral GLP-1 pill (orforglipron), brought in $184 million, and Kisunla $193 million, the release shows. Chair and chief executive David A. Ricks said the quarter exceeded the company's prior expectations and named 'broad global consumer demand for Mounjaro and Zepbound' as the driver. ^[1]

What settles it next

Lilly holds its call on the results at 10 a.m. New York time on Thursday 29 October. The outlook leaves out charges for research acquired after Wednesday 30 September, and the company said Phase 3 trials of EloraTZP are to start in the fourth quarter. ^[1]

Who it reaches

Eli Lilly (LLY) is direct: the results, the product revenue and the raised outlook are its own filed figures. ^[1]

Novo Nordisk (NVO) is adjacent: the release lists positive results from a head-to-head Phase 3 trial of Lilly's retatrutide against Ozempic 2 mg in type 2 diabetes. BioPharma Dive reported on Wednesday 28 October that the highest dose tested beat Novo's Ozempic on blood sugar and weight loss, with higher side effect rates. ^{[1, 4]}